Tuesday, 27 November 2007

Changing Seasons


Since Last Post P/L: £90.17
Monthly P/L: £451.28
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November comes to an end and all I have to report is an 8% growth to my trading bank. Was this low figure to be expected? Am I being greedy? The answer is yes on both counts but my performance wasn't just down to taking a weeks holiday, the truth is a little more complex.
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I consider one of the biggest challenges for any Sports Trader is the task of being able to build a portfolio of sports that can be traded successfully and for profit. It's possible for anyone to specialise in one area but if you look at the sporting calendar there's not many events that take place all year round. The table I've put at the beginning of this post illustrates this as it shows that nearly all sports take place in 'seasons' and this makes it very difficult for us as traders to rely on any one sport to provide a steady income.
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The conclusion I've made is that this month was always going to be tough as the number of events available for me to trade was limited. NFL and Rugby Union were the best candidates but apart from those there wasn't much happening. In an attempt to win more I could have looked elsewhere and delved into the soccer or perhaps the horse racing markets but by doing this both my levels of risk and my chances of losses would have increased and we all know what happens then - chasing losses starts and it's a downward spiral from there!
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So, what did I do? I decided to stick to the plan that I drew up at the beginning of the month and only got involved in the events I'd highlighted as being suitable and by doing this I resisted the temptation of being dragged into markets I knew little about. I admit that my monthly result of a £450 profit isn't going to set the world on fire and it's less than I would have liked but it's a profit and levels of success need to be judged over a much longer period. I'm happy for now with the way things are going, and even though I expect December and January to be similar I'm hopeful that things will start to turn back my way when March arrives but that seem like a long way off and patience has never been one of my strong points!
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