You have just lost on a trade on Betfair, you feel terrible why did it lose? Why does this keep happening? Then smack right in the stomach you get that daunting feeling that you have lost money again while trading on Betfair and the next stage is always the worst its that out of control panic that forces you to find the next available market that you think you have an angle on to get the losses back….. after what feels like no time at all you have gone full tilt and now you have spiralled….
It is a feeling that all traders on Betfair have had, one that we know we shouldnt but right there in that moment we are powerless to resist we have to win that money back, we cannot lose….
In this video from Ryan Carruthers from Betfair Trading Community I am going to go into detail about chasing losses on your trading on Betfair and how it is costing you, I will cover some things on how to tackle it was well.
There is one big take away I want you to get from this video, let me know what you have taken away from the video in the comments below?
This video forms a series of videos around this topic taking you through different stages of trading mentality on Betfair produced by Betfair Trading Community, you can see them all on www.betfairtradingcommunity.com
#Betfair #Betfairtrading #tradingmentality
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Vídeo Completo
amazing video, remember betgreen some years ago, still trading around, uppp
If you have a sound strategy then losses don't matter.
Variance means you will lose some.
Follow your plan religiously and loses don't matter at all.
I do have an angle to get losses back – it's called my trading plan.
You talk just like Carl Froch, you must be from Nottingham.
The comment on meditation was very important. This for me has been the biggest benefit to my trading and life in general. there's a lot of talk on other videos about psychology but nothing about how to actually improve your psychology. This is how to do it.
"I don't control how the market behaves. I only control how I behave within the market. I cannot be profitable all of the time, but over time my profitable trades will make up for this.*
Thanks Ryan I know it will help me to read this quote when I begin taking losses.
I've identified one of my key triggers: I always find myself on a slippery slope when I start to enter drawdown, usually trying to get the bank back to where it was; trade quality decreases and position size goes way up to uncontrollable levels (and stays there). To combat the damage this normally does to my account after a few markets, I've made a new rule where I'll take a forced break (5-10m away from screen) straight after I take a loss over £x in any market. A sound file plays when this happens so I don't forget to take the break. During the short timeout I read a side of A5 notes which help remind me why me overstaking is never a good idea and of the consequences it usually produces. I then play a short 3-min motivational speech type audio clip to get me back into the right mental state before returning to the screen. I trade the next 3 races on Half-sized stakes to rebuild my confidence and ease back into things. There is no limit on how many times I'll take this type of break during the trading day, but I will always consider taking the rest of the day off if the loss was particularly large or I have 2 forced breaks in quick succession as this is evidence I'm probably not in the right mental state for whatever reason (like you spoke about with external pressures).
The last 2 days I have had consistent results until the evening where I took a big loss and then things spiralled out of control, giving away the entire days profits plus a little more. Today will be the first day I implement this strategy to hopefully deal with what I think is the last hurdle in my path on the road to consistent profitability, and I'll read your quote each time I take a moderately sized loss (which is not big enough to force a timeout).
i need to learn how to lose better. Good video