June 1, 2006

Started my first little bit of “paper” trading, just to see how it would do. Using the default bet amount of $500.00, I bet on two separate events. I would have done more, however, right now, my wife is working about 12 hour days and I have all the baby duty for at least another week or so til her schedule lightens up. Also, having never bet at all with a bookmaker, I am learning the system and being very cautious trying to gain all the nuances of each site. Both trades took me over 5 minutes each to place.

Created an Excel spreadsheet with all my login information for all my bookmaker sites. I have since discovered that having different passwords for each site can cause quite a delay, however, I have not yet decided to go and standardize them all. We’ll see how much patience I have for that.

Made a whopping $22.00 (on paper) on my two trades. Not a lot, but it was enough to show me how much money I’d need in order to “work the system” as well as how quickly the bookmakers pay out.

Created another spreadsheet to show what kind of money I would make in 12 months based on different starting investment amounts as well as compounded interest. Based on simple calculations, I have concluded that if I start with $5,000 compounding 1% per day, in 1 year I will have $187,000 +/- taking into consideration that I will not be trading every single day during that year. On 1.5% I can potentially end up with $1,125,000. Not a bad bit of cash for a couple hours of work per day.

I am beginning to really see the potential here. But like they say, potential just means you have not done anything yet.

After explaining the system to my wife, budget guru that she is, we are putting together about $10,000 to invest over the next couple of weeks in order to really get going.