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:
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
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
I took the stop loss very early to avoid a bigger loss. Was a good decision.
total loss Soccer: -€5.50
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!