Trading For A Profit Of A Pre-Determined Size On Betfair
Don't check emails, answer the phone, use instant messenger or surf the net
As I promised last week today we are going to look at Trading For A Profit Of A Pre-Determined Size and Getting Distracted. Let’s get stuck in!
Don’t check emails, answer the phone, use instant messenger, other websites or the Betfair forum while the racing is on, this includes the slack period between races when you have ‘greened up your position’. That’s the time where you can sit back for a few minutes while nothing much is happening and relax a bit, but you must still watch the price and be aware of what is happening.
It is very easy to get distracted and it affects your trading. To really get in the groove you have to concentrate on every race, moving onto the next race when that one is due to start. Don’t take your eyes from the screen except when nature calls. If you smoke then smoke in front of the computer or not at all, nipping out for a cigarette will cost you thousands of pounds over the course of a year.
The key is to concentrate for three and a half hours. You are a trader and nothing else, you’ll be surprised how much better you trade when you don’t allow any outside distractions of any kind, letting yourself be absorbed by what you are doing and really seeing the movements and imagining what they might do next.
Trading For A Profit Of A Pre-Determined Size
Many people decide how much they want to make out of a trade before they enter it and then set their exit price according to that rather than what it looks like they can reasonably get now. Wanting to make two ticks is great but putting your counter-trade in two ticks higher than you just laid at is gambling, not trading.
It may go up but likewise could come in, if you can’t get out straight away with a profit you should ask for a smaller profit. If you can’t get the smaller profit straight away you should scratch, and if you miss the scratch trade you should take a small loss. If instead of all that you remain motionless with your counter-trade still in at the same price waiting for your two tick profit then you are gambling and will have your share of profits but also your share of big losses.
Here’s the thing. It’s so easy to do this on BetTrader
Next week we’ll consider the eternal question – How To Achieve Trading Success. TTFN.