Monday, 31 March 2008

Still Disappointed!

Daily Profit £92.81

This may sound really strange considering I’m posting a profit which is about 25% of my monthly profit but I’m very disappointed with what happened this weekend with the golf.

Unfortunately, I didn’t get an opportunity to trade the golf in-running this weekend, so I was left with trying to trade my initial back bets I made at the start of the week.

I initially placed backs on 22 players for various stakes. In total, my exposure was £47.65 going into the tournament.

I ended up with 16 players making the cut which in itself is a remarkable achievement. However, the reason I’m slightly annoyed with myself is that I didn’t exploit the opportunity nearly as much as I could have.

I could spend the whole blog writing about when I should have laid off players to maximise profits but I’m not daft enough to think that this is always possible. However, I do know that I missed far too many opportunities when I didn’t leave in lays or when I asked for lays far too low.

The only example I’ll give here is Dean Wilson. I had a return on Wilson of £493.15 and he led after round 1. I didn’t leave in any lay at the end of round 1 and I didn’t check his tee time for round 2. You can imagine my frustration when I’m at work and he birdies 2 of his first 4 holes in round 2 and he leads by 3!

By the time I’m home from work, he has capitulated and 3 shots back. I was really annoyed with myself when I found out he traded at 8. I would have happily traded in £420 of my return for £60 as I would have been riskfree.

As it turns out, I ended the tournament with over £550 return on Wilson!

Another thing that annoys me is that I ended the tournament with 3 players who still had a return of £1000+. In my eyes, this is criminal and has cost me money.

One final thing that annoyed me is that I stupidly made the decision at the start of the final round to be against Andres Romero and be with Woody Austin and Peter Lonard. I reckon this may have caused me to lose about £20 worth of profit as I had to back Romero late on in his round to get a profit on him.

Overall, I made lots of mistakes this weekend and still posted a decent profit. I’m still learning the golf market and I’m sure I could have increased this profit greatly if I spent more time trading the golf but it wasn’t to be this weekend.

One final story……

I was on the PC this morning to put in some lays for a few of my players. This was when the 3rd round had just finished for lots of players but there were still some players on the course.

I noticed that Padraig Harrington had just finished his 3rd round and traded at 13 on Betfair. There was a lay in the market for 20 which meant there was a big gap between the back and lay price. I thought about asking for a back price of 18 or so but I didn’t bother.

Someone then entered the market with £500 to lay at 19. I was staring at the screen as there was it was now possible to back at 19 and the next back price was 13! I wasn’t on BA Pro, so I was too slow in snapping up the 19 but it lasted a good 10 seconds or so. As soon as people had snapped up the 19, they then obviously laid at 14 and the £500 was snapped up at 14.

Another opportunity missed………What was the person laying at 19 for?

1 comment:

Cassini said...

Hi Graeme - good win on the golf for you. Well done. I messed up and laid Romero thinking that one of the players still out on the course would make a run. Lonard got close but in the end I took a small loss. Try and get over thinking of a big green number on a losing player as a lost opportunity. It took me a while to get my head around that concept, but you just have to focus on the leaders I find.