Following on from yesterday's comment from Cassini and also an email I've received I ask the readership to think about the tools and skills required to be a sports trader.
I am not particularly talking about scalping a horse race, trading a football match or another sport as such, more about the development of the mind and where newbie lumping £50 into betfair and expecting instant rewards and comparing themselves to a top trader who makes it public about how much they earn per day/week/month.
I would say that is a battle of the mind, your own mind, looking to the future trying where you will be in 3,6 or 12 months would be a better margin to aim for rather than trying to work out will I be able to double my bank today or over the weekend.
Spending time learning self discipline and having self belief along with determination and not being greedy will make YOUR betfair journey run a whole lot smoother and then be able to accept the cash rewards a little easier instead trying to give the money straight back in the next market you open.
So as much as technique, strategy and your 'edge' is important, equally is the mental side and how you approach that will have more impact on your balance than your trading skills will any day.
Mindset is vitally important, you need trememdous mental strength in trading because It is a frustrating game.
ReplyDeleteI always feel that to trade something successfully you have to know the particular event inside out and most importantly, when the price is moving and why? This way I feel you should in time get to know what is value and what is not!
Also staking can and does effect what you do/should be doing when trading an event. If you are staking outside your comfort zone, every tick that moves away from you or in your favour gives you more emotional attachment and torment than it should so I feel that's an important part.
Unfortunately I don't always take my own advice..... But I am most definitely putting that right and concentrating on what I can learn, rather than what I can make.
James
Forgot to say, I've added you to my blog roll mate... Keep up the good work.
ReplyDeleteJames