Tuesday 10th April 2007

Well The Sports Trader has had better days. After a remarkable 28 days of continuous profits I have suffered my worst loss for 4 months. I only traded in 8 horse races and 1 football match but had 3 hefty losses.

My day started with a small winning trade. Then in the 14:15 at Fairyhouse my problems started. I had been doing as normal watching the race and putting up various trades and then cancelling them, when I put up a back for £500 @ 1.02 on Financial Reward. He was well in the lead and with Ruby on board it looked like he would win. However I realised that I might have got this wrong. Nothing had been matched and I went to cancel the bet when I clicked just a couple of millimetres above the cancel button. I normally have two browsers open on each screen so they are sitting side by side and with the left navigation area minimised. When you do this the cancel button is shrunk in size, which is not a big problem, the problem is that with this configuration of browsers the Betdaq logo is directly above the cancel button and if you do as I did and click just above the cancel button, the logo click takes you to the front page of Betdaq. You can just imagine what this does as there is no cancel button on the front page so you have to navigate back to the event card that you are trading before you can cancel, this all takes time and by the time I was back my bet had been matched to cost me £500.

My next 3 trades were all small winning trades. Then came my biggest mistake for a long time. It was in the 15:35 at Chepstow where I backed Lawyer Des Ormeaux for £875 @ 1.46 when regaining the lead with a brilliant jump at the 5th fence to take him well clear of the field and with one of his main rivals out of the race .I had intended to trade out of this position as I do with most of my bigger trades. I put up lays @ 1.30 and then moved them up to 1.40 but had no takers and soon the price had drifted way out as he hit several fences and had Blue Teen following but looking good. So I was stuck with no chance of trading out and this cost me a loss of £859. I had managed to back Blue Teen for £11 @ 2.50 which did limit my loss slightly.

I finished my race trading day off with 2 more small winning trades but had finished with a loss of £1339.

Talk about kick a man when he is down, I choose to trade on the Man Utd v Roma football match. I backed the unders for £223 @ 1.83 soon after the start and had in mind to start trading out around 1.70, but along came the first of many goals. I didn't trade any more on the match, I just sat back and appreciated seeing one of the best Champions League matches there has ever been. That was one of those matches that we will never forget and I am quite envious of anybody that was in the stadium watching, you lucky things.

My result for the day is a whacking loss of £1562.

Well, contrary to what you may be thinking, I have taken today's losses very well. When you put them into context I have only lost my last three days work and I will make it back again over the next few days. As I said earlier I have had a brilliant month and I have been expecting a loss for a while. It is a part of trading, no one can keep making profits every day as every single trade has a degree of risk, I just wish the losses would spread themselves out a bit instead of coming all at once. I will probably trade a little more conservatively over the next few days as my confidence has taken a bit of a hit. Already today I missed a couple of trades that, had I not had these losses, I would have taken and would have won back more than I had lost on the day.

Comments

[Betfair Trader]

Sorry to hear about the daily loss Ray but you've got totally the right attitude towards dealing with it. Noone can win all the time. Losses are, unfortunately, inevitable and it's how we deal with them that can have a huge impact on long term profitability. Best to take them on the chin, examine the reasons (as with any good win too) and make sure you're balanced and clear headed next time you get involved.

As you say you've taken a look at the wider picture and have only lost a few days profit. A few days ago I'm sure you were happy with the position you were in. You're in it again. Sure, you did have a better one and have lost but stick to the basics and you'll soon recoup the losses and be further ahead. Best of luck.

[Ray]

Hi BT,

Thanks, You have said exactly what I thought to myself last night, I looked back to Good Friday and I was well pleased with my situation and that is where I am at today. Good Luck with your trading.
Ray

[iow]

Ray,

Commiserations Ray. I get so used to reading about your healthy profit that it was a shock to see such a loss - spooky that you and John have suffered significant losses on the same day.

I am impressed with your philosophical and sensible attitude to the situation although you are obviously angry about the loss.

I would be suicidal; you clearly have the right personality to be successful long term and I look forward to seeing you regain the losses and more by the end of the month.

My gains are a little more modest but satisfying nonetheless and provide a focus outside of work.

Peter

[Ray]

Hi Peter,

Thanks for your comments. will try and get back on track today, but if not today, tomorrow.

I am pleased to see you are trading well and I hope it continues, Good Luck.

Ray

[The Gambler.]

Sorry to hear that Ray.