23/06/09

P&L for 23/06/09

Football : -36.22
Tennis : -72.68

P&L since last post : -108.90

When I fuck up I really go all out!.

Tennis.

Started The day with two easy trades on Davydenko. A quick one on Venus followed. Then came the Roddick match.
I had looked at his 3-0 price and was suprised to see it at 1.6x. I thought this might be a reaction to his ankle injury but he had been claiming to be fully fit. I did not back him to start just to be safe. He stormed through the first set and I did get one trade in. As the score became 5-1 and Roddick serving for the set I went in again at 1.22. Roddick DF'd and then Chardy bounced on off the net to break him. Chardy held the next and then Roddick took the set 6-3. The price did not come down for me to scratch. I sat through the agonising second set while Roddick almost broke Chardy god knows how many times but he kept saving it. I thought about redding out at various points but held on. Finally Roddick took the lead in the tie break and I was able to scratch and breathe a sigh of relief. WHY DID I NOT STOP THERE??!!!!!!. In the third set as Roddick gained 3 break points on Chardy and the price on 3-0 dropped to 1.17 I backed again wanting to get a tick. Chardy saved the lot and back on the up down see saw the price went again, only this time Chardy broke Roddick at to make it 5-4. I redded out and then Chardy took the set. Roddick of course won the next set 6-3. I'm such a muppet. I get to emotionally invested in the trades on tennis. I must learn to red out when a trade goes against me. The fun did not stop there.
On the Murray match I grabbed a tick( much smaller now) before the match even started on 3-0. I then foolishly after watching murray have a hard time of it layed him at 1.04 for £1000 hoping to grab a quick tick and score an easy £10. This is of course when he saved the game and then I had to dump it at 1.03 for a loss of £10. LOSER!!!!. I toyed with some 3-0 lays and did get some green on 3-0 but did not have time to hedge it before Kendrick took the set and so lost it. If I had let the lay ride I'd have made back all my losses but that's neither here nor there in this game. I did get some green on 3-1 so that mititgated the £10 loss a bit. I canned the tennis and moved on to the football.

Football.

One of the U21 matches had 4 goals before HT and was of no use to me. I went in on the Italy v Belarus game on the cusp of half time. So of course a goal was scored just after I backed. When the market came back I was looking for the low point to get out and another goal came. Of course 2 goals in 2 mins on the brink of HT. Why not?. All part of the days fun.

Bank from £121.47 to £12.57.

So where does this leave me?. I still believe the small 1 and 2 tick method is sound. The losses I've taken today and on Thursday from the tennis should have been nowhere near as bad, if indeed they should have happened at all. I should not have gone in on the Safina match on Thursday and I should have stayed out of the Roddick match after that 2nd set. The football match I should have checked the time and what was happening before I went in. I am the cause of these losses, not the method itself I don't believe. I'm also still struggling with my patience and bankroll management.

I have little choice but to soldier on.

I will try to limit myself from now on to between 30 and 50 % of bank per trade. I will also try to be less invested in the trades. It will make progress slower but hopefully smoother and safer. I will start a new recording and projection spreadsheet for this new method. Day one tomorrow.

Keep it green everybody.