Friday, 18 May 2007

Being Patient

Since Last Post P/L: £3.42
Monthly P/L: £131.51

I've been sitting on my hands since the weekend as I don't want a repeat of getting involved in events I should be leaving well alone. Instead, I've decided to wait until Saturday and just stick with the rugby. It's very important for me to finish the month in profit and if I pick my moments I think I can finish with a healthy result.

Last Sunday I did have a little dabble but as the end result was a bit of washout I've been a little slack in updating the blog. This is what happened:

Spanish Grand Prix
Formula 1 intrigues me. It's not the best spectator sport as only a few drivers normally win but from a trading perspective it appears to have plenty of opportunities. I'll give an example - Massa was in pole position before the race and was trading at around 2.60. A lot had been mentioned about how important it would be to lead at the first bend as there'd be a great chance of opening up a gap quite quickly. Sure enough, Massa managed to hold onto first place (after a brief touch of cars with Alonso) and within a few minutes his price was trading at 1.60 - a full one point swing with less than a few laps completed! Obviously, there's plenty of traders out there who make serious money from this so I'm going to give it more attention as the season progresses. My profit on the race was £32.87.

The Players @ Sawgrass
I'm still struggling to find the golf form which gave me a lot of confidence last year. I'm not keen on backing players during the 4th round of any tournament and even though Phil Mickelson maneuvered himself into a very strong position within the first couple of holes I was always looking for things to move against him. My belief was that the tough course would make things difficult for him at some point but this didn't happen and in the end he sealed a comfortable victory. There's not many close to Tiger's standard but Phil is one of the contenders. I decided to take a loss of £29.45 so that I could still show a green figure for the day.


Matt said...

Patience, so so important Mark. Liked what you were saying regarding picking your events, waiting and leaving stuff alone. You need almost a 6th sense for these things. Imagine leaving alone every event you ever lost on.. clearly, there's been some good bets in there, but some mistakes too.. learning to steer clear is priceless and underrated. Keep it up,


Mark Iverson said...

Thanks Matt. By leaving stuff alone it can often feel that you're missing out but I'm learning that doing nothing can often be the best thing.

Sorry to hear things are a bit tough for you as well at the moment but I'm sure you'll be back on track soon.