I wasn't trading over the weekend - I went away to Oslo with herself for the weekend. Had a great time although it's damn expensive over there! It worked out at €11 for a pint - thank God for the duty free on the way over. It's a lovely city though - very clean and I found the people there very nice.
Being away, I got plenty of time to think about trading and do some reading. I was thinking more about Friday's big loss: I don't actually feel that there's anything wrong with my strategies, having reflected on it, I still reckon it was 'just one of those days'.
Still though, I figured that it wouldn't hurt to have a few new strategies (I'm mainly using the same 3 or 4 strategies to place my trades) in the armoury. So I came up with a 'momentum' based strategy which roughly mimics a strategy given by Richard Farleigh in Taming The Lion.
I've adapted it for the sports markets but it work on the 'trend is your friend' principle. Without going into too much detail, once the market moves a certain % amount, it's time to buy or sell (or in my case, back or lay). It's fairly simple and aims to go with the flow - I've set it up with stops etc and the good news is that it worked well today and a profit of €44 was shown using this strategy. I only lost in one out of 14 markets and caught some lovely swings along the way. The stakes were not too big so this gives me some encouragement, although it's very early days so I ain't counting any chickens.
Still though, it's good to get time to reflect after a big loss and rethink some strategies and come up with new ideas. I think the break did me good.
I've two pictures below - one is today's p&l and the other is me in Oslo standing beside the famous 'The Scream' painting:
Little and often soon adds up
9 hours ago