5 NEW & EASY Ways To Improve Your Betfair Trading Strategies with Better Discipline
The number one reason Betfair Traders fail is that they lack a strong mentality and discipline in the face of adversity.
It is rarely because people cannot create a good Betfair Trading strategy, as you might expect, but rather that they cannot maintain their composure when things go badly.
As soon as things start going downhill their lack of discipline makes the bad run snowball until they lose their bankroll.
So to be a good Betfair Trader we must first master our trading discipline.
Don’t worry though I have five great tips to help you!
Grade your trading sessions -
After every session give yourself a school grade A-F start to analyze your performance and work out where you could improve. If you keep getting a C grade, how can you get that to a B next time? When you start to think like this you will be self developing as a Betfair Trader.
Your life bankroll is not your Betfair Trading Bankroll -
Your bankroll should be kept entirely separate from your savings and other earnings etc. In fact psychologically that money should be spare money, you should not count it as part of your wealth. Never bet what you can’t afford to lose, put your bankroll aside, it's not for your bills! Prepare for times where you go 2-3 months making no money at all.
The smaller your edge the bigger your bankroll to bet size ratio should be -
You should be better protected if you have a small edge or no edge at all. Keep your staking size low and your bankroll large enough to withstand some really bad runs.
Before I get to number 4 if you want me to send you a link with the handout blogpost from this video say the word ‘Better’ and I will send that to you.
Avoid RISK of Ruin -
It doesn’t matter how good you are at Betfair Trading, if you are betting big stakes compared to your bankroll the odds are you will blow your bankroll. Imagine if I had a £100 bankroll but was staking £50 per bet or trade, even a winning trader would struggle not to lose that bankroll at some point. Look at it from a straight betting perspective, two losing bets and you go broke! -£50 x 2 = -£100 and a bankroll busted! You are destroying your skill advantage if you leave your future up to luck and variance by having too small a bankroll in comparison to your bet size.
Don’t let emotions get in the way of logic -
Too many Betfair Traders change their trading plans or go off piste because they suddenly get emotional about an ongoing trade. It’s easy to let your emotions take the wheel and drive your Betfair Trading but it will never end well in the long run. Avoid the impulse of gambling for the sake of gambling, your Betfair Trading should always be part of a premeditated plan from earlier in the day, not a spur of the moment ‘punt’
So there you have it, these five pieces of advice will help you improve your Betfair Trading discipline massively.
If you can master your discipline you are halfway there to becoming a good Betfair Trader. If you enjoyed this article, say the word ‘Discipline’ in the comments. That let’s me know that you liked it and I will keep making more of this content for you.
Have a great week and most importantly of all, I hope you make some money trading on Betfair!