Friday, 28 December 2007

Putting Things Into Perspective

Since Last Post P/L: £425.32
Monthly P/L: £1483.60
Every now and then I think it's hugely important to reflect, take stock and if things have gone to plan tell yourself 'well done'. This is all part of the psychological aspect of gambling. Too often, in all walks of life, we're quick to pick out the faults and as a consequence we continually fail to see the positives around us. By taking this step back it's possible to feel so much better about ourselves within a short period of time and I'm convinced this sense of well being allows the mind to be so much more productive. The benefits can be felt almost at once as as the 'brain' baggage is ditched and autopilot mode is able to kick-in when you most need it.
As I knew today was my blog's first birthday and after completing a great day's trading, last night seemed like the perfect time to take a look back at the journey I've been on over the last 12 months so I started reading some of the first posts that I put up last January. After scouring through a few paragraphs the most noticeable thing which stood out was how committed I was even though the amounts I was making were so minimal. We all know trading can be frustrating at times and there must have been times when I thought "why bother?", so why was I so determined to carry on? Where did this outlook come from and why did I want it so much? It's only now I realise how results motivated I must be as I remember drawing up a chart at the time to show what my trading bank would grow into if I was to keep producing consistent monthly profits. The results were impressive and needless to say this snaphot has stayed with me ever since.
Here's my results from yesterday:
PDC World Championship Darts
Maish v Eccles : £19.01
Hamilton v Roy : £194.19
Baxter v Dudbridge : £141.63
Barneveld v Clark : £53.75
Taylor v Tabern : £16.74
A great day yesterday and this is the stage of the tournament I like the most; plenty of matches, good quality contests, a short format and fluctuating prices. All this means I intend to try and make the most of it over the next couple of days.


Anonymous said...

hi mark,
congratulations on your first year and super results, you seem to know alot about how to trade! your darts profits are great so far, can you tell me do you trade in every set or every leg, or do you wait for one player to reach a certain low odds and simply lay them low and back at higher odds, as the price fluctulations are really unbelieveable.


Mark Iverson said...

Hi Alan,

Thanks for the best wishes.

As Darts is so highly paced it's easy to lose focus if you haven't got strict guidelines in place(at least that's what I find) so I always make sure I only ever trade the first couple of sets in a match (e.g. if it's a first to 4 sets match I only trade the first 3 sets). By doing this it's easier for me to highlight what the trading boundaries are (expected highs and lows for that set etc.) so that I can take advantage of over reactions when they happen.

The really important thing though is to keep an eye on over-trading. It's so easy to do if you're not comfortable with your strategy before you start. Emotions can run wild if you don't have a plan.

If you get this right then your trading should run like 'autopilot' and all you need then is discipline to cut a trade short if it doesn't go your way and remember to do this immediately!

Good luck and I hope my ramblings help!

All the best,