Know the feeling? we’ve all been there one time or another, haven’t we?
Well, maybe we haven’t felt the pain of that image, but we’ve certainly felt the pain in the markets!
Similar to the pain that over-confidence can bring, it’s just as dangerous as trading fearful, if not worse.
This week I’ve been focusing on keeping well away from this sort of situation. In fact I’ve even eased off a little instead of pushing on for bigger and better profits.
It’s a funny old game having been doing this for some time now. No matter what stage of progression you’re at within the markets there is always plenty of room to screw yourself over. Sacrificing a little potential profit for less stress isn’t always a bad idea. I’m sure it’s where ‘burning out’ starts as other Betfair traders seem to have before me.
The key to longer term success in my mind lies within each one of us. Obviously its really quite important to have a sound understanding of how the markets function with the most favourable points to get involved. But having a sound state of mind and approach is probably more important than anything!
Recently I’ve had a lot of changes going on outside my immediate trading environment that have been pretty important. Without a doubt I’ve seen a difference in productivity, the most noticeable being since that has all passed over. With the seasons in change it’s probably been the best time for that to happen to be honest! October isn’t often the best markets to trade. So for the time being I’ll just ride it out keeping the ‘powder dry’ as much as possible.
It won’t be all that long and the King George is focused on by the media. This year I’ve got my eldest Son for the first time so I’m not sure what I’ll do yet. Having the time off completely seems favourable at the moment although just switching on for the big ones could be a possibility.
Going back to the post title I was thinking about just how dangerous a situation this can be psychologically when trading. It’s often quite exciting when you see an opportunity in the market and think ‘this is only going one way’ and they do happen from time to time but it’s really quite important to keep composure and stick to sensible staking as in my previous experiences it’s often where the most gruesome losses come from, because you overlooked something. That said when your right it’s nice to have a decent payout!
It’s important to remember though that the most positive mindset trading is to look at it longer term and do what’s right rather than what excites you.
I remember not so long ago when Betfair came to visit me (you may have seen the clips they produced). One of the questions they asked was; ‘what’s your most exciting trading memory?’
…although I have several I did think at the time its the wrong way to be looking at things!
Being ‘excited’ isn’t all that consistent, particularly when money is on the line. It just heightens your emotions in the moment, meaning your more likely to get an itchy trigger-finger when you shouldn’t!
The best (and least stressful) profits come from consistency. Trading becomes a lot easier once you realise…
Related Article: Consistency is King
Thank you for this Caan! Consistency is the kicker for me at the moment, I’m in that ‘break even stage’ where I’m capable of having a profitable day if i’m totally switched on. I just need to develop the consistency. Will there be any other tips in the video pack update?