Monday, 25 February 2008

Catching Fish


Since Last Post P/L: £299.33
Monthly P/L: £850.86
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Doing absolutely nothing can often be the route to profit as avoiding losses can be just as rewarding as making the gains. Why? Well, can you remember the last time you made a loss? It probably wasn't a nice feeling and I hazard a guess that the likelihood of you wanting to chasing the money you'd just lost increased significantly. This is what happens. People are generally useless at controlling their emotions and a topsy turvey rollercoaster of a trading ride can often end up in disaster. It can then take weeks to get back to square one and this all has a detrimental effect on the way we look at the markets.
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This is why I've decided to use the analogy of fishing. Over the last few weeks I've been trying to make things happen and I should know better. All this approach does is create added pressure and as the small deficits keep adding up the mind begins to boggle and the index finger gets a bit twitchy on that mouse button. Sometimes you've just got to wait....and wait...and wait. So in a bid to keep my discipline I've purposefully tried to hold myself back, wait for the real opportunities to appear and then go in hard.
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Here's my latest results:
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Darts
Part v Wade : £23.19
Mardle v Lewis : £32.92
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Cricket
Barbados v Trinidad & Tobago : £63.37
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Rugby Union
Wales v Italy : £27.26
Ireland v Scotland : £1.94
France v England : £288.85
Saracens v Harlequins : £43.06
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The Darts continues to keep me moving forward but due to the volatility in the Premier League matches I've decided to use stakes a lot smaller than I was using last year. It seems to be paying off with my results being a lot more consistent even if they aren't going to break any records.
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I was really looking forward to getting involved in the Twenty20 cricket on the weekend but the match on Friday night soon put me off! The liquidity was surprisingly poor and I ended up getting myself in a little bit of a pickle. My lack of knowledge in West Indian cricket didn't give me the confidence I needed and this factor alone was enough for me to mount up a sizeable red figure.
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Thank heavens for the rugby! Despite breaking my own trading rules throughout the Welsh match and after enduring a frustrating Irish and Scottish display, my redemption appeared at the Stade De France. The market was volatile, the game fluent and all this led to the right conditions for me to make my profit. My reading of the game was so much more on the button that it reminded me of what I need to do to keep winning. These thoughts stayed with me through to Sunday as I was also able to make the Saracens versus Harlequins game pay.
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On another note, I've decided that I'm going to try and post more regularly - even if I haven't been trading. My reasoning for this is that if you can be bothered to click on my link then I should try and make the extra effort to give you something to read. Granted, it won't be war and peace, but a few of you may find some of my ramblings amusing. Okay, my timing on making this change isn't great as I have some busy times ahead but let's see how it goes - it might work out alright.
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4 comments:

Tim said...

Hi Mark
that’s a killer profit on the Eng Vs France game.
Any chance you can shed some light on both the opportunity’s that came up and the strategy you were using ?

The Betfair Loser said...

Fantastic result on the England game Mark!!
I am beginning to really enjoy Rugby trading too.....seems perfect for my style of working!!

More regular posts would be great...but I think in about two weeks time you may have your hands full with the new arrival!!

Mark Iverson said...

Hi Tim,

My strategy with the rugby is based around being able to identify when a team will get the upper hand. As I mention in my post I need a fast, fluent game to make the most of this as it's only then I can make my knowledge of the game count.

All the best,

Mark

Mark Iverson said...

Hi Betfair Loser,

I think you're right! I'd love to post more regularly but I'll just have to see how things go...I'm getting really nervous now :-)

All the best,

Mark