How to Keep Track of your Sports Trading

One of the keys to being a successful sports trader is to keep track of your trades so that you can probably analyse your sports trading results.

You can create your own personal sports trading spreadsheet (this is what I did), or you can use one of the many downloadable sports trading spreadsheets that are available to download from the web.

I would highly recommend creating your own spreadsheet as you can tailor it to suit your needs.

Sports Trading Tracker
How to Keep Track of your Sports Trading

Why should you Keep Track of your Sports Trading?

Below are the main reasons why it is important to keep track of your sports trading activity.

  • Helps you to analyse your trades – Analysing your past trades, can help pinpoint the reason a particular trading strategy is not profitable.

    You may find that you aren’t sticking to your prematch entry or exit rules which is causing you to make more losses than if you stuck to the rules.

  • Helps you identify winning and losing strategies – Often you will have a strategy that gives you lots of small wins e.g the Under 2.5 Goals Time Decay Strategy with occasional big losses.

    As you are winning more often than not you may feel like it is a winning strategy, however by keeping track of your results you may find that those occasional big losses are wiping out all your profits.

    The same goes for low risk trading strategies where you will have small losses the majority of the time and only the occasional big win.

  • Helps you to track your progress – I use my sports trading tracker to see if I am making progress toward my goals e.g. monthly profit targets.

    If I can see that month on month I am increasing my profits then I know that I am on the right track with my sports trading.

How to Keep Track of your Sports Trading

The easiest way to keep track of your sports trading is to use a spreadsheet that collects the relevant information from each of your trades.

The best spreadsheet software to use is Microsoft Excel or Google Sheets. I personally use Microsoft Excel as I am not a fan of using online based spreadsheet tools.

Once you have picked your spreadsheet software, you can start creating your sports trading tracker.

The information you include in the tracker will vary depending on what type of sports trader you are and what sports you trade but some common information that you may want to include would be: Event Date, Event Details, Stake Amount, Odds Entry Point, Odds Exit Point and Betfair Starting Price.

It is also a good idea to have a section for comments for each trade so you can leave any comments you may have at the time you made the trade e.g. red card to home after I entered trade or Underdog took the lead so exited for a loss.

Many sports traders overcomplicate their spreadsheets by adding macros and including too much information.

I think it is better to keep the spreadsheet as simple as possible and only include information that you need to analyse your trades.

By keeping it simple, you are also more likely to stay disciplined when it comes to tracking your trades.

Final Thoughts

As a Sports Trading Newbie, you may think it isn’t important to keep track of your trades but I do not know of any successful sports trader who does not take meticulous records of their trades.

If you don’t have the discipline to keep track of your trades then it is very unlikely that you will be successful over the long term with your sports trading.