Setting A Baseline

As mentioned earlier, my public monitoring starts on the 1st April - tomorrow - so it's time to set out my starting positions.

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!

Tennis Hedging Strategy

A couple of times over the past month, I've had a look at trading tennis matches in-play.

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.

The Bet Your Life Plan

I've been looking at sports trading, off and on, for some time now and I think it is time that I gave it a serious go. Unlike many trading blogs you may come across, I'm doing this as a hobby. I'm not investing huge amounts of money - I've been tinkering for the past 6 weeks and started off with £10, which is now sitting at £30ish.

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.