This is an article that I have submitted for go articles-
Being successful as a betfair trader requires a few qualities in a person namely determination, focus, self belief and none more important than discipline.
Discipline above all else will lead you on the path to riches, you could have all the wonder system and strategies in the world, but if you can't cut your losses at the right time or allow your profitable trades to run to a predetermined amount, then you are on a loser from the outset. Now I know as much as you do, its easy to say 'cut your loses and let your profits run', putting them into practice is another matter, because cutting a loss is like admitting your wrong and nobody can do that easily.
I have been through many boom and bust periods with my betting bankroll, I had the ideas, I had the strategies, I had the determination but I didn't have the discipline, I could trade a horse market before the off and if I was in profit at the time the race would start, that was great, however if I was in a losing position, I would of kept it open waiting for the market to come back in my favour, but the difference is: before the race starts you are trading with peoples opinions and once the race starts its all down to outcome of the race. So for example: if you lay a horse pre race @5.0 say and the market turns against go you and you no have 3-4 tick loss, do you exit for a small loss and try again in another trade or another race, or do we hope and pray that the odds will come back in our favour, then we get to the off and the gap is now a 10 tick loss, we couldn't face up to that and admit we got it wrong, we could get that back as soon as the race goes inplay ' of course it won't win and everything will be fine', but not when the horse you want to lose, goes onto to lead from start to finish and your loss just gets bigger and bigger and bigger.
Of the above example I am talking about days gone by for me on betfair as a trader, I have researched trading and taken lots of advice from various forums, blogs, websites and in particular many books which are aimed at the stock market trader, as the principles are the same.
So to recap discipline for me is the number one quality you have to have in your armoury if want to be successful on betfair as a sports trader.
I have traded on betfair for many years and have blown many betting banks along the way, now I believe I have turned a corner, at the start of 2011 I had £12 in my betfair account and just over three weeks later it stands at £72, I am hoping to take it a lot further by making small gains each and every day, indeed by the year I have projected my balance to around £5000, so come and follow me on my blog to see how I get on with my journey as a sports trader.