My name is Jonathan Wakefield and Graham has asked me to share my experiences of the Lay Trader system. I have limited experience on the horses but have tried other lay systems which constantly let me down, you get a few successful winners only to be wiped out by a 10/1 winner (which are more common than you would think). What we have in the lay trader is limited liability laying at no greater than 5.0 odds. Putting this into perspective for every £2 lay the liability will never be greater than £8. In actual fact with all qualifying horses I try to get lower odds than on offer so it limit’s the potential liability even further. I started using the system on Friday 2nd February 2007, and the basis of the theory is essentially laying low priced horses to a place position (obviously I cannot give too much more away at this stage). Prior to buying the guide I hadn’t used my Betfair account since the Grand National and I only had £11.89 in it. Rather than top it up to the recommended £40, I decided to see if I could build the £11.89 to £40 and then crack on from there.
On the first day I cautiously placed 4 bets all to small £2 stakes and all 4 came in for me so up to £19 on day 1. Not very exciting you may think, it was for me though, as any profit is a good result. I failed to do anything over the weekend but did track some of the odds again, finding qualifiers and winning bets. On Monday I started again placing 3 bets of £2 (there were many more qualifiers) all of which won, I also paper traded some which also came in. Tuesday was a mixed result with two winning bets and one losing. By the end of week one I was up to £32, almost at the £40!
Not to bore you with too many details but by 13th Feb I had increased my starting bank to £41.52 (which should be the systems recommended starting point). Now I don’t recommend that you do as I did and start with this as two losing bets will wipe you out, and I may have just been lucky. What it does show however, is potential. My target from here on in is to hit £100, where I will then increase bets to £5 and then incrementally from then on, if I can do this from just £10 then it should be possible for everyone to make money from this system.
Downer: Yesterday (14th) was my worst day with my first two bets romping home in the top 3! This dropped me to £28 (Still in profit though). I did then go on to get 4 more winning bets to no losses so ended the day on £36 (down from £41). Since I have started using the system I have added in 4 further rules to the system to increase profitability. You will probably find that if you buy the system you will do the same. What I have found from the guide, is that you cannot just leave Betfair after checking the odds once and come back 8 – 10 mins later and place the bets. I’deally you need to be studying movements throughout the 10 mins before the off. This is because the market can fluctuate to a temporary blip which isn’t a true reading of opinion on the horse. My main problem with the system is that selections depend on the exact timing of viewing the current odds which constantly change so you need more time than just checking the screen twice and placing bets, I guarantee you will lose money doing it this way. My other reservation is that the system does not have a section on losing runs and how best to handle them. I am also yet to test the Grey Hound system included in the manual, so will let you know when I do.
My conclusion to date is that I still need to do more testing, preferably for a whole month to see where I am in two weeks time. This should give a fair reflection of the potential profitability of the system. Today I only managed to place one bet (due to a non paying customer of mine taking up my afternoon) so nothing to report apart from the fact it won. Bank stands at £38.12 on Feb 15th. I will update you on how I get on over the next few weeks.