Is it ok to have 1 strategy?
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I keep hearing or watching that to be successful you need a portfolio of strategies?...however over the past 3 months I only have 1 strategy and that is the o1.5....do you need more strategies to be a good trader?
Currently I'm doing well on just sticking to one strategy and not trying to over compliance things...I know each trader is different, just curious about the advice...on YouTube.. you know what I mean ..let's get in to it and grab a cold beer or maybe a vodka martini
.you know what I'm talking about ,please help te
Rest my mind -
@lee-woodman
Depends on what you do with the U1.5 or U2.5. My view, because I'm lazy, is to let them run. A change in timing of goals make no difference in that case.
If, say, U2.5 set and forget is profitable, then it counters any shortfall in number of goals scored.That said, there will be a rebound/correction in number of goals scored at some point.
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@stuart-capstick Yes exactly, it makes more sense to have truly unique strategies where possible. The danger is that a drop-off in say later goals could mean an increase in early goals - so something like a U2.5 or U1.5 could be affected and isnt automatically as diverse as first presumed
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@lee-woodman
Good point, Lee. There has been a fairly significant drop in average goals scored across many leagues.
Which is why it's a good idea to have some diversity. E.g. if you are looking at O1.5, O2.5, etc, try and find a strategy that counters a drop in those.
For example, back the draw or U1.5 -
One thing to remember when thinking of having multiple strategies is that even though we think they are different, they really arent wholly different. Whether you look at LTD, LCS, O1.5, O2.5 - they are all similar really. So we may have different strategies to spread risk but if goals are lower in general in a month then it may actually affect ALL the strategies you run.
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@stuart-capstick he’s not mentioned it but Stuart has a set and forget strategy which works very well.
Took me a few months to work out that less is more when it comes to strategies. Get 1 working that is reliable makes it easily scalable, also means your not a slave to your pc especially at weekends.
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As ever, Darri gives good advice.
I'd say that having only one IN-PLAY strategy is advisable, particularly at the start of your trading adventure. Maybe push that to 2, if you have the time to monitor the games etc. I've made the mistake of having 2-3 in-play strategies simultaneously and it's draining, especially if you are someone who trades part-time, so to speak.
But, you can have several set and forget/pre-match strategies. As Darri says, the diversity mitigates risk and can accelerate growth. It's also quite nice to wake up and find you've made money in Colombia while you were asleep.
The other big advantage of pre-match/set and forget is that once you find one or two, you quickly notice other potential strategies. Before long you can have up to half a dozen, statistically significant strategies. You can then play around and find sweet spots in the odds ranges. It becomes a process rather than a white-knuckle ride of exponential boom and bust, where you end the day fucked off that some numpty missed a penalty or VAR cancelled a goal etc.
Basically, it removes emotion pretty much entirely. -
Yes mate, one good strategy is all you need, my advice to anyone is to master one strategy at a time and make it as consistently profitable as possible, before adding any other strategies. People like to add strategies for a couple of reasons, mainly due to diversifying risk. Essentially if your one strategy has a bad run that means your trading as a whole would be down. But if you have say 2-3 and only one of them has a bad month but the other 2 have good ones, then they should help counter the loss in the other. Just becomes risk management. But thats why i say master one at a time because no point having 3 mediocre strategies when you can have one solid one that you know works. Plus its a fantastic base to build from, the ability to paper test other strategies when you already have one solid strategy is a good place to be in trading wise. Master one at a time and take the time to make sure that if you add anymore they are also just as good/consistent. Iv only just added a new football strategy, i built my bank to a full time level from just one strategy, its taken me 2 years to find another good one. So your absolutely spot on 1 strategy is all you need, but try paper testing something in the background in between trades to see if you can add another. Loads of good strategies out there its just finding the ones that suit you.
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@jez-rourke-pilott Jez, I reckon if you can really nail one strategy then you don't need lots more. Another would give you some more flexibility but there is little point in being spread too thinly, trying to keep numerous strategies in your head. Keep it simple is what I would say.