I'm going to run separate banks for each sport I trade until such times as I have built up sufficient funds and, more importantly, suitable strategies for each. Until then, I don't want to run the risk of screwing up big time in such a manner that I wipe all my funds so that I cannot continue.
Also, I feel that keeping them separate will help focus the mind and allow me to set specific goals for each sport.
I like the idea of building up each bank from small beginnings, so, when I'm ready to start trading a new sport, I plan to start off with just £10. As I've already started on the horses and a little on tennis which have banks currently sitting at £33.30 and £13.51 respectively, I shall continue with them and only venture into other sports when I'm happy I've got the strategies in-place.
From these humble beginnings great things will grow. Well, that's the plan.
Wish me luck!
These matches generally have high liquidity, but can be very jumpy. I made small gains, but it's clear to me that in order to trade such markets successfully it's essential to have live pictures, or at a minimum, live scores. Even the official 'live scores' direct from the tournament website can be some minutes behind the play, making it very difficult.
This is purely something that I will be doing to pass the time - because I enjoy it. If I happen to make a few pounds along the way then that's a bonus. So what's the plan?...
1. I'll be concentrating on the pre-race horse markets. However, I'll ultimately be looking at tennis, football and possibly other major sports events such as F1. When I do, I'll be using a separate bank for each.
2. For fast moving markets like the gee-gees, it's imperative that dedicated software is used. As a Linux user, I'm limited in that most trading applications are written for Windows. Fortunately, one of the best is a cross-platform application called BinarySoft BDI. I've been using this for the past 6 weeks or so and can thoroughly recommend it.
3. I intend to maintain this blog to chart my progress, as well as ramble on about sports in general. I shall endeavor to post at the end of every trading day. This, in itself, will help maintain my discipline. I will start this process on Tuesday 1st April - April Fools day, which I thought was somewhat appropriate.
And that's it. By re-investing my daily profit, I hope to grow my bank to such a level where I can start taking money out - not forgetting that this is not intended as a replacement for the day job.
Let's see how it goes.