Trading Betfair has been a real life changer for me, but not in the sense you may expect…
No, I’m not on about the money.
I mean the process of learning I’ve been through on the way; I couldn’t begin to list all the things I’ve learnt.
Many have been more valuable than anything to find in a Betfair market. As you may have gathered, I’m feeling rather philosophical and thought it’d be useful to share a few handy tips…
Changing your habits is probably the number one game-changer, that’s it.
Most of the time (in the past) I have found I do things that are productive occasionally. I knew they were good for me and my situation, I knew they would benefit me, although I always put them off? I don’t know quite why it was, but I used to do it all the time. When I’ve spoken to others about this it seems im not alone either. Do you?
It’s quite logical to say you can’t get different results from doing the same thing, so why humans do it so much I don’t really know. But realising it is the first step, swiftly followed by some kind of structure or daily routine is the next.
Making a list of 3 things I was going to do differently, every day was the best way of doing this I found.
After you’ve done them for so long they become second nature, you then may want to make a new list. Keeping it short to just 3 was key for me as the urge was to write a huge list of things I knew would improve my situation, but in reality… If it was much longer than 3 I’d never do them!
Here’s 3 I’ve used previously as an example;
- Learn something new every day – It doesn’t matter what, but learn something new. It doesn’t have to be directly goal orientated, it may just be something of interest for now but the chances are it’ll be more than just an interest at some point in life. It’s natural to learn, kids are always doing it. An observation I’ve made as well is that; those around me that are often moaning and making no progress aren’t interested in learning anything. You know the types, they’re usually blaming foreigners for taking everyone’s job or saying how their situation is because of some political decision.While some of that kind of stuff can hold some truth, the point is it’s not a healthy habit, and is extremely self-limiting.
- Call people by their name, show an interest in what they have to say – At first when I read this I thought ‘what a load of shite’ and so I tried it, give it a go… it’s quite surprising how just by remembering someone’s name, and showing a genuine interest in what they have to say results in them doing a hell of a lot for you, often without you even asking. It’s a bit like that cliché line; “give others enough of what they want, and they’ll give you everything you want”
- Do something physical every day – For many this is a right chore, especially if you don’t like exercise. But it’s one of the fastest and healthiest ways I know of keeping myself operating at 100%. Sure you could down a can of Monster every time you wanted to keep motivated instead, but keeping active gives me the natural high I need all the time. It seems to stop me feeling lethargic and getting up late in the morning too!
It’s always going to be a tricky one. Unless you’re willing to start ruthlessly cutting ties with those around you (not advisable!). But the company I’ve kept in the past has done me no good whatsoever, but of course I can say that now as I don’t any more! Hindsight’s a great thing…
Everyone has a different mixture of friends and family. Some highly strung and positive, others the complete opposite. Not so long ago I was having a chat with another Betfair trader-to-be and they said something interesting. It’s a really good way of dealing with those that just aren’t on the wavelength you want to position yourself;
Just consider there are 3 levels everyone operates at when communicating. Something like the this –
- Casual chit-chat – Just about everyone operates here some time or another. Conversation that is quite pleasant but doesn’t always mean a lot… Eastenders type conversation, the last starwars cat video you see or maybe what you’re having for dinner later.
- Thought provoking conversation – It’s in the middle, interesting stuff. It doesn’t necessarily have to give you a headache, but it’s a bit more important to you. Like trading Betfair maybe or if you have a business the direction you’re thinking about taking it.
- Heavy duty stuff – We’re into the realms that not everyone is comfortable (me included at times). Quantum physics, algebra, the meaning of life, how the universe was created… you get the point.
Everyone’s level of perception is going to be different. It doesn’t matter what you perceive as a 1, 2 or 3 to be honest, just that you realise it exists and where you fit into it.
This way, if like me you consider yourself a level 2 kinda guy (in general) and you have a friend of family member that is clearly a level 1 operator (I mean all the time), just bear in mind that a level 2 conversation with them is likely to end up in you feeling rather deflated and flat. And for Christ sake, don’t try to have a level 3 conversation with them!
It took me a while to get used to this, but it’s productive for you, in the sense that you don’t end up doubting yourself, your goals and the things you’re trying to achieve – Betfair trading being one of them. So many just don’t get it… give up trying to explain it to them!
I guess what im trying to say is; you don’t need to change the company you keep all the time, just the way you talk to them. Get that right and you’ll continue to progress unhindered.
Wholeheartedly believe in yourself, even before you’ve achieved something. This can apply to a lot, not just Betfair trading.
By doing this, you’ve put yourself in the very best position to actually achieve it. Thinking it’s possible, but im not sure if I’ll manage it is the fast track to not getting what you want, or taking a hell of a long time in my experience.
To give an example;
You’re trading the 2pm at Lingfield. You’ve got an open position on the favourite and are currently 5 ticks in profit, totalling £15 profit… everything seems to be going your way
If you believe you can’t make more than £15 in a race, what do you do? alternatively;
If you believe you can make more than £15 in a race, what do you do?
It’s much like Roger Bannister breaking the 4 minute mile barrier. Before May the 6th, 1954 everyone thought it was impossible. He did it, the following year (once everyone knew it was possible, and proceeded to try) many others did also… you have to know what you want, and believe you can do it before you do.
Not being certain results in inheriting beliefs of those around you (possibly the level 1’s), which isn’t you, or good for you.
Here’s a clip I recorded over a year ago –
Never really comment but do enjoy reading your blog.
The 3 levels we communicate really struck a nerve with me. Those couple of paragraphs just made sense to me and has made me think about my mates and just to accept them for what they are.
Level 1 communicators often become level 2 guys after you have a beer with them, mind you level 2 guys (me included) become level 3 communicators when drinks involved.
Love this post very thought provoking!
Thanks Dean, alcohol always seems to help most things haha (not live trading unfortunately)
Great advice. Apart from my wife & the odd close friend. I don’t talk to many people now since I started trading. They all think I’m a gambler & talking absolute rubbish…
I had a parents meeting the other day, when the wife mentioned I now work from home the headteacher asked me what I did.
I said I trade sports markets similar to trading the stock exchange. When he asked what does that actually mean? I started to go into a little more detail. The wife tried to help by saying “It’s basically placing bets.”
The headteacher & two other teachers faces dropped as he replied ” You’re a gambler?” I said “No. But it does come under that category.”
The wife looks a little upset & i’m never one to feel i have to prove myself or justify my actions to anyone, especially when trading gives me a great lifestyle to be able to support my wife & autistic boys better than my last job in an engineering firm (I don’t mean financially, I mean something more important to me which freedom to be with the ones I love.
Anyway, on the way home the wife started having a go at me sayings “That was embarrassing & never to mention that again, maybe I should get another job etc… etc…”
The fact my wife turned on me like that when the reason I ended up doing trading (started match betting actually) was to support her at home with everything. It hurt me bad! I was proper fuming, to tehpoint where you think you are doing something constructive but in fact you do the opposite.
I thought “F**K them” tehy have no idea what they are talking about.
I loaded up Betfair, Bet365 & looked to trade on the next football game that had live footage. Normally I spend an hour or so a day researching the games to get an idea of the game may pan out & what strategy to use at certain points in the game.
I traded in the game straight from the off using my favourite strategy (it was a European game in lower divisons). After 10-12 minutes I was £11 up & normally I would take the money & trade out. I let it run to take full stake as a big up yours sort of thing.
Cut a long story short!!! Goals came flying in & with my strategy that is what I don’t want… So instead of taking a good £11 profit for ten minutes work I actually ended up trading out for a £40+ loss.
So, you blog is absolute proof that you shouldn’t surround yourself with negative people or certainly trade if there attitude has an impact of your mindset.
Brilliant Caan – Top man 🙂
I completely get your story Rob, it’s hard with partners too… Just don’t let it get in the way of your relationship. Best to avoid talking about it 🙂 its so sad, as when the money comes flying in the very same people are often trying to tell others about it down the pub like you just created fire. for the first time
She does find it amazing that I pay the bills with it & have cleared the debts. But she doesn’t liek to be judged by others. Most of my now closest friends are other traders as well. It can be a lonely place trading & it’s great to have a network who just get it. Thanks again Caan
Rob, just say you trade the stock market, that is what I do if anybody asks. Nobody EVER questions that or raises an eyebrow, it is somehow seen as acceptable whereas horse racing is not. You mention horses, BETfair, or anything with a link to gambling, you are doomed to a lifetime of trying to explain it !!!!!!
Hahaha! I will Steve thanks 🙂
I just say I work in a warehouse (which I do) and let them make their own assumptions 😉
haha, fair enough Tony, hope you’re well.
Lovely post again….My take is different.Unless and until you are in that top 5% Betfair who constantly churn profits day in and day out and have leant the art of minimising loses to negligible (like Caan ) you should not even think that you are a trader.You can be an aspiring trader but unless you achieve it you are a mere gambler proving your way to become a trader.99 percent of people are in this disguise of being a trader but doing and executing things like a gambler.
So no point telling anyone what you actually do unless you can realy make a point to them.They are right in there own sense.Trading/betting/gambling etc etc involves luck and I have seen people burning everything even after making tens of thousands when they were lucky.But then when luck ran outs everything comes to square one.Luck is such a whore which sleeps with everyone.
Only .0001 percent can make it fulltime successfully like Caan.For rest all like me better to do it with a proper job.At least you will have a thing to fall off whenever u dont feel like making it and not been answerable to near and dear ones with some kind of guilt if any.
I’m not sure about .0001% but sound advice in there.
I must have a lot of luck! Nothing to do with the fact I have spent 6 months solid watching, reading, learning as much as possible as well as trading & learning from my mistakes.
Trading is my main income, so am I suppose to say I do nothing all day? I make about £1,200 per month for now my fourth month. (Stakes are usually between £10 – £30 per trade).
I am full-time trader. Never said I was any good or a professional. But it what I do & I am very lucky that I do this. It supports my family why say anything else. Certainly your comments Vivek will not change that. If anything I thought it was rather funny that after I wrote a personal message that I thought other might relate to, like I did to Caan’s blog that you felt the need to become like all the others as written about in the blog.
I’m not bothered if I am nothing more than a gambler as long as my profits keep this consistency & I continue to learn & become a better gambler 🙂
Sorry for the rant! Where I come from there is a good network of traders/gamblers that support each other & share strategies & statistics.
Right best get back to gambler for living…
Hi. I am very new to this and I watched your video on self belief . Amazing. It is so real and genuine and encouraging for me at this stage. Thank you very much for the encouragement. Russell (NZ)
no problem Russell, glad I can help
I was going to ask you a question on belief systems, after reading Tony Robbins book about changing your life he says the very same thing changing your belief system and raising your standards is the number 1 game changer in life.
I have been very lazy in my development as a trader up to now and just traded recommended horses either from Facebook groups or Racing post, I really need to develop my own systems.
Thanks for the post
No problems, thanks for the comment Graeme, haven’t read that or anything from that author, what was it called?
Thanks Caan brilliant video and especially after a day like today were things just did not go right, the belief is possibly my biggest problem but have played this several times now and mine is starting to change, I actually have a familt who do believe in me and what I want to achievesometimes its my own self belief which is negative. Thanks very much for all your videos and advice I will start believing in ME now.
It’s a good place to start… I never heard of anyone that didn’t believe in them self succeeding. Just a thought.
all trading is gambling with exit strategies, the more you learn the luckier you become, be lucky
Love the end bit David, the more you learn the luckier you become… very true.