Betfair Trading - What is Holding You Back?
One of the great privileges I have as someone who looks after a community of Betfair traders is that I get to see sports trading from all angles.
People of all ages (above 18!), shapes and sizes. From trading careers that are just starting out to professional traders that have mastered the Betfair exchange.
Why do I mention this?
The truth is that every trader is unique, no two journeys are identical.
Why does this matter?
I think it matters because traders (and people in life in general) do not look inwardly enough.
Why is this?
There is a lot of information about Betfair trading out there but from what I have seen very few people have ever focussed on what matters most - YOU!
The reality is I can show you all the trades in the world and explain them in detail but has that helped you correct any of your issues or train you as a trader, maybe but your personal journey is that, yours.
So your learning needs to incorporate you.
This is a big part of the reason we offer the one-to-one coaching threads on our forum and why we focus so much on working with traders individually to improve their discipline and mentality.
The problem is simply that if you are being held back in your trading, you need to be able to analyse that and understand what is happening.
Let's give some examples of what can hold a trader back and then some advice on how to correct this:
1. Lack of confidence - You may not have the confidence in yourself or truly believe you can make the right steps to become a profitable Betfair trader.
2. Lack of time - You may be rushing or forcing your trading into a narrow time window, making trades you would not normally do.
3. Lack of patience - You may be frustrated at not becoming a pro trader overnight, it takes time and work but you do not want to wait.
4. Family/Social life - You may have young children, a busy social life or a job that takes up all of your potential free time.
5. Focussing on others trading ability - You may be jealous of how others or doing or put yourself down because you are not as good a trader.
1. Lack of confidence
Confidence ultimately comes from feelings within us as to whether we believe we can do something.
It is perfectly normal and sensible that you should have a fairly low level of confidence at the start of your trading journey.
You are entering into the unknown and it is safer to start from this position than being over confident and risking big amounts trading before you are truly ready.
I say you should embrace this feeling and study, test and build your knowledge so that your confidence improves over time.
Very low confidence usually stems from overstaking, why not reduce or remove stakes and build slowly from there.
2. Lack of time
I've talked about this in the past, so I won't labour the point but I believe 95% of people who really want to can find 7-14 hours a week to start to learn trading.
Now for the 5% who simply have no time no matter what they do then that is unfortunate but 95% of people do have that amount of free time at least.
Let's take 7 hours a week for example, to find that time I would need to watch one less Netflix episode a day or maybe cut out some of my computer games time.
Maybe I wake up an hour earlier in the day or maybe I relax my hobbies a touch.
If you really want to most people can find a way to do this, it's really more a question of how much do you want to trade on Betfair in your free time?
3. Lack of patience
Why are so many Betfair traders in such a rush?
I've been a pro trader for nearly a decade and sometimes I miss the days when I was doing my apprenticeship, grinding out the hours to learn how to trade properly.
They journey is half the fun and the people you will chat to on the forum will be friends for life but so many people try to bypass this stage and just want to go pro straight away.
No only is that highly unrealistic but it is also impractical.
You want the tough journey times to make yourself a better trader and to be able to handle bad runs when they come.
As Aerosmith said 'Life's a journey, not a destination'.
4. Family/Social Life -
If you have been trading on Betfair for a while you have probably had to explain what you do to someone are doing.
It can be a labourious task, some people just don't get it do they?!
Family can get in the way but it is important to tell them what you are doing and why, if you keep them in the loop they will likely be much more understanding.
My wife wasn't particularly keen to know that I was a professional trader for a living but when I explained it all thoroughly she got it, it just takes some honesty and openness on your part.
5. Focussing on others trading ability -
Why is everyone so obsessed with comparing themselves to others?
Is this really how we want to value ourselves?
I know we are pressured into this by society and the media advertising how we must 'keep up with the neighbours' etc but the reality is that this does not matter as much as you may think.
I play tennis and am quite serious about it, however, if I compared myself to Roger Federer - well there is no chance I could ever get remotely close to that level of playing.
So if I'm concerned about others doing better than me by this logic I may as well pack the game in, hang up my racket and never step on a court again.
Stop worrying about how other traders are doing as it is a distraction.
All you need to do is set your own goals and work towards them.
The reality is that deep down the only thing holding any of us back is ourselves.
Don't forget to look introspectively every now and then, see what your internal barriers are and most importantly -
SMASH THROUGH THEM!
Hope this has helped, as ever if you need any advice or have any questions just email me: firstname.lastname@example.org
Until next time folks!