Let’s start with a checklist for success. I love lists, don’t you? They just bring order. 🙂
- Maintain discipline and detachment.
- Accept swings of fortune.
- Don’t get greedy
- Be patient.
- Stay calm when trades go against you.
- Don’t overtrade
- Minimise losses
If you don’t have trading discipline and consistent decision making, then the choices and actions that we know (particularly in hindsight) that we “should” be doing will always be lacking,
Your natural instincts drive you to behave in ways that will not lead to profitable trading.
You need to develop a winning trading brain and the discipline required to achieve success.
Successful full time traders have the ability to take losses. They are rigorous in following trading plans and execute stringent staking and risk-management rules. They have confidence and a willingness to admit error and take responsibility for it.
Taking a long-term view of trading, they try to maximise overall gains rather than focus on short-term success. They trade for profits and not for the excitement. Perhaps most of all, the approach that these profitable people take is a professional one.
This is a key difference from the casual, haphazard and unstructured approach taken by the majority of people in the Betfair trading world.
But can someone really improve their trading performance to become a long-term winner?
Probably the most important part of becoming successful and profitable at Betfair trading is learning to become disciplined. With discipline you are more effective and consistent at making good trading choices.
The best trading decisions in the world are only one step away from failure. One moment of indecision, or wishful thinking, can negate even the best strategy.
Sometimes, too, it can be as simple as committing to the key professional betting disciplines, such as preparation and record keeping. However, the process of developing new behaviour takes time and effort, so your levels of motivation will be a determining factor in how far you progress. The most successful people in Betfair trading did not get there by accident.