I am back from Munich. I had a very nice time there and I was also visiting the Oktoberfest.
During my holidays I had some trades and here is an overview:
I am really impressed about this profit, because I traded these matches with a maximum liability of €10.
Trading Soccer is not that easy. When reading other trading blogs or forums you mostly find people trading the over/under markets.
Before kick off I analyse both teams independent from their odds. I write down my opinion and try to create a strategy for the match. I ask myself the most important question a trader should ask: "What if...?"
So before kick off I have a plan and I know what to do and my trade is not affected by fear.
The good news: I made no loss and took stop losses when necessary.
The bad news: The way I am trading tennis! I will explain. Firstly, I did not take this business (trading tennis) serious enough during the last weeks. I often did not make any researches and analysis of players and matches. I did not create a plan for a match like I did this for trading soccer. During a soccer match there are only two or three key events and odds can move dramatically. During a tennis match there are so many swings possible and I think I am hoping too much. I am not trading, I am hoping!
I have recognized this trading behaviour when trading tennis during the last few days, when I was analysing why I do not make profit. The conclusion is: I do not do my homework!
2008 is my first year of trading tennis, so I do not know all the players of WTA or ATP, but funnily enough I traded them. From now on I will concentrate on the Top 25 of WTA and ATP players. I do not have to trade all matches of a tennis tournament, just concentrate on players I know very good.
I also will create a database for players and matches I have traded. I need to make note of players and matches, especially with deeper information about skills of the players like serve, forehand, backhand etc.
I have created a blog entry with quotes and dos and don'ts when trading. I ought to be reminded repeatedly when trading tennis.
Stats so far:
total loss this month: -€44.60
This weekend seems to be promising. Very much action with Formula 1, MotoGP, Tennis, Soccer and NFL. But do not forget: Research any event you plan to trade.
All the best, Loocie