Sunday, 25 March 2007

Fore!

Since Last Post P/L: £42.32
Monthly P/L: £480.95

Saturday was supposed to be a big trading day for me but the sun was shining, spring was in the air and the temptation of a round of golf was too much to turn down. I played terribly but it was nice to be out and about after the cold dark winter we've just had. The lowlight of my round though was hitting a 4 iron to the par 3 fifth hole - it went left of the green, bounced once and then hurtled into a woman standing on the next tee! Ouch! This distraction obviously meant I missed the EDF Cup semi-finals but I was home in time to take a look at the World Cup cricket.

Australia v South Africa
I nearly got myself in a whole lot of trouble here. When I got home and switched on the TV I was shocked to see the Aussies finish their innings for a total of 375 runs. I'd estimated a par score at 265! I checked the price available on them and they were still trading at 1.18 which left me gobsmacked - surely this price was too big? I turned out to be right in the end but I'd failed to realise that the market had a different opinion and as soons as the Saffers had knocked up a few boundaries the Aussie price started drifting at a canter. As you can imagine, I was now staring at a big red screen and the South African score had powered up to 130 for no wicket - the Aussie price was now 1.83. I thought at this point that if the South African partnership could last another few overs then they'd gain favouritism so I laid the Australians for £235 and went to make dinner. I was gone for 10 minutes and when I returned the score was 156-0 and the Aussie price had swung out to 2.90! I jumped at the chance to secure a green screen and finished with a profit of £11.30. This was a lucky escape and I need to learn from this.

Bristol v Northampton
Today was the chance to trade on a Guinness Premiership match which both sides needed to win. I traded well and made a nice profit of £31.02.

For the last few days of the month my strategy now switches to consolidation. The Darts on Thursday should round it off nicely and if I can finish with a profit of £500+ I'll be extremely happy. That would be a growth of over 40% on my trading bank during March.

If you've been reading my blog for sometime then you'll already know that the majority of my profits come from trading Rugby Union & Darts. They're sports which I now feel very comfortable with and confident that I can make a profit on. However, I'm also aware that these sports won't provide an all-year income and I need some advice on how to go about trading cricket and tennis. If you can help then please leave a comment - I don't expect you to give away any edges but if you can point me in the right direction then it'd be appreciated. Thanks in advance!



2 comments:

Jonny said...

Hello,
I've just found this site and am quite fascinated by it as Trading is something I've often thought of doing myself.

Do you have any tips for someone just starting out ?

The reason I ask, is that I'd assume the key is sticking to what you know (i.e I specialise is Football)

However, whilst I can happily do this, there's obviously a lot more to it than that.

Also, do you post your trades / fancies in advance of you posting the results on here ?

Mark Iverson said...

Hi Jonny,

Thanks for taking the time to post a comment.

12 months ago I was very cynical about trading. My view was that it was boring and any profits would be minimal - how wrong was I?!?!

I could spend all day giving tips to any new person to this subject but I'll stick to 3 for now:

1. Buy the book 'Lay, back and think of winning'. It's very basic but that's all you need when you're starting. Don't follow everything it says but try and read in-between the lines. It will give you a good grounding on some very important rules to trading successfully.

2. Manage your risk by trading with the right size stakes. This is very important and depends on 2 things - the price of the selection and the size of your trading bank

3. Successful traders always think "What if....?"