When you are trying to trade, whether it be Betfair trading or financial market trading your mind can play some real tricks on you.
Matched betting is simple, you have one bet another and hey presto a profit. Using betting tips is also simple, you place a bet it wins or it loses. When trading on Betfair it’s a lot harder. You have an uncertain profit and uncertain losses, but also you have cope with how those play on your mind. Psychology is so important.
I’ve seen many people deploying a profitable Betfair trading strategy, unprofitable. Even low-risk Betfair trading strategies can be unwound by the wrong application on a betting exchange.
Curiously, whether you trade manually or automatically using Bet Angel your mind still cause you problems.
I had to learn the hard way and have faith in something I was doing even if it wasn’t working, but it can be really hard to do. For the reasons I review in this video.
Link do palpite
In this spreadsheet do you class a Stratch as a Win, within the Win Rate? so if you have a 67% win rate of that 67% will be a range of scratches. What % of the Win part of the formula is a Scratch?
In this video you say dont set targets but in another video you say about setting targets by looking at 10,000 races and trying to achieve £2 per race on average.
I've been on Betfair since 2006 and attended Peter's one-day trading course. Over the years I have made a lot of money but have also lost a lot of money. And Peter is spot on; much of the time the very process of just trying how to figure if the odds/prices will go up or down can take its toll mentally!! Been there, done it, got the teardrop soaked handkerchief!!
Brilliant visual explanation. I love how you created a spreadsheet to randomise results but keeping the win rate fixed . Thanks for this!
Mate! I needed this.
I have a hard time Peter. I paper traded for some months and made good profits and then i started trading with real money using the same strategies and face a huge losing streak. Great video for that situation.
In short: "Stay the Course " John C. Bogle
Can I have a copy of that spreadsheet please Peter?
Thanks Peter…..a must watch video for the newbie.
Hi Peter, im brand new to trading. I'm trying to learn, but im constantly hearing terminology I dont understand…………… do you have a list of trading terms with definitions? For example. "price is coming in" "price is drifting" etc etc…………
If you havnt got the mind set ur wasting ur time .great video Peter
Excellent video Peter. Every newbie trader should watch this.
Another excellent video, one of my children will get this rammed down her throat. Emotional control, for me, comes naturally when I've got total belief in a strategy, which in turn comes from 1000's of recorded results.
Masochist mindset helps…..lol
Great vid Peter. Thank you.
probably the most important video on trading I've ever seen..seriously
Great video
some very good advice thanks peter!
Sting's song – shape of me heart. you'll find your own edge from there, profitable traders will relate
I have framed & hung up in front of me 2 pictures…"Just do it "…+…"K.I.S.S"…(keep it simple stupid)….
I'm learning how to trade forex predominantly at the moment and the psychology you're explaining is my biggest flaw. Even though you understand it's happening it's still hard to rectify haha. Good video Peter.