Since Last Post P/L: £220.44
Monthly P/L: £721.32
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Inspired by my recent analysis, for the last week I've been meticulously tracking my performance against the key indicators I mentioned in my previous post. My approach has been consistent; look to improve my win %, grow my winning trades, cut any bad decisions short - quickly . This formula seems to be working as my win % is now up to 72% whilst I've still been able to maintain an average win per market of over £40. This is also not taking into consideration that when I trade cricket I often take out 'tie' insurance just in case the unlikely happens. The graph at the top of the page shows that I've been involved in 18 markets and you'll notice that I've been able to make gains in 13 of them. The most surprising bit (to me at least) is that I only make a significant amount a small percentage of the time (around 25%) and quite a lot of time not making much at all (also around 25%). It just goes to show how important it is to make clear targets in order to help maintain focus during the long periods of mediocre results.
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The one frustrating thing has been the lack of trading opportunities. With Yorkshire sending the Twenty20 Cup into disarray and the weather finally turning for the worse, most of my time has been spent sitting on my hands. Fortunately, this has given me plenty of time to think about practically everything and it's always good to de-clutter the mind every now and again.
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So what thoughts have passed through my mind?
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For starters, my hat goes off to anyone doing this full time as when things are quiet....they're quiet! With so much time on your hands it's very easy to get distracted, get lazy or just take your finger off the pulse. Staying disciplined is not something that can just be turned on and off for those who rely on trading as their only source of income - it's an essential ingredient that must be applied 24 hours a day. Easier said than done I'm sure as I've already noticed a considerable difference in my own mindset since cutting down my working hours.
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The other thing I've been mulling over is the importance of having a dream. Does it have to be realistic? It certainly helps but the point I'm trying to make is that you have to have a vision of where you're heading. Myself and Nic try to write a wish list at the end of every year which contains things we'd like to do during the coming 12 months and I definitely believe this helps us live rather than just exist. It's often too easy to get blinkered by circumstances around us that we tend to miss what's really important.
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Okay, I've started rambling now but I'm sure there's something in that last paragraph that relates to trading - I guess you're going to have to pick it out :-)
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Here's my latest results:
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Rugby Union
New Zealand v South Africa - 2nd Test : £40.60
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Cricket
Essex v Northants : £56.23
England v South Africa - 1st Test : £16.97
Worcestershire v Nottinghamshire : £102.06
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Golf
John Deere Classic : £4.58
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My interest in the Big Brother Winner market continues although I've now traded out of my 'Darnell' position following news that he had become 'head of the house'. I'm expecting his reprieve to be temporary and will be watching his progress closely as I still can't see him winning! I'll leave you for this week with a snapshot of my current position in this market.
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2 comments:
Hi Mark.
Interesting post as usual mate. I was thinking about your post last month and this month and about how you were thinking about trying out new sports.
If you have a little bit of spare time at the moment, why don’t you look at other sports on a smaller scale? I can see from your vote that tennis and horse-racing would be the two sports to have a look at, so why not try them out.
From my personal experience of horse-racing, I think someone like you would do very well trading horse-racing. Obviously, you would initially take a scalping approach but I think you are a very experienced trader in your own right, so you could swing trade to some extent and make nice profits once you are up to speed on the markets and how they behave.
I imagine the same would be true of tennis but Matt would be best placed to answer this.
In my opinion, once you have learnt the skills of trading, you can apply them to most markets on Betfair. I’m still learning about trading and don’t have your experience but I think you could do very well trading sports that you may not be that familiar with.
Good luck for the remainder of this month though and I’m sure there will be plenty of cricket to trade soon!
Graeme
Hi Graeme,
Thanks for leaving such a detailed comment mate.
I think you're right - the Tennis and Horse Racing markets do look very attractive propositions and the feeling of 'missing out' is starting to hit home especially when I'm drawing a blank in less liquid markets e.g. Darts.
I've decided to give it until the end of the month before deciding my approach for the rest of the year but whichever one I choose (or even both) I know that I'll need to spend alot more time watching them than I currently do. It's all about shifting focus and having the courage to leave the comfort zone and after analysing my results recently I feel I'm nearly there.
Thanks agin for dropping by and it's nice to see that you're back in the swing of things.
All the best,
Mark
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