3 Worst Mistakes Traders Make: Do You Recognise them?

Last updated December 29th, 2016

Avoiding Mistakes Means More Profit…

3 biggest problems for Betfair traders

And the more you avoid, the more you get to keep!

All of these 3 have driven me nuts in the past at one time or another…

Ever had an afternoons trading where it goes a little like this:

  • Your all set, fully prepared before you start.
  • Things start off okay. You’ve made a few small wins under your belt; life’s good!
  • BAM, a big loss wipes out your previous hard-earned cash and more, it’s gutting but you carry on
  • BAM it happens again…

It’s a pretty most common experience amongst new traders learning the ropes. If it’s happened to you it’s important not to feel like a failure, it’s completely normal!

The important thing in the early stages is how you deal with it…

Let me highlight a few things as to why I believe this happens. Hopefully it will allow you to put yourself in a situation where it doesn’t happen, or at least not as often!!

Watch the clip below and I’ll explain fully… (just to hear the story of how I screwed up before makes it worth the watch)

By eliminating the 3 problems mentioned above I made a huge change to my results.

As I’ve said previously on the blog ‘It’s not just about winning, but not losing’. When you think about it; if you’re not in control of your losses as much as profits then it’s likely to make a huge dent in returns over a prolonged period. Most people don’t quite realise how much trading losses effect their overall returns, I certainly didn’t.

In the coming months I’ll be looking to add a few more videos like this. I’d be keen to know what your thoughts are after watching, make sure you comment below!!

Useful Article: 3 Horse Racing Trading Strategies

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8 thoughts on “3 Worst Mistakes Traders Make: Do You Recognise them?

  1. Very relevant to me today…. Was arbing and went in play, £100 blown for a £20 profit….. Painful, learnt the hard way today.

  2. That is true…today i lost around 200€ because i was doing the samething that i did during the weeken… all the work i had during this last days i lost in seconds…. and was hard.

    But i made a big mistake..because if i wasn´t able to focus on the races even so i push and try and the result was a big lost for me….

    That video is one of the videos that all need to see a lot of times…..

    keep doing the great jobs.

  3. As usual, really good comment, and I certainly have been there and done the I/R bank blowing lunacy. However, I’ve come up with a thought process that has really helped me, and I haven’t gone in running (without a plan) since then.

    Basically, for arguments sake, say I have a red of £10 and a liabilty of £200, or more likely, a red of £20-£25 and a liablity of £500 + and I am about to go I/R to get the ticks back. Leaving aside how the bloody hell I managed to get that red, I tell myself this: ‘WOULD YOU BACK A 1/20 OR 1/50 SHOT AT ANY TIME IN YOUR LIFE WITH £200/£500 WITHOUT ANY PLAN, STUDY OR CONTROL, WHEN THE TRUE PRICE OF THAT HORSE MAY BE ABOVE EVENS OR ABOVE?’
    The answer is of course always no, and up to now, since doing this it has helped me not go I/R ,and I now close out for a loss and move on.
    Hope that this might help someone.
    John

  4. I can relate to this completely and i have only been trading betfair for a month. I guess its the same for everyone

  5. Still reading through the blog nightly,
    Just listening to the end of the video about attitude through my phone speaker, I thought, you should really do one of those spoken word books about trading mentality, seriously, I’d just pop my headphones in and subconsciously heed the advice and knowledge whilst chucking out the z’s, I bet a few people would like that ykno

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