A Nice Little Win To End The Day

I thought I'd try scalping the 20/20 World Cup match between Afghanistan and South Africa this evening. An interesting exercise given that, as a Scot, I know nothing about cricket. That in itself is an interesting point about trading. One doesn't necessarily need to know anything about a particular market in order to trade it.

Horse racing is a case in point, with me anyway. I don't know one end of a horse from another. Having said that, I know a heck of a lot more than I did a few years ago.

Anyway, I took the opportunity to lay South Africa pre-match at 1.02 and at 1.01 for a liability of £100 each. I chickened out and cancelled the lay at 1.01 before the match started. With hindsight being a wonderful thing, I wish I hadn't now, such is the way of things.

Immediately from the start, the price went to 1.01 to lay and stayed there until South Africa had lost three wickets at which point it moved out to 1.04 taking my closing trade at 1.03 with it.

Very happy with the result for 40 mins 'work'. Being used to trading the last few minutes in the pre-race horse and greyhound markets, I sat and watched the market waiting for my closing trade to be taken. Not a good idea. I must learn to walk away when trading these longer term markets, not only to give the market time to develop, but more importantly, to make it easier to stay my hand that might want to scratch the trade for no good reason.

I'll certainly be looking again at 20/20 cricket. Hopefully, it wasn't a one-off, beginner's luck thing.

1 comment:

Handy Andy said...

I have often thought about trading sports events where the price at the start of the game is 1.01 or 1.02 as they often jump a little higher before they crash. It's only really worth doing if (like you have done)you are prepared to lose at least £100 in an instant and that's quite a big psychological barrier to overcome.

Excellent blog by the way.

Handy http://mysportstradingjourney.blogspot.com