Lack of Discipline is Killing Your Betfair Trading
I wanted to write a post which addresses a great problem that a lot of traders face and that is a lack of discipline. In fact one of the members recently posted in the group that they were struggling with trading and in true BTC fashion the members were there to help and get him on the right track, over the course of this blog post I will include some if the excellent advice that they said, why?
Because I don’t want this to just be a blog post where you hear it from me, I want to bring in a range of advice from multiple people - people who are and have been in the exact position you are now.
One question I’d like to start with is how would your Betfair account look now if you hadn’t taken all of those trades you knew you shouldn’t?
I work with hundreds of traders on a daily basis via BTC and I’ve always found traders are more often than not closer to profit and finding their edge than they initially think. Most times it isn’t a lack of knowledge about what to do, it comes from the inability to follow a disciplined approach to trading (I know here I go harping on about a trading plan again!).
Good new is that developing this is easier than you think and less painful than the technique Adam one of our top team and pro trader did, which was to hit himself with an electric fly killing tennis racket! Isn't it extreme?
|Entering trades too late||You are trading without an edge|
|Chasing losses||Increasing exposure when not in a calm mindset|
|Letting trades run longer than your plan||Reducing profits|
|Getting out of a trade too early||Not following the plan, which you then dwell on what could of been|
|Trading just because you are bored||No edge, maybe even trading on an event you’ve never heard off = losses|
Hopefully, his has highlighted some of the impacts these things have on your trading performance, hopefully, I can now help you with a couple of things to do before I give you the members advice!
|Trade review/ Self-awareness||What do you do after your trades? Why not take a few minutes each day to review your trades, make notes about your mistakes and then you will spot patterns in your behaviour.|
|Have a checklist||I’ve spoken many times about finding reasons not to enter a trade, why not put exactly what has to happen for you to enter a trade on a checklist next to the computer which you can refer back to before the trade.|
|Stick to the plan||Don’t be a sloppy trader, have a plan in place which defines how you will trade it - then you have a clear plan to follow.|
|No exceptions||Traders come up with excuses why they are violating their rules and trying to justify their methodology for breaking their rules. Pro’s don’t make excuses they avoid the risks at all costs.|