We started the blog in the mid of March, but I already started trading with the intention of a serious background at the beginning of the year.
I made one of the biggest mistake when starting trading and listened to others advices for backing and laying selections which cost me a lot money. The only knowledge I got from this person was that there is money to be made at betting exchanges and very often you can identify situations inplay when the price is wrong.
I started to take responsibility for the trades I put on, but I made too many mistakes. Often I only layed the winner of the first set in tennis, did not take a stop loss or forced too many trades.
In March Muxor and me started this blog with the intention to keep a diary about our trades and thoughts.
I started trading in March with a trading bank of about 100€. I only invested a bank of 100€ because I was not very confident with my trading skills.
I learned that the followings things are essential, when trading sport events:
- Research any event you plan to trade
- Apply risk management rules to protect your bank
- Track your trading results
- Always ask "What if...?" when you put on a trade
Most important is, that I learned to be more organized when trading.
Here is an overview of my progress:
I made +€156.48 with a starting bank of €100.
The profit is not the greatest, but it is a good result for me as a beginner in sports trading.
What to expect from 2009?
Most important for me is to apply all my rules I identified during 2008. I will calculate the stake sizes at the beginning of every month depending on my bank. My actual bankroll is €256.48, but I will reset it to €250 for easier calculation, so my stake sizes for January 2009 are the following:
My stop losses:
Maximum loss limit per event: 25€ (10% of bankroll)
Maximum loss limit per day: 50€ (20% of bankroll)
How to measure the trading? Good trading for me means applying all my rules, but I need to set myself a target. My target for 2009 is to produce a net profit of €1000, so at the end of 2009 my trading bank should be €1250 or higher. I will adjust my stake sizes month by month, so I think I can reach the target.
At these days tennis season has started with Exhibition Tournaments and The HopmanCup, but I will stay away from these tournaments, because I think the players will not take these matches too seriously. On Monday tennis season kicks off with a couple of tournaments in Auckland, Brisbane, Doha and Chennai, so there is no need to trade these training events. It will be a long season.
All the best!