A lot is often said about building on our trading strengths, but not so much on weaknesses.
Today, while sitting between races I pondered a lot on the differences between performing to a high level on a regular basis and those days where it feels like a bit of a slog.
A bit like them two steps forward, one back kind of days we’ve all experienced one time or another.
I like to regularly look at new angles and think about new ways of approaching the markets, or even ways to re-structure my trading day.
But no matter how much I look at it; the easiest way to improve results, and my mental outlook on the markets is through Consistency.
Don’t get me wrong, building on your strengths is a great way to improve the profits. But looking up your weaknesses and making a conscious effort to avoid them is probably the fastest way to increase your trading income I know.
The main reason I guess, is because you can quite clearly identify where and how you went wrong. So if you can identify it easily, changing it shouldn’t be so hard. Obviously it’s not always that easy to just stop making a mistake, but being aware of what you do wrong is the first step on a long road to consistency. And more importantly, success!
Just by looking at your profit and loss in-depth you can identify patterns in your behaviour, finding the good as-well as bad can be useful. Especially if you have recordings of the specific markets that seem to throw up them horrid red results.
One thing to note when analysing any previous results though, is make sure you approach it with a neutral attitude. It’s all to easy to open up a day’s trading records in the hope of sifting out the bad from the good and making a list of excuses for certain situations. You’ll need to be truthful with yourself and let the findings do the talking…. it’s quite natural not to do that I’ve found over time.
Only after you know your personal trading strengths, and more importantly weaknesses. Can you sit in confidence and keep churning those consistent results.
Most don’t like the idea of making a few quid here and there but if your only breaking even at this stage, it’s all you should be aiming for. To make £2-£3 a race over the course of a week can quite easily add up to a considerable amount this time of year. It’s hard to grasp I must admit as the rest of the gambling world is intent on romanticism of all these big wins, losses, and betting coups, which of course do happen, but in trading Betfair it’s not the way to start out. I can assure you!
This week has thrown up some erratic moves in the markets. Holding out for them, before reaching for the larger stakes tends to be one of my better strengths. Of course its a test of patience at times but as they say… “Good things come to those who wait”.
Find your weaknesses and strengths and give it a go!
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