Yesterday i experienced one of my worst days for a long long time and while i am relunctant to share, i feel people that read blogs deserve the truth at all times otherwise it defeats the object of the blog and risks turning into a mist of successful trade after successful trade which isn't realsitic or reflective of fulltime trading. This said, the losses i endured yesterday far outweighed my own personal risk and am still analyising why this happened.
Anyway, like i said this is all about the losses so lets have a look.
Other than getting up a little earlier to watch the rugby it was a pretty normal Saturday, i had done the vast majority of my research the night before so i already had a good idea of what i was trading, what markets i were gettng involved with and the strategies i were to employ. All that remained to consider was team selections and any other news throughout the morning that may effect my trades.
The first trades were over 2.5 goals in both Dunfermline v Rangers and Man City v Everton. I was able to trade the first to expiry as it was 3-0 by about 50mins so never went into the red after the first goal which came in the 9th minute - Great trade. The next though was not so straight forward i entered at about 1.74 as city have scored for fun at home this season thorughout the 90 mins not just good starters or finishers. Now, i realise i should have exited at half-time - 50mins ish but as mentioned City goals have been spread relatively evenly with an emphasis probably on the 2nd half - v spurs 2-0ht/ 5-1ft - v wigan 1-0ht/3-0ft. It was due to this that i felt pretty comfortable holding my position for a little while. The goal finally came with about 20mins left as city had started to turn the screw. This is the second point that i should have exited by still i stayed in. From this point on it was a case of watching my red increase and although City scored again and also had another ruled out it was too late and i just had to swallow the loss. I was kicking myself for the next 15mins as it was my own fault for not getting out and was really amateurish behaviour.
No time for self sabotage it was approcahing 3pm and time for the the next trades. A couple i had identified were Chelsea v Swansea over 3.5 at about 2.7 and Arsenal v Bolton over 3.5 at a similar price. Chelsea went off like a steam train and were 2-0 up after 36 mins which is exctly what i wanted, however, although an exit would have shown a 40% ROI i thought that staying in was the best tactic as they were looking very good and it was not even half time. One thing i did not anticipate though was the sending off of Torres - 3 mins after Chelsea had gone 2-0 up. This completely devastated Chelseas price and i ended up exiting just after half time for a 10% loss on my original stake. As we know Chelsea went on to score another 2 goals as well as Swansea scoring a concelation. Not much we can do in situations like these as the 2nd half goals were all relatively late and a red card will drasitcally change things.
Arsenal v Swansea was another bad experience as in hind sight i should have gotten out at half time when 0-0 for a manageable loss. I stayed in and when Arsenal did score had yet another chance to exit with a reduced loss, i finally exited for a 40% loss on investment only to watch on as Bolton were reduced to 10 men 3 minutes after my exit. I then entered in the over 2.5 goal market this time as Arsenal can be ruthless against 10 men, arsenal did score and their price bounced around in profit for a little while. I thought i would use this profit as leverage for another goal and increased profit but exited at 85mins for a small gain. Obviously the way my day had gone so far, Arsenal scored a 3rd a couple of minutes later.
The biggest loss came in the days final game, Stoke v Utd. Got my strategy horribly wrong and have suffered since!!! I will explain this game in detail later on.
I think that this was due to a collection of reasons though, primarily a result of suffereing consecutive losses probably, losses which could have been avaoided if i exited at the correct points or losses which would not have been losses had i stayed in longer...
....note to self: Concentrate on finding a balance between these two.
Don't know the answer but why is it that after we take a couple of hits trading do we get all philosophical about it like we are some sort of spiritual guru??
Perhaps it helps ease the discomfort losses bring...i don't know... certainly doesn't excuse the losses though.
Regards
Fluffnut
Anyway, like i said this is all about the losses so lets have a look.
Other than getting up a little earlier to watch the rugby it was a pretty normal Saturday, i had done the vast majority of my research the night before so i already had a good idea of what i was trading, what markets i were gettng involved with and the strategies i were to employ. All that remained to consider was team selections and any other news throughout the morning that may effect my trades.
The first trades were over 2.5 goals in both Dunfermline v Rangers and Man City v Everton. I was able to trade the first to expiry as it was 3-0 by about 50mins so never went into the red after the first goal which came in the 9th minute - Great trade. The next though was not so straight forward i entered at about 1.74 as city have scored for fun at home this season thorughout the 90 mins not just good starters or finishers. Now, i realise i should have exited at half-time - 50mins ish but as mentioned City goals have been spread relatively evenly with an emphasis probably on the 2nd half - v spurs 2-0ht/ 5-1ft - v wigan 1-0ht/3-0ft. It was due to this that i felt pretty comfortable holding my position for a little while. The goal finally came with about 20mins left as city had started to turn the screw. This is the second point that i should have exited by still i stayed in. From this point on it was a case of watching my red increase and although City scored again and also had another ruled out it was too late and i just had to swallow the loss. I was kicking myself for the next 15mins as it was my own fault for not getting out and was really amateurish behaviour.
No time for self sabotage it was approcahing 3pm and time for the the next trades. A couple i had identified were Chelsea v Swansea over 3.5 at about 2.7 and Arsenal v Bolton over 3.5 at a similar price. Chelsea went off like a steam train and were 2-0 up after 36 mins which is exctly what i wanted, however, although an exit would have shown a 40% ROI i thought that staying in was the best tactic as they were looking very good and it was not even half time. One thing i did not anticipate though was the sending off of Torres - 3 mins after Chelsea had gone 2-0 up. This completely devastated Chelseas price and i ended up exiting just after half time for a 10% loss on my original stake. As we know Chelsea went on to score another 2 goals as well as Swansea scoring a concelation. Not much we can do in situations like these as the 2nd half goals were all relatively late and a red card will drasitcally change things.
Arsenal v Swansea was another bad experience as in hind sight i should have gotten out at half time when 0-0 for a manageable loss. I stayed in and when Arsenal did score had yet another chance to exit with a reduced loss, i finally exited for a 40% loss on investment only to watch on as Bolton were reduced to 10 men 3 minutes after my exit. I then entered in the over 2.5 goal market this time as Arsenal can be ruthless against 10 men, arsenal did score and their price bounced around in profit for a little while. I thought i would use this profit as leverage for another goal and increased profit but exited at 85mins for a small gain. Obviously the way my day had gone so far, Arsenal scored a 3rd a couple of minutes later.
The biggest loss came in the days final game, Stoke v Utd. Got my strategy horribly wrong and have suffered since!!! I will explain this game in detail later on.
I think that this was due to a collection of reasons though, primarily a result of suffereing consecutive losses probably, losses which could have been avaoided if i exited at the correct points or losses which would not have been losses had i stayed in longer...
....note to self: Concentrate on finding a balance between these two.
Don't know the answer but why is it that after we take a couple of hits trading do we get all philosophical about it like we are some sort of spiritual guru??
Perhaps it helps ease the discomfort losses bring...i don't know... certainly doesn't excuse the losses though.
Regards
Fluffnut
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