Thursday, 26 December 2013

Betfair, Betdaq, Geeks Toy at the Ready............

.......tennis is BACK!! Yes, it's Boxing Day but no rest for the top male tennis stars as they begin final preparations for the 2014 season with the Mubadala Exhibition Tournament in Abu Dhabi. Andy Murray returns after a long lay-off and he's joined by Djokovic, Nadal, Ferrer, Wawrinka and Tsonga. It will certainly have strong liquidity and is an event I have always traded (though I will probably give most of the Mubadala matches a miss this year and spend more time with family). With the ATP and WTA tours due to begin on the 30th, this is an excellent tournament to ease your way back into the markets before the serious business of the run-in to the Australian Open on January 13th begins. I've not traded at all for 6 weeks and so am itching to get going on what promises to be an exciting season for me personally. If you've not yet read my preview of the new season, you can read it here on Betting Expert.com.
 



V. Diatchenko

10 comments:

  1. Let me start by saying that i've spent this tennis off season reading all your blog and what an amazing journey it has been. You must be an inspiration too many starting traders (and starting bloggers i guess). I've been a punter for 3/4 years, got to Betfair 8/9 months ago, but trading is a whole new mentality, i've been trading prematch mostly because i'm very risk averse and having been a punter i usually know where the odds should be and how they move. But to move to the next level i need decent live strategies...or not so much strategies, but having the right mentality. I know what i should be doing, i know what i shouldn't do, but i keep doing what i know i shouldn't do, if that makes any sense.
    Anyway, your blog gave me the best insight possible to where a live trader mentality should be and i'm looking forward to facing this new season with a better mentality.

    Now, a question if i may. Is it normal to have such low liquidity in Australian tournaments? Is it because people are too lazy to figure out who to fill their Australian Wallet? I was caught by surprise since i wasn't on Betfair at this time last year.

    Keep up the great work, you should post more, even if it means bragging abour profits ;)

    ReplyDelete
  2. Hi JC

    Thanks for your comments, much appreciated. Australian tournaments do have lower liquidity in general but nothing to do with laziness, simply that most traders are based in Europe and so the timing of the matches makes it difficult to trade them. But I've never had a problem making money from them, liquidity is good enough for most televised matches.

    None of the ATP or WTA tournaments have started their first round proper yet either, so of course you won't get many traders involved until next week. I've only traded 2 Hopman Cup matches, both had decent liquidity.

    Cheers

    Sultan

    ReplyDelete
  3. Hi TS,
    is it some kind of obsession with lovely Vitalia Diatchenko ?

    Regards
    Michael

    ReplyDelete
  4. Hey Sultan, thanks for the response. I'd like to ask something else i don't remember you ever mentioning in a post.

    You started with bigger stakes and then you lowered them. But when you have bigger stakes weren't you inclined to cut the losses faster? I mean, if i use a 5€ stake, i might end up with the stupid thought of "well, let it run, it's only 5€, it might turn around", and in tennis, we all know how that usually ends. But if i'm using a 50€ stake, i tend to cut losses faster. In a way, using too low stakes might be as bad as using too big.

    Just to start a discussion and see your opinion ahah.

    ReplyDelete
  5. Well no, I obviously didn't cut the bigger stakes faster, otherwise I would not have lost nearly all my money!

    It's a psychological thing that you are talking about. It should not make any difference how big your stakes are, you should still be exiting at the same point. If you are exiting earlier simply because your stakes are high, that's because you are trading with fear. It's not because you are showing good discipline. You don't change your strategy based on how big your liability is.

    Similarly, if you are not cutting your losses at all because your stakes are insignificant to you, you are also trading with no discipline. Both ways are bad. But if you exit correctly with a large liability or a small one, at the same point, then obviously you will lose a lot less money with the smaller stakes.

    ReplyDelete
  6. "It SHOULD not make any difference how big your stakes are" - but mentally it surely does! I've wrestled with this discipline question for longer than I care to remember now and feel I am now on as on top of it as I'm ever going to be. In my case I've resolved to set a stop loss per trade, and, fingers crossed, have now found the intestinal fortitude to stick with that. My results have improved substantially since implementing that very simple regime. Losses are smaller and I'm more able to allow the winners to run now. I'd recommend it to anyone struggling with the fear factor that Sultan describes.

    ReplyDelete
    Replies
    1. It does make a difference - if you don't have the mental discipline required! But that's what trading is all about, when you boil it down. You have to conquer the mental issues and that means finding the right stakes sizes / liability / bank management techniques / stop losses etc, to suit your personality and your weaknesses.

      I don't personally set automatic stop losses and don't recommend them to people in my academy, as I don't believe they work well in a fast in-play market like tennis, especially where you need to be flexible and make decisions on the fly. However, they will work for some people in some sports.

      Delete
  7. I am really keen to be part of the Academy, can you tell me if you have any places available please? Also, what is the cost?

    ReplyDelete
    Replies
    1. Hi Troody,

      Please email me. Click on "The Sultan" in the top left corner of the blog and you'll find my email address.

      Regards
      Sultan

      Delete

Note: only a member of this blog may post a comment.