Of reading material, strategies and three pence profit!

Yes three whole pence, and I get to keep it.

Trading has been quiet to say the least. I am still mildly annoyed with our 'friends' over at betfair, but I do realise to operate as a sports trader I need betfair more than they need me! The harsh reality. So sometime soon I will be back on track, my 'mind' is certainly not idle.

The three pence profit can from playing around with a few things during last nights Wigan-Man city game on BETDAQ, do you have a BETDAQ account yet? It may be worth your while considering one, if only as risk control measure, somewhere to offset any liabilities if betfair goes tits up again!   There is a link below.

Some of the better trading STRATEGIES are the ones we develop ourselves, I find, especially when we have observed and experienced a particular market, for a period of time longer enough to able to predict the odds movement with some confidence and accuracy. Such a market might be the football over and unders. We can also, most importantly, see what effect a goal will have on those odds movements. Then build into our thinking, then into our trade plan what we will do when the goal is scored. Do we want to avoid the goal or take advantage of the goal? What would we do if we get caught with an open trade and the resultant odds movement is against us? These are some questions RT thinks we should be asking ourselves when devising strategies.

If I were to recommend books to read on trading, two spring to mind immediately:

1. How I made $2,000,000 in the Stock Market by Nicolas Darvas. What is it about this book that makes it so special? I just like the way he conquered his emotions and developed a methodology that suited him and his life style, then traded his methodology with discipline. I think its necessary to read between the lines but the overall message is there loud and clear. He describes how he identifies and isolates what it was he was doing wrong then, he sets out to put it right, in grand style!


2. Game, Set and Matched by Iain Fletcher.Written in 2004, this book describes the authors year long spell trading betfair as a professional, it is a mixture of trading and straight punting but very entertaining and enjoyable non the less. A great read and still available I believe.

The strategy in tonights football QPR - MK Dons was to wait for a goal, a QPR goal then trade and scalp to full time.

Catch you later

RT