MyBetLog sports trading and betting analytics tool was an idea that came up about two years ago. I noticed that professional traders analyze every move they make on the exchanges. They take notes, keep their trading P/L files, make fancy Excel files with formulas, notes and graphs.
And then began the Excel file era for me. I think I had something like 5 different Excel files for my trading records and notes. Needless to say I didn't fill one of them for more than 1 month. It was just too exhausting to write line by line every market I had traded. Skip one day and the work doubles. Not to mention the motivation level after losing days...
Betfair displays your Profit and Loss records for 3 months only. So if you do not keep any records, you can't even remember what you were trading 4 months ago or even what was your profit 6 months or a year ago.
I also came to a point where I wanted to see my past results for different tournaments, players and leagues, because I noticed there are teams and players that constantly made me lose money. But I had no proof for that.
Nowadays we keep everything 'in the cloud', we want to reach our information from multiple devices- computers, smartphones and tablets. This is where an online tool like MyBetLog comes in. An online tool which doesn't need you to type every single market by hand, lets you keep your trading or betting history for more than 3 months even if you are the laziest person in the world. You can choose how often you want to update your data, it takes less than 2 minutes to upload profit and loss file for 3 months!
But the benefits are great! You can instantly see your trading or betting performance in multiple graphs. Most importantly just check your Total Profit and Loss graph trend.
In this blog I will create posts about the new and existing features of this tool, I will give tips on how to improve your trading on different sports by analyzing your data and taking notes.
It's time to go from red to green the smart way!