Do you have goals and targets? A daily one maybe? Possibly a target ROI % (Return On Investment) for the day?
It’s one of the first things new traders focus on.
A little while ago, one submitted a question about them for the Followers Q & A Videos. In a little more detail…
What Daily Targets Should You Have?
One of the followers said it best when they said this:
It’s a very reasonable comment. As terminateDMC says; it’s about the pressure suffered.
When you start to put unnecessary pressure on your self, trading changes. It’s the very reason that so many people start to struggle once they upgrade their stakes. It goes something like this:
Consistency > Increase Stakes > Succumb to Pressure > Erratic Results > Panic > Confidence Dented
In the worst cases, some start to convince themselves they no longer have an edge. Yet once they lower those stakes (or reduce the daily targets) they return back to the original position of consistency. All-be-it on lower stakes than they may have liked…
It’s a tricky one on the mind.
This is why increasing stakes often result in pain. It has to be gradual.
Jumping from £20 to £200 is going to be extremely hard unless you have a large advantage on the market.
Setting daily targets is no different. Due to the nature of trading, results are going to vary. One day you might make double the day before, whereas the one after you may make significantly less. Getting away from that ‘£ per hour’ outlook you may have experienced outside of trading is a good thing. Take the pressure off, give yourself a chance!
When you think about it, one day is a very short space of time. Isn’t it?
If you must have some kind of target, set it over a month or even a year… it will really help you iron out those emotional responses too. Having longer-term targets only, not obsessing about your balance and focusing on the trading in hand is literally a win-win situation. There is no downside!
Realistic ROI %’s?
Next up: what’s a realistic return on your investment? (ROI).
I think my thoughts become obvious quite quick in the video below… but it’s a bit of an endless question.
Humans are inherently results focused, I know. But the nature of trading betting exchanges means there isn’t often the chance for a very long-term trade. Again, reiterating the points above. Would it be fair to measure ROI on small, fickle markets that can be so volatile?
Personally, I feel various terms and sometimes tools as well have over-spilled from other forms of trading. ROI is just one of them! For me, another would be stop-losses… In horse racing at least.
Comparing the likes of Forex and betting odds trading just doesn’t make sense to me. They differ wildly in volumes, behaviours, and returns. Sports trading is fast, erratic and high-paced. It’s half the appeal to most…
If you want to see my original video answer, hit play on the clip below!
Like most things in life your % return will depend on how much time you spend studying market behaviour and how hard you work at learning it. The common thing I get from yourself and the other two leading guys in your field is you all say you have spent hours doing this watching thousands of horse racing markets.
PS. the best £147 I ever spent.
Your bank doesn’t matter, what you look for is your edge . You look for your loosing runs ,this happens whatever . The bank has to be big enough to absorb losing days before your in front again as long as you have an edge that works over time and your winning outweighs your loosing . Your bank will increase. It can be any amount you like because if your confident of your edge over time you will never lose.
My monthly target is easy. Minimum 51%, that way my bankroll is up. Discipline is a strong point of mine from my old financial trading days, don’t panic, and don’t go chasing losses it is part of the game. So long as you are over 50% at the end of the month, even by 1% you are ahead of the game.
Hi I am learning tennis at the moment, I am trying to find out do you bet per set or can you put a back bet on in the first set then lay bet in third set.