Turning Advice into Profit Part 4 - Master One Sport at a Time
You may or may not have heard some crucial advice for sports traders looking to learn the game. Start by studying one sport and master that before you try to learn another one. This is golden advice but is too often ignored by new traders who are so keen to learn that they want to have a crack at everything.
Why only one sport?
Let me start off by saying I am not saying you have to only try one sport, I think it is quite healthy to try and test a few sports to see what one you are best at trading but you will not likely make any real money trying to master them all at once. As soon as you have a favourite sport or know which one suits your style of trading best then stick with it until you are making a very steady and consistent profit.
Take this real world example as an explanation for my way of thinking. As a youngster interested in playing virtually all sports I could there came a point at which I had to choose between them, if I wanted to seriously try to become a professional athlete. It was not easy but after a lot of thought and discussion I decided to stick with athletics and drop tennis, doing both was only harming any feint chance I had of going pro. This can be the same with trading, if you focus on three or four sports rather than one, you will ultimately curb your learning in your best sport to trade to compensate for the extra time and energy needed to learn them all.
A BTC new trader example:
One of our forum members John Folan really turned a corner earlier in the year when he took the bold decision to focus solely on horses. The results have been brilliant and he is now very close to leaving his job to go pro. Whilst, John is full of praise for BTC and the work we have done to help him on his journey, I am well aware that his pro-active learning and this decision are huge contributing factors to his success.
Ok makes sense but how do I pick a sport?
There are a few ways of working out which sport is the one you should focus on:
Which sport makes you most profit?
Which sport do you know the most about?
Is there a sport that you can have an edge on the market?
Which sport do you want to spend hundreds of hours watching, living and breathing?
These questions should help get you thinking.
When can I trade on other sports?
Once you make a consistent profit and are pretty much ready to go pro you can start to think about widening your range of sports. Do it in the same way, master one at a time before moving on.
What about set and forget strategies?
These are different because you are following a proven strategy, so as you are not really analysing the trades as such it is OK to trade many sports. The beauty of set and forget is that you can place the bets in the morning and then do your normal trading the rest of the day.
I’m still not convinced…
How many pro traders do you know who focus on many sports? I don’t know many. Yet, I know plenty of pro-traders who specialise heavily on one sport:
Ryan Carruthers – Tennis
Richard Futter – Cricket
Luke Ridger - Cricket
Myself – Football
Caan Berry – Horses
Steve Howe – Horses
So get learning and master that specialist sport!
If you need any help with this talk to us, we are friendly blokes and genuinely want to help you make money.