It’s no shock to hear that most successful Betfair traders carry similar traits. They’re creatures of habit…
In most cases, these traits support further success.
In this article, we’re going to take a look at 5 of the most useful traits they hold close.
In no particular order:
In most cases, new traders set out to find some kind of holy grail style of system where they simply place bets under a process and extract money every single time.
Whilst this is ridiculous in some senses, it’s not a million miles from the truth. Successful betting exchange traders are often habitual by nature.
It’s no secret that working smart always trumps working hard, and so it makes perfect sense to align your daily routine and behaviour with structure that serves the bank balance well.
Following a methodical routine and process, even if there are a huge amount of variables involved is a great way to get ahead. The slightly more complicated part is in building that structure. However, one thing’s for sure. You need one.
Note: Have a think about your current routines and behaviours both inside and outside of the markets. Where could you consciously change your routine for the better?
What a contradiction, but if you’ve spent any time at all, you’ll know that paradoxes routinely express themselves.
In order to gain the freedom and profits that you want from trading, you need to be open-minded enough to be flexible in any situation, adapting to the variables of market conditions, whilst, at the same time, being decisive enough to pull the trigger in a split second without even thinking about it.
This, of course, is one of the biggest conundrums amongst trading successfully.
In most cases, new traders possess either one or the other. Flexibility is great, but if you can’t pull the trigger when you need to, chances are you’ve already missed the price that was of great value.
It’s one of those traits that many people fantasise about, but very few actually do.
To be a successful trader, you need to be proactive, continually learning and adapting to changes both in and outside of the market whilst developing your own self awareness. To do this, you need to be hungry. You need that burning desire to progress, not just being in love with the thought of it.
If you’re to truly succeed, take a step back and think now.
Are you willing to do whatever it takes and back yourself against all odds? even into the small hours if necessary. Because, in most cases, I think you’ll find that any successful trader has done this at one point or another.
Obsessive understanding is the quickest way to find successful edges and advantages within any situation…
Last, but by no means least, comes self control.
To some people, self awareness comes relatively natural. Although, as an observation, far more people think they have it than actually do. When trading the markets, you need to be fully aware of your own behavioural ticks.
What sets you off? What doesn’t? Where are your own biases? Is there ego involved? or are you totally emotionless when clicking that mouse?
In my opinion, it’s foolish to think that you could totally remove emotion from your trading. It’s far easier to simply pinpoint the problem areas within your own behavioural traits and relearn new behaviour in it’s place.
At this point, I’m sure there’s a few readers rolling their eyes.
They’ve heard this before. But, much like the previous point – hearing about it and doing are totally different. The reality is; unless you can put that into action, then the chances of high level success are extremely limited.
It’s advisable to work these points into your daily routine, as mentioned in the first point.
Think about it:
How can you link them all for continual change and growth within your trading journey?