Mentality when trading Betfair …Who wants to crack the secret?
Trading Betfair‘s biggest obstacle is certainly mindset and mental approach. If it’s one thing that rears its ugly head again and again its mindset and over-staking because of how you’re feeling in the moment. This time of year with the reduced liquidity and flow of money in the markets it can be that bit more difficult. For those that haven’t realised, pro Betfair traders prefer to specifically target the last ten minutes of a horse racing market because the increased flow of matched betting volume allows us to minimise risk. With more money to be matched it’s easier to exit should things go wrong (or profit, should they go right!). So with less genuine activity taking place it can be that bit harder anyway, increasing the strain on how you feel. Clearly it’s not ideal if your just starting out so don’t pressure yourself so much!
Several years ago I realised I was putting a huge amount of pressure on myself in the markets which, was helpful in respect to learning about how they function although being rather counter-productive to my mindset. At that point I spoke to another trader (who has now retired at the 60% Premium Charge). His advice was golden at that point in time for me as I started to focus more on my mindset and how I ‘felt’ in the moment. After a week or so doing this results really started to take off, I hadn’t even changed how I operated. Granted it was in July and peak of the flat season and so may have been the prime time to make such a change, unlike February but I see it as equally important. As I’ve said before many times – it’s not just about winning but equally about not losing.
So if ever there was a ‘secret’ to trading Betfair it’s definitely self-control. After all its possible to profit and be wrong, much like being correct and still losing money. Being fearful in the markets is one thing but recognising your own fears is another. I’ve mentioned it some time ago on the blog but Mark Douglas’s – Trading in the Zone is a good read. In the book he suggests there are four main fears;
- Fear of losing
- Fear of missing out
- Fear of letting profit turn into a loss
- Fear of not being right
Obviously all of these are issues for everyone although having spoken to those that have emailed me over the years the second and fourth points seem to be most relevant to trading Betfair. Bearing these in mind alone can save you from losing, which is half the battle. Next time your trading remind yourself it’s not bad to miss out on an opportunity. If anything its a positive thing as you correctly spotted something! If you think back to the previous post too about taking or giving value. Offering a price all day long means a lot of ‘missing out’ but I don’t mind as it’s also what stops me from losing!
If you’ve been a follower over the last year you may have already seen this clip so might not want to see my ugly mug again, failing that its worth a watch!