A week in the life…
I penned a post earlier in the week about a day in the life. It was a bit off the cuff and I was surprised to get some feedback on it, blogging can be a lonely pastime, so thanks for your messages! Getting some feedback had prompted me to talk about a week in my life.
Seasonal variation
First thing to note is that my week changes throughout the year. I’m guided by the sporting calendar. In the summer this year there is no football to speak about, but Tennis will creep up and down the agenda quite a lot through the year. If there is a big tournament on at either end of the day I will get up early or go to bed late to be active on it.
When the football is on, then I will be active on the key fixtures during the week and especially at the weekend. Liquidity is another driver for me, unless I can use good sized stakes it’s not worth me looking at some markets so I often skip those. Most overall edges in the market can only be measured in small percentages, so you need to put a lot of money through a market to realistically make a decent amount in the long term.
In racing markets, the jumps season means I get the evening off in the winter. But in the summer, no chance! Historically I tend to triple my potential in the summer months. Summer is peak season simply due to the sheer quantity of markets and it’s all hands to the deck. The great thing about the summer is that if you miss an opportunity, another one will be along in a minute. It was just like this yesterday, but it can be hectic; however summer does have it’s respite.
Typical week
My typical week on the racing gets off to a slow start. Monday’s and Tuesday’s are generally well below normal in terms of the quality of the racing and depth of opportunity, so it’s not unknown for me to put racing on a back seat on a Monday or Tuesday. I will keep an eye on it, but I will generally use those days to push forward on other things such as research, recharging my batteries and so on. I tend to run my training courses during the early part of the week because they are low impact days for me in most markets. I could miss out on some opportunities, but if I do, its unlikely to cost as much as on other days. Over the years I have become better and better at predicting if a day is going to be worth trading or not, so the early part of the week allows me to make that judgment with confidence and make better use of my time.
As the week wears on then the sport gets more interesting. The quality of the sport rises, liquidity rises and all key sports peak at the weekend. I never really know if the week is going to be a ‘success’ until I reach the close of the weekend. But with all the big sport at the weekend, its usually the main target and where the bulk of my activity and reward comes from. A good weekend nearly always makes a great week.
The importance of the weekend & the social faux pas
This is where being a sports trader can create some social tension. In all the years I’ve been on sports markets I’ve never completely missed a weekend. They are such an important part of the week that it’s impossible to do this stuff seriously and miss weekends. This is why I can’t do any educational stuff at the weekend either, it doesn’t really make any sense and it’s quite simply totally uneconomical for a serious trader. Try wining a major golf championship by refusing to turn up on a Sunday! Talking of Golf, that starts on a Thursday and runs to Sunday, as you can witness with this weeks US Open.
Fortunately I haven’t been invited to a wedding on a Saturday daytime for a long time and that has allowed me to duck that awkward moment when somebody posses that question. Though I have to say, I’ve done this long enough now to allow myself that luxury! Some really good friends of mine invited me to their wedding a few years ago and I nearly died when they picked the date, bloody Royal Ascot! But fortune was my friend again as they shifted it to the following week at the start, so people could fly out to them to attend. Social faux pas avoided! I had a belting week that week, so it all worked out really well. Fantastic week at Royal Ascot followed by a fantastic wedding, the drinks were on me!
On the plus side, I think the unsocial hours of sports trading often play into the hands of people just starting out, or willing to give it a try. A lot of sport occurs at times when people will not be at work and that gives you a shot at giving it a go. In the winter racing may be off limits, but football is in the evening and as the Tennis tour moves around the globe that can present opportunities to trade ‘out of hours’.
Some weeks however aren’t all about the weekend and we currently have Royal Ascot on our doorstep, a veritable feast of quality racing. So I’ve had my head down over the past week to regain focus ready for the big week starting next Tuesday. I’m a bit more relaxed now about my activity on the markets, but I’m still reliant on it. So I’ve put my foot down over the last week to get a confidence booster ahead of Ascot and got exactly that.
So next week I’m tempted to take a rest on Monday to get ready for the big week. Tuesday tends to start quietly for me then it builds to a peak on Friday. Saturday can came down a notch for Ascot, but with all the other action on that Saturday that tends to compensate.
So I hope that’s given you an insight, I’m ready for the weekend now and chomping at the bit for Ascot next week.
Category: General, Trading strategies
