Self Worth… Impacting Results?

Posted on Posted in Betfair

What’s Your Value?

Things have been hectic lately, particularly with this course and the connection issues I’ve had and posted about previously!

I hadn’t traded for a week until today, which is a long period for me. I’d been rather anxious having gone so long not touching the markets, worried I might have lost my touch.

It was quite the opposite at first. I’m not sure if I was drawing some confidence from the fact I have a faster connection than usual although I’m certain the connection wouldn’t of actually made much difference.

Now, I say ‘started’ because it went rather wrong later on. Had I not made 2 big mistakes, today’s labour would have produced me with a return just shy of £200. I made one mistake after a couple of hours being rather aggressive and overconfident. The second was daft as I see a big bet being dragged down the prices (easy money, right?). Once I jumped in front at £14 a tick it got swallowed up with a massive lay leaving me high and dry.. these things happen, although it was additional risk I didn’t need to take!

What About The Self-Worth?

So it’s quite obvious to say our beliefs and values drive us as individuals, leading us into making certain decisions that shape our situations. So is it possible that some of us don’t succeed because we don’t value ourselves enough? For me I feel this could be quite possible; when I’m in a trade, more often than not once the trade reaches £10+ profit I’m in a scramble to close out and keep it. Resisting the urge is a real struggle!
Why is this? These trades are often the best trades of the day when I’m on a good swing, they regularly continue after exiting.
I do wonder sometimes; why am I getting out?
Is it because conditions dictate, or is it because I value myself at £10 per race? Also, once I meet this target in a market I tend to take my foot off the gas, could my self-worth belief be restricting me? I think it’s quite possible. Do you find this happens to you? Even if it’s a different figure.
It’s an interesting topic I find myself pondering quite a lot. I know that on a logical level it makes no sense to exit a trade purely based on how much money I wanted to make, it’s the wrong reason. Over time it’s likely to see me miss out on plenty of profit. I think it’s something I need to work on a fair amount if I’m so pull as much profits from the market as possible. On the other hand, I don’t want to go too far and become greedy. Finding the balance is difficult.
Related Article: GREED! is Good?

6 thoughts on “Self Worth… Impacting Results?

  1. Hey,
    You are in a very good way, keep analyzing your trading! It is right way to the success.
    Just reading about exact the same in “Psychology of Trading” book, by Brett Steenbarger. Quick quote “… people are far more apt to take chances to reduce losses than they are to extend gains. Many a winning position has been cut short in the market, and many a loss has been extended, precisely out if this psychology… In a manner that seems almost cruel, nature has designed human beings in a such way as to be poor traders, ill-equipped to handle the real-time processing of risk and rewards… Successful traders and therapists both learn to do what comes unnaturally. “
    Good luck.

  2. lol, you spend far too much time analysing things, when you go full time you’ll start to become more instinctive just because you have to rather than because you’ve read some book or other

  3. Is it possible to analyse yourself too much? maybe… although the way i see it is investing in myself, thus far i think its probably one of the key factors in my success over the last couple of months. Im assuming it makes you laugh as your full time anon, im not dismissing it although i think i could be barking up the right tree… thanks for the comment 🙂

  4. The trouble with self analysis is that you usually know the answers to the questions you’re asking yourself anyway. A lot of the time it can be self defeating as you can end up reinforcing bad habits just by saying ‘well that’s the type of person I am anyway’.

    You need to be learning the good habits not reinforcing bad habits, much like when you’re trained in the army you do things because you were told that’s the right way to do things don’t query them because plenty of people better than you have already worked out that’s the way to do it. With trading there’s usually no one there to train us so we have to learn the hard way and train ourselves to stop repeating mistakes because deep down we know they don’t work.

    Now if self analysis helps all well and good but over analysing things can have the effect of where sometimes we’re too scared to do anything, sometimes you just have to trust your instincts which will have evolved from playing the markets and knowing what works and what doesn’t.

    It’s a whole new ball game being full time and you’ll sink or swim very quickly. How you’ll do will come more from how quick you are at learning not to repeat mistakes rather than how well you know your self worth.

  5. Ahh, i see what you meant the first time around now anon, im all too well aware of this and its something i work hard on not doing (reinforcing bad habbits) your point is very valid.. although being so aware of this already i consider myself well armed!! I know my initial post looks a little negative having re-read it. A good quote their too za1jas.. kind of what i was hitting at although not read that book

    Thanks for the feedback

  6. As long as you’re well armed you shouldn’t go too wrong, it’s when people start messing with a winning formula and start getting greedy they usually fuck up.

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