Three things to do on a losing trading day
It is a Monday morning currently the morning that most people hate, so I thought I would talk about a subject within betfair trading that everybody hates and nobody wants to talk about, as if this morning couldn't get more depressing hey? I'm about to drop 3 things to do when you are having a losing day blog post.... This will be as I mentioned before 3 tips...
Might seem really simple but this is where most if not all of the novice traders fall down, I cannot tell you how many times I hear traders saying it was pretty bad day then they always follow it with this..... 'I know I shouldn't of but I...' do not continue when it starts to get to you stop trading, walk away from the computer, get outside (I know it's not always great weather here!) but do something completely different to trading - One of my favourites is those house DIY things that need doing or even Ironing, yes I know I shouldn't admit that but I like to do the ironing why? Because you can only think about that you have to concentrate on the ironing so it automatically clears your mind.
2) Over staking - chasing losses
This point could of very easily been number one and it is sort of tide for the top spot really. A lot of traders will think I’ll do one bigger trade and then earn my losses back or they do one trade after their losing ones which is profit so they think well I am getting profits again I’ll increase the stakes and it ends up spiralling out of control and more and more losses and you keep trading (like in point 1) until you’ve lost a huge part of the bank. As traders bank is key it allows us to do what we do, without it we have nothing. So stop trading or if you must continue to trade drop the stakes. Its been my experience the number one reason people use big stakes is they ‘need to build a bank’ you’ll never build it by being rash with your stakes, drop them down build it slowly, then when you get to the bigger stakes you’ll have more self control and the bank to handle the stakes.
3) Do not start throwing away your edge
This is a simple one really, in trading as in life there are ups and downs if you have been following a set trading strategy and its having a bad day don’t start throwing it away, stick with it everything has bad days, you won’t win every trade! Hopefully that gave you a little bit of guidance on what to do, please take something away from this blog post even if its something small!