Risking overstaking to build you bank faster? A lack of discipline could cost you...here's how
If you have been feeling that utter dread, that dread in the pit of your stomach because you don’t have the discipline when trading on Betfair that leads you to over staking because you thought you could build your bank faster because that would get you closer to your goals then this is the blog post for you….
We’ve all been there, we have looked at a trade on Betfair that looked amazing, we have checked whats in our Betfair account and put a huge % of our bank on this coming trade because we feel confident in this trade, we feel confident on it out of pure hope rather than a solid trading plan and we are driven by greed, because this trade will come in, we know it will and when it does it will add a huge % to our trading bank which means we will be able to make more in the future and then BANG a goal goes against us or our player is broken on their serve….
We are now totally out of our depth, all logic is gone…. We are scrambling putting the rest of the bank on quickly to try and save this position….. now it's gone….
Now, we have an utter feeling of dread, sick in the very pit of our stomach…. We start to think about the last time this happened and beat ourselves up because this time was going to be different…. You promised you wouldn’t do that again….. does this sound familiar?
We’ve all been there, even me. When I started out on Betfair over 9 years ago now I made all the mistakes in the book trust me I’ve done it, from going in play with horses to laying the draw and then seeing a huge red so I’d back the draw with more money only to see a goal then go in…..
Then it clicked I read the book Trading In The Zone by Mark Douglas and some other investment banker books and they all spoke of controlling your emotions, having a trading plan, not going all in and the key thing less is more…..
What was this less is more thing they were talking about??
Less staking, fewer trades…..
Less staking, the thing with trading is the bank is key. It’s the capital we have to protect it at all costs, losing the capital is not an option my friend Steve Howe says why do you not go 40mph on a 30mph road? Because that's against the rules, its the same when you are trading stick to a % of your bank which you will risk on every trade and only that - it takes time to learn and understand this but if you do you will no longer have that feeling of being out of your depth scrambling for your debit card to get you out of the trade - you don’t want to do that anymore do you? You want to be able to enjoy trading, don’t you?
I have created a mini-course totally free I will share with you to start mastering your mind for trading, click here to get access to all the videos taking you step by step to overcoming to main mentality trading issues.
Now at this stage, I am using reduced stakes, do you know what happened? I got better at trading because I wasn’t focusing on the red number now and seeing it get bigger and panic sets in. I focused now on what was happening before my eyes in the trade. How many time have you actually focused on what was actually happening? Seeing the ball come to Aguero from De Bruyne who provides assists? Reading the match properly and calmly… it can be done and it starts with lowering your stakes, now you are in a position to have control over what is happening and not focusing on the losses so much because if they come they won’t blow the bank they will hurt yes, but you can come back from a 50p red can’t you? Much easier than blowing the bank for the 5th time over a daft move.
The next stage is fewer trades, work on finding the best trades for that day. Right now are you doing this? I bet you aren’t. If it moves I’ll trade it, that’s an old habit which has to stop. Research, research, research gather all the data on the idea around the trade - get granular with your research…. Here’s a little exercise, grab a notepad, write at the very top the idea around the trade you want to do, now write down everything you think has to happen for this trade to go correct, now go off and research the data you need to find out whether that trade would work….
Do you now feel more in control of your trades? Just from thinking more logically about them, if you apply this to all your trades you will be armed with the tools to become a better trader just by using a lower % of your bank you will be clear and confident in your trading, no longer feeling greedy but more aware of your trading.
I will delve deeper into this in the next blog posts as I take you through a series of issues that over my years I have seen and helped other traders with - to get notified first about these blog posts click the box below and get the FREE mini-course video series.