Wednesday, 2 May 2007

As Bad As It Gets

Daily P/L: £316.09
Monthly P/L: £253.38

What can I say? Not much really apart from a huge amount of indiscipline, impatience and stupidity led to my biggest loss to date. The snooker markets I was confident would reap dividends decided to get their own back by starting my day with a £138 loss in the first Higgins v O'Sullivan frame and from there the downward spiral started as (I hate to admit this bit) I tried to chase my losses. Horse Racing, Badminton, Tiddlywinks - if you'd given me the chance I would have got involved in all of them today - it really was that bad.

I haven't been happy with my trading for the last week as an amount of frustration has crept in and a loss like this has been coming for a while but I have to put things into perspective. I need to concentrate back on the processes involved and not the end result. I've been guilty about getting too far ahead of myself and I've paid the price. This happens to us all so my immediate goal is to focus on just getting back to even for the month. With the Premier League Darts on tomorrow I can revert to a sport that I'm comfortable with and if I take my time there should be opportunities to take advantage of. Consolidation is now key and it's at times like these you have to earn your money - there's no such thing as a free lunch.


slipperytoad said...

Shit Mark, you can imagine my horror when I read your blog.

I’m afraid that your experiences curse us all on the gambling path we have chosen. Remember a few years ago I had a similar experience at Bath races and you emailed me indicating I needed a process/structure to my betting? I took that advice to heart and now stick to my strategy come what may. Based on the comments in your blog thus far I know that you pondered how gambling life would be like without darts and maybe the mistake was trying your hand at something else without developing a strategy first?

It may sound like hindsight, but you’ve already proven that you extremely good when sticking to your comfort zone and the gambling gods have shown no mercy when you step out of this zone! Consider this a statistical blip instead of a failing on your part.

Trust me you’ve been an inspiration to us all and an example that we’re not all mad wanting to become professional gamblers. It can be done and you’ve demonstrated that …

Mark Iverson said...

Hi Mike,

You're spot on. I didn't do my homework on Snooker enough - I got slack and I paid for it.

It's okay though - I'm feeling alot better this morning. If I'm able to get things back on track tonight then not too much damage would have been done and I can move on - it's all about getting back on the horse. Three hundred pounds is alot of money to me but as I'm trading in large amounts these things can happen.

Thanks for your support though - it means alot - I just wish you were sitting next to me yesterday so that you could have stopped me from clicking on that bl**dy mouse!

All the best!


Clive said...
This comment has been removed by the author.
Clive said...

Hi Mark,

Far be it for me to give you advice but this situation seems similar to the one I was in at the start of February, when I'd had an awesome month and blew the majority of it on the one game by chasing my losses.

After that I felt like I had to get the money back instantly and that led to me screwing up other games that I'd normally have done ok on. You don't need to win it all back within the week, and if you stick to your current strategy by the end of the month you'll barely remember this loss.

I rushed straight back in after my loss and it cost me more than if I'd been sensible - don't make the same mistake!

It was a wise man who said on his website 'A little everyday is better than a lot once a month'!

Mark Iverson said...

Hi Clive,

You're right - I don't need to win it back within a week. Patience is now going to be important but a lot depends on the Darts tonight. If I do well then the confidence will be back - if it's another bad day then it's going to take a lot of willpower to get through May.

Gambling is a bit like playing poker - it's all about staying at the table.

Speak to you soon and thanks for the birthday bubbly!


Anonymous said...

Glad to hear even the best of us get into these situations. Trying to rebuild my bank after chasing some horse races. But slow & steady wins the race......Good luck

Mark Iverson said...

Thanks anonymous!