Daily Result: £191.87
Just got involved in the two tennis matches from Hamburg today. Did most the Federer v Monaco game before having a look in on the Kohlschreiber match. Nothing too spectacular but kept the wedding / honeymoon funds ticking over nicely in the run up to tomorrow's first test.
The Federer match was another rollercoaster. So much so that at one point I just wanted to stop the ride and get off. Fed is plainly not himself at the moment and despite winning the match was a real struggle for him. Prices were pretty volatile during parts of the game. From a trading perspective I started off well, blew my early profit and then recovered it. At one point I'd have been ecstatic with a Monaco win but took the safe option, levelled out green and was later pleased I did. Could have won a small fortune on the match with more balls. (Couldn't we all?!) Of course, the flipside is I could have lost one. Fair play to those that got stuck in and made more than the £80 or so I managed. For large parts of the match I was just sat there, trigger finger itching to get involved, but telling myself out loud "Just leave it alone". Which I did when I felt it was necessary.
The Kohlscreiber match was one of those I tend to like. Just about evens the pair at the start and a nice opportunity to simply lay each player at around 1.92ish as the other served while keeping an eye out for breaks. Knew I wouldn't be able to do the whole game and just levelled out green near the start of the second set and settled for the £110 or so. Would have been a great match to continue doing but I guess you can't do them all.
Anyway, tomorrow is all about the first test from Lords. Sad I know but getting very excited by it all. Been on weather watch again today while closely watching the draw price drift a little. Expect to see it a little larger in the morning before a ball is bowled in anger. Of course, a sniff of rain and it'll probably come crashing in. Would be great to bet on the cricket rather than the weather but it's all part of the test match challenge. Best of luck if you get involved.
4 comments:
hello
i have been doing tennis trading
for quite some time
i would like to exchange links with you
cheers
rc
Hi,
You run a great blog that i check in excitment every morning!. I was just wondering what kind of size stakes you use based on your £1k bank size and the mental criteria you have for deciding your stakes?
Cheers
Adam
RC> Yes, will exchange links. What's your site?!
Adam> Good to know someone is reading!
Regarding stake sizes. It differs according to my reading of the match I'm trading, the volatility I'm expecting and, to a lesser extent, my existing position. I am very flexible on them. I guess the more volatile market the smaller the stakes I use is a rough rule of thumb. It means I make less when I get it right. But lose less when I get it wrong.
With the £1k bank which I use for tennis etc I rarely stake more than £250 unless the odds are short and the markets aren't volatile. Sometimes £500 if I feel I'm reading the match well and an appropriate situation in the match arises. When there's no danger of big swings at short prices I'll happily play with the £1k. When I used to trade the cricket with the £1k bank I did the same but tended to use £500 stakes more often.
With the £4k bank I've started using for cricket I'll still often play with £250. But more often £500 and £750. Again, when it gets to low prices and low volatility I'm prepared to trade in blocks of £2k and sometimes will have a £4k liability at the end of a match.
Basically I'm trying to build green throughout the match but use different gears. I am cautious and use smaller stakes if I believe the market can go either way and is undecided. When I think I detect a swing one way or the other about to happen I get in, usually with larger stakes. (I usually try to catch it just after it's started. I don't mind missing a few ticks for the sake of a higher hit rate).
So stake sizes are flexible and mainly come down to my reading of the event I'm involved with. My maximum loss size per event is always in the back of my mind helping to shape decisions if things go wrong.
Adam> Forgot to mention but obviously I also pay attention to the liquidity in the market. I'm not going to get involved for a lot if I don't think I'll be able to get out quickly if the price moves against me.
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