Will I ever learn!.

P&L for 08/03/09

Tennis : 27.86
Football : -259.51

P&L Since last post : -231.65
P&L Since start of Blog : -262.47

Well what can I say. I'll start with the good part.

Tennis.
Tennis was good with just the two matches traded and both winners, and that's it for the good part.

Football.
Football was bad with two matches having early goals but it didn't have to be that bad. Out of seven italian games on at 14:00 I managed to pick the only 2 to have a goal in the first 10 mins. The first one I took a £40 loss on a and I dumped the second just before the goal because I didn't like the look of the way the odds weren't moving. This was fortunate as a goal came right after my hedge out was completed.
Now that should have been the worst of it. An early goal, hedge out for a loss, move on. Thats how it's supposed to be done. I cannot seem to get past this feeling of injustice when a goal comes early. Like it's not supposed to happen or it's somehow unfair, and I become convinced that I can minimize or recover the loss entirely. So I began dipping in and out from H/T onwards as there had been no other goal scored since the first. I had knocked the loss down to just under £25 and was back in profit for the day and I should have quit while I was ahead but I put a £200 back in to get one last trade done. Now this is far too much for my bankroll(nearly 40%) and to much to risk but I did it anyway. Less than 30 seconds later a goal was scored. I'm looking at a red out of £108 pounds and telling myself to take it but I don't. For some reason I convinced myself to wait until the red had dropped to below £100. Another goal came 2 mins later and the whole stake was gone plus the original red as I hadn't been hedging the small trades I had been using to reduce the first all red. So £240 gone. I'm such a fool. I'll never reach my goal unless I learn to be emotionless about taking the losses. RED OUT AND MOVE ON.

I did a successful trade on the Everton v Middlesborough game 10 ticks in 4 mins and then moved on to the Sevilla v Almeria game. Lot of controversy in this game as Betfair did not put the market in-play at the start of the game. It stayed suspened and a goal was scored 5 mins in. It was put in-play a few minutes later and I went red for £31. Would the odds have dropped fast enough in the first 5 mins for me to get out for 10 ticks?. I doubt it, even if the market had gone in-play I probably would have still taken a loss but I'm a bit annoyed that that I didn't have the chance to find out. I have seen this many times on Betfair, I'm sure everyone who uses it regularly does. They always point to thier T&C's about markets being suspended if video feed is lost and ignore queries about why they wait until the kick off to suspend markets with no video feed. Of course we know that it's because if they let people know 10 mins before a game kicks off that it might not go in play the would loose a large portion of the trading custom on that market, so they keep it quiet. I've no doubt the staff a Betfair towers sit and laugh thier asses of at the outrage on the forums when this happens. Lets face it where is everyone going to go. Betdaq? No liquidity!. They have a captive audience and they know it and so we all put up with it.

A crappy end to this week all down to my own foolishness and it'll be a slow recovery with reduced stakes so don't expect to see any big numbers in the P&L section soon.

Hope you all had a good week.

G'nite.