Over the last week or so a sequence of events lead me to thinking about the real driving forces behind my actions. Although it may seem obvious and quite important to know your reasoning for perusing something like trading Betfair I realised there is a whole new level to it – this may seem a little deep but well worth thinking about…
So earlier in the week I had a few problems with a 3rd party company away from trading the markets which really infuriated me, the main reason being their policy is riddled with errors, their staff don’t even seem to know what the exact policy or reasoning behind it is and on a personal level for all those involved it’s morally wrong in my opinion! This lead me to becoming rather wound up sitting up for several hours writing and extremely long email with a massive amount of evidence backing up all my points made.
At the end I sat there rather content with what I had produced (and I haven’t sent it yet as I need to consult solicitors etc.) thinking about why I had gone to such great lengths? In the process I had lost about £500 although that wasn’t the reason for the great effort I had put into this, it had really struck a nerve on a personal level… It was something that had provoked me emotionally. After all the money involved wasn’t particularly an issue for me and the time I’d spent gathering all the information could have been far more productively in looking at the markets or trying to spot additional patterns to add to my trading arsenal.
This also seemed to fit with what I knew of Adam Heathcote’s ‘final destination’ trading Betfair and various others that had a significant edge. Over time they seem to have lost interest and gone on to other things, or at the very least of those that used to blog do not bother anymore (and I admit sometimes I find myself thinking I really should update more regular).
I’m sure you get the just of what im saying but to make it completely clear when I first started out looking for trading strategies on Betfair I would sit up until the small hours looking at recordings of the markets, reading the racing post, sporting life, timeform etc. Doing everything I possibly could to understand the markets, how they functioned, what influenced prices and so forth – for all of that time spent I was earning absolutely sod all!
On the other hand, I now win a significant amount more than I was ever being paid at that point in time but I really don’t look for new edges all that often, I don’t sit up to the early hours and I certainly don’t have trading on my mind 24/7!
I guess what I’m saying is it’s pretty important to understand ‘Why’ you’re getting involved in this, if it’s just for the money its likely to be a lot harder in my opinion… To a degree it’s about what makes you tick. Thinking about the most successful traders I know, trading has never been about the money but more about the challenge or what ever other driving force they have in their life. I guess it doesn’t just apply to trading, we’ve all heard these millionaire success stories in the news from time to time where the start of their fortune started out of a bad situation, lost job, loved one being very I’ll etc.
When I think back to the beginning for me I found just about everyone I knew telling me I was wasting my time! it could not be done, I was in dream world etc… That certainly spurred me on too!
So what’s you’re ‘Why’ ? If you find it and can use it to your benefit I’d say the chance of success is odds-on….
If you haven’t seen this documentary its well worth a look and highlights exactly what I mean – ‘How we made our millions’ (It was a while since I watched it, maybe extra episodes on YouTube)