Introducing George! Another of our guest contributors from the community forum.
He’s been there since the beginning, drop by the daily threads to say hello once you’ve had a read…
Background: the Exchange Button Changed My Life!
I’ve never been much of a gambler, but I had a Betfair account for some time. It took a while before finally noticing the “Exchange” button at the end of July last year.
It didn’t take long to realise this was something new, and interesting. Excitement built and I started looking at anything I could find online to learn more about trading.
This led to a three-week look at matched betting, which helped my trading bank and taught me a lot. However, I soon realised there was no long-term future in it for me. Since then I’ve spent every spare moment reading, watching videos and tracking the markets.
At first, I tried trading almost every sport. I didn’t have a real structure or direction (and was getting nowhere fast). So I took the decision to purchase Caan’s video pack course. I knew that the horse racing markets appealed to me the most and it was just as the private forum started. Reading about other people’s exploits and success, decided to focus on the racing seriously.
In the beginning, my trading was very haphazard, with no real strategy, which meant I couldn’t trust my instincts. My biggest problem has been that I make stupid mistakes, doing the wrong things at the wrong time and didn’t deal with taking losses very well.
Gradually, I have formulated a more solid understanding of how the market works, whilst cutting out the mistakes. The forum has helped massively with this, as there have been some really solid advice, from both the experienced and less experienced traders. They are a great crowd.
A Turning Point:
The biggest turning point for me was understanding that I need to trade what I see happening, without over questioning. I was a sucker for second-guessing myself previously. Monitoring results over a longer period really helped.
Also, the realisation behind the psychological side of trading has affected pretty much everything I do. This is something that I feel needs to be worked on and maintained constantly.
I attended the first Betfair trading seminar in February, which was very insightful. I haven’t had much of a chance to implement the things I learned, as since then I’ve been on a six-week vacation. I think the break has done me good, giving me the chance to consolidate my thoughts and all I’ve learnt so far.
Having just returned from my trip, my focus now is to keep developing my knowledge and remain disciplined. If I can trade every day then great. I am trading on small £10 stakes most of the time, looking for a swing in price. However, I like to scalp too. Prove to myself that I can profit over the course of one month regularly is the goal. With each successful month, I will be looking to up my stakes.
In the long term, I am determined to become profitable and won’t be giving up any time soon. I think one of the most important things is that; I really enjoy the process of trading and I’m grateful to have found something that interests me so much.
As the saying goes… “the day you find something you love is the day you’ll never work again”.
Next Up: Jayne’s Story | Problems & Success
Great story George, you’re right about discipline, it’s such a tough one to master though isn’t it? Good luck.
Yeah, definitely focusing on the cumulative profit over time is the thing to remember. Best wishes for a profitable future!
I used to trade the horses but found discipline the hardest because I didnt like losing so would sometimes chase the loss and end uplosing more soI gave up for a whikle then got interested in trading tennis ..I became much better with trading tennis and the discpline side of it just fell into place as any losses I have are now minimal but the gains I can let run where appropriate and end up with a profit most of the time which is the idea and I am now in the process of carefully upping the stakes within structured limits so the percentage traded remains the same so I am always comfortably within my limits and amazingly the temptation to chase any small losses has now gone for ever ….
When you first discover trading it is so tempting to just trade anything when its on sky, but in time you start to find the sports you do better in . Then break those down to certain markets within those sports,and keep records.