Preparing to Trade Part 3 - US Sports with Terry Steer
Preparing to Trade US Sports Terry Steer – Our star trader from down under gives us the low-down on how he gets ready to trade the US Sports.
How do you prepare for trading your sport?
‘Preparation really comes down to studying and learning as much about the sport as possible. This includes not only the nuances of the sport itself, but also how the traders and bookies react to things that happen during a game. I also do a lot of set and forget betting on US sports for BTC, and that involves hundreds of hours of back-testing and refining systems.’
Can you give a brief explanation of your daily routine before you actually place your first trade?
‘I’m off time zone for all the US day games, so usually work out what I am doing the night before. I check things like weather, late injuries etc, I go through and do my sections for BTC and post them up and put those bets on. I have about 10-12 sites open so I can get the best price available on each match. I’ll then do a little bit more work on games I’m going to be able to trade as well. We have pretty good tv coverage of US sports in Australia, so the game/s I’m trading is usually based around what is being shown live.’
How do you choose when to trade? Is it a set time each day or does it depend on what is on?
‘Really depends on what I can get live coverage on TV of.’
What sources or reference material do you refer to before placing a trade?
‘My number one go to source of data is a paid for sports database called Killersports. It covers all US sports and is a goldmine of statistical data. Outside of that I follow the news sites and I find the fantasy sports sites a great source of info for US sports.’
Do you have snacks and refreshments? If so what works best for you?
‘I’m usually trading in my morning time so it’s a cup of tea and some toast, and might graduate to a sandwich for lunch for the 8:30pm US game. At the moment the Oz tennis Open is on so it is a couple of beers in the evening!’
I’m jealous that you get live NFL in the morning!
Do you have a time limit on a session?
‘Yes and no. My main stop is a loss figure, which is 1% of my bank. If I hit that, I won’t place any more trades that day. Anything that has been placed earlier and still live as a set and forget bet will still run, but I won’t place anything else. If I’m starting to get tired or feel myself making poor decisions, I’ll stop as well. If I catch myself chasing, I stop immediately. I’m pretty disciplined after doing this seriously for nearly 8 years, but there are times when I still make mistakes like chasing.’
What advice would you give anyone preparing to trade your sport?
‘This is not really sport specific, but you need to be in control of you emotions. Only bet with what you can afford to lose. It doesn’t matter how successful you are, a downturn will come. Variance is a cruel mistress. Success as a trader/bettor comes from how you manage the losses, not how you manage the wins. Be patient. A winning streak doesn’t mean lift your stakes if you don’t have the bank to support it, because when it turns that year of profits you won can be gone in a few weeks if you’ve lifted your stakes too quickly.’
‘Don’t be a slave to the screens. Get outside, do something with your partner and the kids if you have them, Interact with humans! Good luck!’
Thanks Terry for that great insight, you can catch Terry and his tips throughout the baseball and NFL season.
Next week is Ryan Carruthers on Tennis!