Do you ever feel like you don’t know what you are trading? So you just randomly trade?
You don't know what to trade on Betfair, so you run around trading anything on Betfair?
You are here because you saw the title of the blog post and thought yes that is me, sometimes I have no idea what I am actually trading? I have no selection method, I scattergun trade where I just sort of like the look of a trade so I do it, correct? There is so many other examples of well which I won't go into, over this post I am going to explain why sticking to one strategy and having a plan to attack the markets will be a huge help in your trade so you won't be random anymore you will know what you are looking for and target that.
Think about an athlete, let’s use Usain Bolt. Do you think his training was all over the place? No, of course not. He has specific goals, specific targets and training patterns that maximised his training. He was laser focused and that's what you guys are aiming for as well.
Post from a member who has taken this on board and reap the rewards.
It’s all well and good though isn’t it, me telling you this after trading for over 9 years, but how can you actually do this? Well, I am going to share it with you and the super fun part is that it isn’t that tough and anybody can do it…..
What you will be looking to create is a road map for your trading day, mapping out the potential trades that fit your criteria the way you trade and the way you can trade as well - no point aiming for the horses if you are at work all day with limited access to trade them.
The first thing I want you to do is to think about what time you have to be able to trade, be honest here pick the actual time you will be able to schedule in your trading times. Then think about the sports that are on at that time and then the ones you know a bit about.
Now, you have a rough schedule around what sports you will be trading and when think about the strategy you will be using. You have a road map.
I use a trading plan and I have a morning routine, without these two things I wouldn’t be as profitable as I am. That is how powerful this is, the benefits of having these in place creates a relaxed version of myself and I can trade in a stress-free zone.
One of the main benefits I have noticed is that it optimises my trading time as well, every morning I plan out my trades for that day, I then note this down on my plan for the day and I have all the relevant information right at hand, I know this takes some time but then I know exactly what trades I will be doing that day and I can fit my life and other things around this, so I don’t spend all day looking at markets and becoming tempted to trade anything that moves.
This creates a stress-free trading environment, I have planned way ahead of the trades I am not feeling out of my depth or vulnerable. I don’t have to hunt around for the information it is there in front of me, this gives me so much more consistency.
To gain that consistency I think about what my trading strategy is, from there I then eliminate everything else, literally everything and I focus on finding the best trades that day for my trading, this focuses my mind on my own trading and I can delve into the BTC stats software and find all the information I need, delving deeper and always thinking about ‘what has to happen for my trade to come good?’ I follow this pattern every day, it is second nature to me now and will become the same for you.
When you focus on what you want to trade and your strategy and get the answers to those questions you have around the trades you are more informed and can reduce the stress on your trades, you have the information you need on your plan. I don’t use anything fancy either, I use Evernote. I open a new note everyday and note down the games that fit my criteria (I export them from the BTC stats to save time as it gives me a list of my qualifiers every day) and then I dig deeper on these games narrowing them down, if they make the grade I put them under the correct heading so for example if its a Lay The Draw trade then I put it under that heading and then I add the notes and findings under the game so I have a picture of the game and the information to hand.
Do you think if you implemented that into your trading it would make it a lot easier to trade?
A quote I really like is this one:
‘Consistent actions bring about consistent results. Keep jumping on trades late or that don’t fit your rules, you’ll consistently lose.’
Think about that one when you have a moment when you have a plan you also are able to review your trades so you can see what works and what doesn’t.
This post forms part of a series of blog posts on this topic all with the aim of making your trading mentality stronger, to get all the posts click the banner at the bottom and you will also get a FREE video mini-series on this topic.