newbie trading advice
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I am putting this here instead of the thread so it doesnt get lost. Something i have had a problem with and i know almost every trader that starts off has the same problem is over trading. It occurred to me this weekend and hopefully a lightbulb moment has happened, when i look at the profit and loss sheet im like wow did i really trade that many games thats insane. Now let me make this clear i put my sh goals sheet up and it shows 250 games a month i just want to say thats what the filter throws up and i record the results regardless, i dont trade all those games however i do trade too many. So whats the answer? Not an easy one to solve due to everyone being different. I have come up with a plan that i think will work for me and hopefully it can help someone reading this.
so the plan is to limit funds per day, for example choose a sum you are comfortable with (still keeping inline with your trading bank percenatages). So say we choose £50 and our bank staking plan is £10 trades this allows us 5 trades for that day. What are the advantages of this??1- focus- this will make you focus on what trades to execute, in your mind you know you only have 5 goes at this all day so the trade you choose will make you focus more so as not to lose. whether you are watching a match or monitoring the inplay stats you will definately take more notice in what you are doing. Less is more, the pros bang on about this for a reason.
2-research- Like me you could have a large number of selections on a filter. with only 5 trades you have to be more selective. This means delving deeper into the stats to find them green trades and weeding out the amber and red ones. the trades you have more confidence in.
3-Chasing losses- This is a biggie if you lose all 5 trades you are done for the day. if you stick to the plan you will not chase those losses , you will move on to the next day. if you have done 1 and 2 those losses will have been limited anyway.
4-discipline- if you are successfully sticking to 1-3 you are showing discipline this is so important in trading.
5-Education- finally putting all this together you are learning to be a trader with all the skills to be successful. you are learning to choose your trade carefully then have the discipline to execute that trade and move on if it doesnt work out. personally an undervalued lesson here is the less is more.
why have i taken the time to put this together? i like to practice what i preach and now i have shared this in my mind i have to do it myself. the other reason is, i have learned so much from the people who run btc and everyone who contributes to this site that i feel that i can give something back. This might not be for everyone but if this helps just 1 person im cool with that.
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@ben-dobie cheers mate its going well so far
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@liam-willis Great post mate, hope this works well for you
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@martin-futter cheers mate it helps me cut my trades down, i thought it might help some people
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