Recently I was browsing through my favourite blogs when I came across this post on the Sports trading life blog
In his first paragraph the author spoke about planning for weekend trades, he said the following:
“When you trade sports professionally the weekend schedule should normally bring your bread and butter earnings and its important to start planning your weekend from Thursday or Friday rather than just waking up on Saturday morning and looking through the coupon. Some would even argue that you should be planning for the next weekend from the Monday morning so I guess it just depends on how dedicated you are!”
On another Occasion I asked Rockaran the author of The toy trader blog what contingency plans he had in place for his trading.The toy traders reply was as follows:
Thanx for your comment.
Regarding contingency plans I do have BetdaQ account and a few other, like Bet365, Pinnacle....
I also have phone numbers and TAN ready for use but I afraid it doesn't help you when Betfair's servers are down or when Bf testing their stuff like they did yesterday.
I have Geek's Toy on my main PC and Gruss BA ready for use on my 2nd PC. I also have market open in web browser on my second PC just in case there are API issues and trading software is not usable. I think another/mobile Internet connection is a must when playing with big stakes....just in case.
Do you have any advices ? “
The two pieces of advice brought home to me the fact that I (and I suspect a lot of other traders) do not prepare enough for trading the markets. I also believe that lack of preperation is one of the reasons for my lack of success. I guess it boils down to patience again, wanting to get involved in the action and skimping on the preparation.
Two points from the above quotes really brought that fact home to me, the first is where the sports trading life author says “ I guess it just depends on how dedicated you are!” and the other is where the toy trade after showing that he has more extensive contingency plans than most traders, still asked the question “do you have and advices ?” In other words he is still looking to perfect his preparation.
What I am trying to say is that most us that are involved in the sports markets want to be successful and we believe that we deserve to be successful, however how many of us are really prepared to put all of the work involved in order to become successful.
One step that we can take is follow the example of The sports trading life author and The toy trader and use the boys scout motto "BE PREPARED"
I hope you enjoyed this post