The Good? Well, for those that have been following my mum’s out of hospital early. Doesn’t need surgery and her condition can be treated with drugs. An enormous relief. 🙂
The Bad? My trading on England v Sri Lanka test match. Simply amateurish. How anyone lost on this match is a mystery. Even leaving aside the fact that my connection froze when Hoggard got the penultimate wicket and I could have backed Sri Lankans at 1.2 for a hefty all round green having laid them at 1.04. (By the time I’d rebooted the light had been offered and the price was back in.)
The Ugly? The result of both the Domino QQ match for England and my final position. I lost £154.58. I had some misfortune in the match but I deserved to lose trading the way I did.
Thankfully I pulled back some of the loss on some tennis later in the afternoon. Should have really stuck to it instead of doing a 5 day test but I just had to watch this one.
Why so? It’s the first test match of the English summer! And though I’m greener than a particularly envious green thing because Emma (my fiancee for anyone who hasn’t read the What’s it all about section) has blagged a box at Lords through work at least I got to watch the whole thing on tv.
Pretty lucky really. Emma likes her cricket as much as me and she managed to get some Ashes tickets through work for last summer. We even made it to a Sri Lanka v Bangladesh test in Columbo last year. Anyway, the point is I get to watch and trade on lots of cricket with few complaints!
That all said I just got too eager today. Tried backing Sri Lanka hoping for early wickets to get some early green and they didn’t come. Rudi Koertzen had another of his “special” days behind the stumps and forgot about the lbw law. Still, should be plenty of time to turn my position around.
It’s kind of sacrilege really. Test cricket is great but I actually prefer one dayers because the trading is quicker. Depending on the match situation there can be hours of very little market movement in tests. I knew that by ignoring the tennis today it would be less profitable but I just had to have the test match on in the background this time.
Finally got round to putting in some proper time today and traded a few matches. Would have been better off staying in bed!
Two games of note really. Guess I should cover my first loss to start. Dropped £361.42 on the Roddick / Bagdhatis match. Ouch. 🙁 Of course you can’t win all the time. And the first loss was always round the corner. But I’d kind of hoped it was a bit further into the future and not quite so heavy!
Have looked through my trades. Was all going great with a moderate green on each until the second set. Trouble came when Bagdhatis took a rest in the second, forgot how to serve and started conserving that extra body weight by standing still for a few games. (Ok, the guy has an awesome return of serve but doesn’t he always look just a little bit, well, jowly?!)
Ended up placing 4 trades that went against me from then till the match end. Still, it’s all about discipline. Could easily have maxed out on one with a smallish green on the other and hope for the “right” result. But that’s not what this is about. Especially when working with a fixed bank and a clear goal. So took a deep breath, levelled to more or less equal red and back to the basics of reducing it. A bit of a disaster none the less and my biggest tennis loss for a long time. The annoying thing is I’d upped my stakes to £500 for this one hence the size of the loss compared to previous wins on this blog. Guess many would have taken the risk and stuck it out for a win. I’m glad I didn’t as my green was on Bagdhatis and he lost. So, something to smile about anyway!!
The other match I’ll mention involved the newly crowned British no. 1. Our Greg. Sky did their usual and screened on the non-interactive channel so I traded it. Should have stuck with my head and gone with the Nalbandian match. There was much better liquidity.
But that’s the issue here. Always torn between trading the higher liquidity games or the lower ones. My thinking is this. On the Rusedski game today there were a few bigger players in the market. But there was a lot of dead money too. It was easy to pick off bad prices and get some true value trades in. All was going great. The flip side is if you get on the wrong side of a trade you can’t always get out. And that’s what happened. I was offering what I considered screaming value to try and ditch a back but it didn’t get taken before the next point. Tried again on the next with the same outcome. The break happens, prices move and a 3 figure green all round drops to miserable 2 figure green. Ironically liquidity did pick up later in the game but too late for me.
Absolutely convinced in a more liquid market I’d have closed the initial trade at a small loss. Though that said I wouldn’t have built the green so quickly either.