Talking to Mark Baker of BetBotPro and he told me all about the betting bot that you can use on the horses or with the greyhounds. I am using the software myself and I am pretty pleased with it so far. I have been using it with the greyhounds and I am in profit for the day so far. I am actually surprised the number of dog races there are every day. Plenty of room to make some money

BetBotPro is available as a five day trial and it even has a simulation mode that lets you try out a strategy without risking any of your betting bank. I have been running the bot all day and at the moment I am still in profit by about 10 Euro. It has been as high as 14.20 Euro but there were a couple of losses that brought that down again. What I should be doing is running a trailing stop on the winnings and thatâs what I will do with a live account.

I have a few demo accounts running still even though I have the live account now, this is because I want to see how far I  can take the 10k demo account that I started with on December the 1st last year. Also I am testing different systems. I am looking at Freedom Rocks and also Forex For Smarties.

Freedom Rocks is great for its simplicity but you need to be in the right group to get the best from it as a trader. For example Lindy's group which I was lucky enough to hook on to is excellent because Lindy is a trader and not someone just trying to make the money  from the mlm side  of things. The FR site as a whole focuses more on the MLM than it does with the trading I think. The beauty of the FR system though is its simplicity, everybody and his granny could run it. 

With FR you only put in 2 or 4 buy orders depending on how many currencies you are working with. Can only work with 4 pairs if you have a bigger balance to work with though. Then you just put in 2 pending orders per pair, one buy limit order and one sell limit order. All you do then is to monitor it. If the profit target is hit you close it and start fresh and if one of the buy limits or sell limits is hit you just go back to the portfolio and get more numbers to be able to replace the pending orders for that pair. Really easy stuff.

On the other hand the FFS system is much more complicated until you get used to it but has advantages in terms of making more money. (probably - I am still testing it) You will be adding to your balance even while in drawdown due to the grid and swing trading element. To be able to do this depends on the details you put in the calculator though. If you enter that you want to trade daily then you will get to place more limit orders than if you enter weekly. Good to have the choice I suppose.

Robots

Lindy's group has introduced a robot which will trade for you and FFS has a robot that is presently in beta, which I am testing on a demo account. the FR robot will cost 100 dollars a quarter and the FFS robot is not priced yet. The FFS robot which I have running on a 10k demo account for 2 days so far has increased the balance by 90 dollars with no intervention required at all. This is while the profit figure is in drawdown phase too. I am impressed with it so far. I have it set so that it will take profit  by closing everthing down and then re entering the market at the higher level, when there is 2%  profit to be taken. The profit level can also be expressed as a dollar amount too.

I am tempted to be a part of both systems because I want to make some money from the marketing end of things, if I was to just use FS then I would have to give lessons on how to use it to be able to make some extra cash with it. Although with the robot lessons might not be necessary as it looks after itself. Anyway that is down the road somewhat as I have to be able to increase the live balance that I have first to be able to afford either of the systems, Great that FFS has a 30 day trial.

Next posting I will do a step by step on what to do to get started.

Members

Members  get to see my actual figures for the live account. Look on the left in the home page to see where you can become a member. There will be some member only videos posted in that section. You also get the links to get a gram of gold for free too.

Get the Wizardgold Posts as soon as they are posted use RSS and a feed reader. I like Netvibes that I use as my home page in Firefox. Find out how here. 

I like to lay a horse to lose in a race and in races that are not too tight to call it is a pretty simple process to do this with IRIS. I also look at the DailyDonkey site to see which horse they think is likely to lose. They donÃïït always get it right but it is another piece of information to help with the selection process.

I usually go for the horse that is with odds around the 10-12 mark because they are not in anyway favourites and the odds are not so high that I would have a huge liability on a trade just in case such a donkey would win the race.