Today we are going to look at Over Thinking Trades and Specialist Trading Software. Let’s get moving!
Over Thinking Trades
Over-thinking trades has two drawbacks: firstly, it cuts down a trader’s potential to make money by limiting the number of trades and secondly when the trigger is pulled they have put so much thought and effort into the trade that they fall in love with it.
They are unwilling to get out of such a trade with an almost instant scratch trade or an almost-instant small loss. This is why people ride their losses and end up gambling due to their inability to accept so quickly that they were wrong.
Instead of entering into a trade with the confidence that you are right, each trade should instead be entered with the assumption that you are wrong with a willingness to react correctly if indeed you are wrong. As much as you may have built up your reasoning for the trade you just did, you must remember that you don’t actually know anything about what is going on and it’s ok to be wrong.
Specialist Trading Software
If you wish to make money purely from trading, then it is worth every penny in subscribing to specialist software such as BetTrader.
They say necessity is the mother of invention and that’s definitely the case with these products. The Betfair interface has been developed to cater for many different types of customer. If you want to specialise in trading and especially scratch trading, then invest in a specialist product.
Having live price feeds and one click bet submission at any price, lay or back, gives the trader the absolute flexibility he needs to turn on a sixpence which the Betfair website and most other trading applications don’t allow.
It’s the old adage – you need to spend money to make money.
Next week we’ll look at Trading For A Profit Of A Pre-Determined Size and Getting Distracted. See you then.