Saturday, 2 April 2011

Biting off more than I can chew

I think I have worked out that I am so eager to get my trading bank up, up and away, that I am missing the point, I try and preach to myself to taking it slowly and doing it by little and often. But and its a big BUT when I come to sit down at the PC I come undone with all my ideas and boundaries that I set myself and decide I want to be a 'millionaire' before the afternoon is over.
This is not a way to the rich streets at the moment but something will have to change in my attitudes, I have been on my 'government enforced work gap' for just over four months and although I have had the opportunity to make something of it with regards betfair, I know I won't be able to make a profit without a change of mindset/attitude and learning to be patient and disciplined with regards losses. I have never been able to take my trading seriously while trading with such a small trading bank, always in the back of my mind that it doesn't matter or even setting up trades to go inplay and ensuring that there would still be £10 in my betfair account if it went wrong.
So from today  I will be trying to trade with a different outlook- one with no 'set' targets, no rush to get the Geeks toy loaded up as soon as I come through the door and remove the desire in my mind where I feel I need to be trading every race otherwise I may miss something.

That's the plan anyway


  1. You just read (and wrote) my mind...
    Been struggling with the same problem, no consistency in my trading P/L wise...

  2. I think its a state of mind that most newbies must go through.

  3. If you're struggling for consistency, i think the most common cause of this is using different stakes.

    Staking is often overlooked and just taken as a flat % of bank when trading. This is the wrong way to trade in my view.

    Just take the necessary time to learn the markets. Consistency comes through practise and more practise and you will find that you get "luckier" as time goes by!

    I think all new traders go through this spell so you're definitely not alone but most don't stick at it!

    The few who do are more often than not rewarded in the future for their patience in the beginning!

    Good luck with this anyway mate and I think the best thing for you to do is continue with the slow growing idea.

    If you could take say £200 a week for now I'm sure you would be happy. I'm not saying set a target for the week but don't aim too high in the beginning!

  4. Thanks for the comment betfair guru, very valid point, cheers

  5. Hi Steve
    I've just written a little about this excellent post and comments, I hope that you approve:

  6. Hi Mark yeah I read it thanks for the review, I think its the basics that people ( me included) struggle with, as I am sure that once the rewards start to come, you feel a bit more relaxed about the whole thing and that the efforts in the early days were well worth it.


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