Advice into Cash Part 6 – Not Following Advice Correctly
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Part 6 – Not Following Advice Correctly
One of the most common mistakes I see traders make is not following the advice they have been given correctly and then losing money as a result.
I alluded to this in part two regarding trading out check it out here if you have not yet: https://betfairtradingcommunity.com/en/blog/turning-advice-profit-part-2-trading-out
It seems pretty logical and obvious doesn’t it, follow some sound advice and things should go well. However, it can be trickier than it sounds, so in this article I want to explain how it is done and how to change things if you need to.
There are two common types of advice for trading. One is to help teach people how to trade efficiently and one is to give people good upcoming trade picks. Both are very useful and can help us to trade like the professionals.
So this begs the question, why do so many people get it wrong?
I think a lot of it comes from an over eagerness to trade for various reasons. Thoughts like:
‘Oh who cares if I enter the market now, I know it is early but I want to get trading?!’
‘Sure I should test this for a while but look what I could have earned if I started putting money on straight away’.
‘I missed the entry point but I will jump on anyway as I believe in the guy who gave the advice’.
Sometimes it can just be due to a lack of effort to immerse ourselves properly in our trading. One thing that amazes me is how many people ask questions about trades or strategies that are answered in the thread heading or literally the comment one or two above theirs. The reason I bring this up is not to criticise it but to show a clear example of not taking the time to read through things and fully take in the advice given.
Ok I get it but how can this change? Sometimes I am tired after a day at the office or simply am too distracted at home to pay full attention.
That’s fair enough but for those that want to make a career out of trading, we must treat it like a profession. One way to help change this mentality is to imagine it as a business, this is your business. You own it and you are trying to build it into something that will earn you a living. When you start doing that you will take things more seriously and, perhaps, act more like you would at the office.
When you run a business being thorough in the pursuit of excellence is key and trading is no different. Put the effort in, work hard and organise yourself and time. If you do you will likely be rewarded with a first or second income that could be life changing. Don’t try to take short cuts as one day they will come back to bite you.
One handy side effect of this is that once you treat trading like a business some of the negativity you may have received for choosing this career path will start to vanish. I found once people saw how professional my set up and approach to trading was the more seriously they started to take it as a job.
This actually leads on quite nicely to our next blog series which will be starting in February based on how a few of our Pro/Semi-Pro members set up and their opinions on approaching trading. Make sure you keep up to date with our blog and check in weekly as we aim to get one post up a week this year and the learning will be gold.
We have one last blog post in this series due out next week based on ‘Ego and Low Confidence’ it should be a great end to a brilliant series. I really hope people have got something from it, I have enjoyed writing it for you!