Another fantastic week considering my target was a minimum of £200 per month!
Now for the bad news:
As those of you who partake in matched betting will likely have experienced, although it is technically risk free, human error and miscalculation can lead to you losing some of the profit you’ve earned. A case in point was me completely wiping out a whole days profit yesterday by losing £52 in seconds ! 😦
This mistake was entirely my fault having succumb to the decision to wait for the odds to recover on a bet that hadn’t been matched on Smarkets . As opposed to what a disciplined Arber and I try to do most of the time and immediately cash out on Betfair or lay at the new odds as quickly as possible to minimize losses to a few pound.
I essentially gambled on the hope that I would be able to cash out my £100 stake once the odds ‘hopefully’ recovered, however this didn’t happen of course and I ended up exiting the position by cashing out at 48 quid which was fortunate in some respects as had I let it completely ride I could have been 100 quid down, but had I done what I should have done and minimized my losses I would have saved myself 45 quid !
I know, I shudder every time I think about it, I’m most definitely the type of person who is more pained by a loss than enjoys the thrill of winning, proven by the hours spent mentally kicking myself for having pissed away a whole days work !
This is perhaps why I never did too many casino offers as despite a thorough understanding of it being advantage gambling and that mathematically I would profit over the long term, I didn’t have the stomach for the volatile nature of several losses in a row before a big win, I can sense anybody reading this thinking wait until you see your index fund halve during a market correction in 10 years time!
I wish I could say this is the only loss I’ve had but it has become almost a small form of taxation every once in awhile when I get too comfortable and take more risk than I should it bites me on the arse by reclaiming some of my profits.
Anyway, £115 is still a fantastic amount which I am grateful for, but I wish that nagging self critical voice inside my head whispering “but it could have been £165..” was silenced haha !
Onwards and Upwards.