I’m on the move

I’m moving home…
Well actually I’m moving my blog
 
So I’ve decided to move my blog from millionquest.wordpress.com to anothermillionairequest.blogspot.com
 
Why?
Two main reasons with my current wordpress setup I can’t add my aweber sign ups.
Also I can’t add my advertisements to my current setup.

So unfortunately I need to move on to pastures new

Hopefully see you on the other side

Cheers, Simon

Update – Feb

I know its been a while but I was hoping to update you with some good news.

Well to be honest its proving quite difficult to make a million…funny that.
Every time I’m within a whisker of getting back on track I hit a bad spell.

Anyway the current situation as I write is were about £4 off target now I know that doesn’t sound like a lot but when our daily target should be 42p it is a bit of a catch up.

So I’m looking for about a 3% daily target over the next 12 days to getting back on track.

Strategys
So I’ve added the odd extra strategy to try to compensate some of the losses
So at the moment I’m…

• Laying favourites in certain horse races with staking
• Back and Lays on the horse racing place market
• Backing home football teams with staking
• Laying first goal time in football games

So hopefully next update will see us steaming ahead, fingers crossed.

Cheers, Simon

A brief explanation of Lay bets

I’ve suddenly thought that I’m making the assumption that everyone who visits this blog knows what I’m talking about.  So I’m going to start posting details of what exactly I’m doing and what’s involved.

So first up what is lay betting?

Well quite simply put a lay bet is a bet on something that won’t happen or you’re selecting the loser.

Sounds easy right…let’s not get carried away for starters only betting exchanges will accept these types of bet.

What’s a betting exchange?

Some of you out there may have noticed these betting exchanges that have started to pop up. Well what these allow you to do is bet against any old tom, dick and harry.

Because you can bet against someone you can effectively be a bookmaker so you can accept someone else’s bet.

Here’s an example

Let’s say Jeff fancy’s backing Arsenal to beat Chelsea at odds of evens for £10. I on the other hand think Arsenal won’t win and the game will be a draw or Chelsea will win.

So Jeff places his £10 bet on Arsenal as I want to lay Arsenal I accept this bet but I also have to accept the liability that goes with it. As the odds are even the liability is quite low. To calculate the liability you turn the odds to decimal so evens is 2 you then subtract 1 which leaves you with 1. You then times that by the stake you want to lay so in this instance 10. So the equation is 2-1=1 1*10=10
£10 is our liability

So if Arsenal win Jeff gets his stake returned plus £10 and we lose that £10 if the game finishes a draw or a Chelsea win we get £10 and Jeff loses £10

Let’s do another quick example

This time we want to lay a horse priced at 5/1 and Jeff wants to back it at these odds.

Jeff stakes £5 on the horse to win and I decide to lay that horse to lose. Therefore on this occasion our liability will be 5/1 = 5 in decimal, 5-1=4, 4*5=20
So this time round we could lose £20 because we are offering higher odds to Jeff and he could gain that £20.

So we are effectively risking £20 for a £5 gain and Jeff is risking £5 for a £20 gain.

As you can see that the higher the odds the more likely you are to get winning bets with laying but obviously there is a higher risk to it as well.

Well I think thats about it I’ll try and follow-up on explaining betting exchanges and may do a video showing a lay bet being placed.

Cheers

Update 07 Feb

Here’s a quick update of whats happened since our last post it’s not too exciting.

28th Jan – 7th Feb
Basketball: £1.24 | Horse Racing: £4.76 | Soccer: -£2.03 | Total P&L:  £3.97

So as you can see football is letting me down the one sport I should know a lot about.

So whats gone wrong?
A couple of major hits were taking on laying of the first goal inside the 1st minutes of games. It’s a strategy that I’ve been paper trading with success but as is always the case introduce a little money and you pick up the losers. Anyway it will provide us profit over time so I think it’s a case of just give it time which in escence is what this is all about.

Horse racing has been up and down the laying favourites strategy has been going well however we incurred a couple of losing days our first it has to be said. One was just a losing day which we still could and would have taken our profit if one of our selections got matched. The other one was an error in the bot when a bet didn’t get matched it stopped staking after a couple of losers which meant we just had to take the hit.

Anyway after a sticking patch we look like we getting back on course but we are still behind.

I will be posting more articles about my methods and strategys in the future.

Cheers

Simon

Betting bank takes a hit

So lets up date you all on whats happened so far

First week +1.37

Second Week -1.03

Our account took a huge hit over the last few days as dissaponting as it is we must not panic.

So whats gone wrong the first part of our losses quite simply are down to our place selections just not quite cutting the mustard.

The second one was my own judgement I made two bad calls on trading the football.

The only plus through out this is that my laying favourite strategy has been flying consitently making profits and therefore I’ve been taking more than the orignal 10p a day aim.

Over the last few days it has comfortably pulled 50p+ to lays of 12p infact most days would hit the £1 mark but we still need to play it safe.

So where do we go from here well our bank has seen a % decrease so if we  are to make up those losses we’ll need a longer term recovery stratergy.

I’m giving myself 10 days to get back on track and we’ll reaccess again once we get there.

We’ll continue with the place backing despite the losses we’ve incurred the profitably days will out weigh the negative ones.

As I mentioned before the laying favs stratergy is flying so we’ll continue to use this with the 50p a day target for now.

I have also added football trading strategys to try and top up the bank despite two bad outcomes over time this should be a relatively low risk option that will be profitable.

Below is a break down of our daily profit or loss.

 14 +.33
15 +.07
16 0
17 +.29
18 -1.19
19 +.56
20 +.49
21 -1.15
22 +.19
23 +.07
24 -3.25
25 -1.10
26 +1.98
27 +.55

Off and Running

So we kicked off our quest on the 10th January and to be honest it was a poor start .

Our loss for the day was 19p ok not too much to worry about but in the scheme of things that should be our daily target. The main reason was the staking on the place lays in the end I adopted a more conservative approach as I didn’t want to risk too much of the bank. As a result I have already decided to alter my strategy and its only day 1.

From now on were concentrating on backing horses on the place market and laying favourites in the win market no higher than 4.

Day 2 – Went off with out a hitch 2 winning place back bets plus a place lay bet all succesful straight away so we closed out the day with a profit 35p. 19p was the target so the extra has allowed us to claw back some of first day losses.

Day 3 – Was a very good day another 100% striker rate this time two winning back place bets, one lay place bet and a lay win bet. 56p profit means we’ve pulled back our losses and some.

Day 4 – 25p achieved with only one losing lay followed by a succesful recover next race. I was happy to take that now were in a good position.

So four days in and so far a good start.

All our daily targets were 19p and we’ve averaged 24p a day so far.
Our bank now stands at £13.33 and our daily target is now upto 20p

Inserted is a screen shot of the profit and loss from the account

Nuts and Bolts

Ok so lets begin…

How am I going to create the money? How can I make my bank grow consistently?

Well were going to aim to use compound staking to really try and help grow the bank.

Albert Einstein, once called compounding “the greatest mathematical discovery of all time”

If you’re not familiar with compounding quite simply were aiming to increase the bank by a % each time.

So basically the aim is to try and increase my account 1.5% over 2 years this should actually get us to £811,371.87.

Not quite a million but I will try to over shoot the daily target to try and compensate mainly for those losing days.

After each month we’ll probably asses how were doing and maybe adapt the targets.

What bets are we placing?

To start with I’m aiming to use 2 strategies; one is to lay favourites in horse races, a very low risk loss recovery staking plan. For those that are not aware staking can be very dangerous hence I will be using very low stakes.
Another will be backing horses to place again looking to stake it.

Right so here goes

First days target is to increase £12.36 by 19p