A lot is often said about building on our trading strengths, but not so much on addressing weaknesses.
Today, while sitting between races, I spent some time pondering the differences between performing at a high level consistently and those days when it feels like a bit of a slog. You know, the kind of “two steps forward, one step back” days we’ve all experienced.
Quick Improvements:
I like to regularly explore new angles and think about fresh ways to approach the markets—or even restructure my trading day. But no matter how much I analyse or innovate, the easiest way to improve results and my overall mindset in the markets is through consistency.
Don’t get me wrong—building on your strengths is a great way to grow your profits. But identifying your weaknesses and making a conscious effort to avoid them is probably the fastest way to increase your trading income.
Why? Because you can often clearly see where and how you went wrong. If you can identify it, fixing it shouldn’t be impossible. Of course, it’s not always as simple as stopping a bad habit, but awareness of what you’re doing wrong is the first step on the road to consistency—and, ultimately, success.
Analyse Your Results…
By looking at your profit and loss in-depth, you can often spot patterns in your behaviour. Finding both the good and the bad can be incredibly useful, especially if you have recordings of specific markets that resulted in those painful red numbers.
One important thing to remember when analysing past results is to approach it with a neutral mindset. It’s easy to go through your trading records looking to sift out the bad from the good and instead start making excuses for poor decisions. Be honest with yourself—let the results speak for themselves. It’s a natural tendency to defend your actions, but it won’t help in the long run.
Only after you understand your personal trading strengths—and, more importantly, your weaknesses—can you truly trade with confidence and work towards consistent results.
The Importance of Starting Small
Many traders don’t like the idea of making just a few pounds here and there. But if you’re only breaking even at this stage, that’s all you should aim for. Making £2-£3 per race can add up quickly over the course of a week, especially during this time of year.
It’s hard to grasp initially, especially when the wider gambling world is obsessed with the romanticism of big wins, huge losses, and betting coups. Sure, those things happen, but they’re not the way to start out in Betfair trading. I can assure you!
Strengths, Weaknesses, and Patience!
This week has thrown up some erratic moves in the markets. One of my strengths is holding out for those moves before increasing my stakes. It’s definitely a test of patience at times, but as the saying goes, “Good things come to those who wait.”
Final Thoughts:
Find your weaknesses and your strengths—and give it a go! By doing so, you’ll be on your way to achieving consistent results and improving your trading mindset. Trading success comes from small, consistent wins over time, not chasing the big coups.