Hello,
today I am writing from Munich. I am visiting my brother and I will visit the Oktoberfest at the weekend too.
I had a very bad last weekend. Here is an overview of my trades since last Sunday:
Trading Formula 1
Fastest Lap market
A loss of -€71.82! How the hell is this possible? I broke my own rules and I did not accept a loss.
Maybe I could not accept a loss, because my risk and my possible loss was too high. Now I remember the words of Mark Iverson:
"If you don't do this the decisions you make will be affected by the fear of going broke even if you don't realise it at the time."
It was a crazy race with 4 or 5 different drivers who had the fastest lap meanwhile and all I did, I did it wrong. I also traded the market not in the way I traded the market in the past. Every sport is different and I have different trading strategies for different sports. Sometimes I am not concentrated enough and I trade a sport with the wrong strategy.
Regularly the fastest lap market is the only market I am trading on Formula 1. But it is always good to be attentive. Every Formula 1 weekend I follow the broadcast one hour before the race and I realised, that there was a high probability of a race start behind the safety car, so I had a look at these markets:
Safety Car
First Lap Leader
I used only small stakes, so there is only a small profit, but as you know: A small profit is better than a big loss ;)
I think it was some free money, because it was already said on German TV that there would be a start behind the safety car and there were odds of 1.29 on the Safety Car market available.
total loss Formula 1: -€62.84
Trading NFL
I had a look at Indianapolis @ Minnesota. Not very much to say. Match was not easy to trade. I scratched that and had a small loss.
total loss NFL: -€0.54
Trading Soccer
I took the stop loss very early to avoid a bigger loss. Was a good decision.
total loss Soccer: -€5.50
Trading Tennis
I used smaller stakes to get back confidence. Trading tennis last month was awful, so I only wanted to bring my tennis trading back on track.
total profit Tennis: +€2.53
stats so far:
total loss this month: -€61.36
Generally this is something what I do not understand: If I trade with smaller stakes, than I make profit, but if I use higher stakes the trade will go against me. Maybe it is a part of trading psychology, which I need to learn. If anyone has tips, articles or books which can be recommended please leave a comment or drop me an email.
Also my trading has to be more seriously. I do not take notes about matches, races and players, my money management is rubbish and too often I am not concentrated.
Actually this is my first year of trading sport events and I have learned very much. Now is the time to bring these knowledge in the right order.
All the best with trading!
Cheers, Loocie
Posts
2 comments:
Bad luck on the fastest lap market. It’s a different animal when the track is wet and you have to take a different approach. My approach is most of the time not to trade the market at all if it’s raining – as soon as the rain stops times will tumble as the grip increases and anyone can set the fastest lap so the risk outweighs the potential return. The only thing I will look for is cars changing tyres as there will be a cross-over point - even then the others will follow suit and start to set fast laps so you have to trade in and out as quickly as you can.
Good work on the safety car and fist lap leader though. I’m gutted I missed the race because that’s the kind of thing I would have been looking for.
All the best, John @ Flutterfly.co.uk
Hi John,
thank you very much for leaving a comment. I agree with you: Trading this market if it is raining is very difficult. It was a very costly lesson.
All the best, Loocie
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