New blog post by Martin Futter! Why Do Most Betfair Sports Traders Fail?
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Today I want to talk to you about why most Betfair traders fail.
Why so many sports trading novices struggle, and better yet, some key tips for you to avoid this!
Here at betfairtradingcommunity.com we recently did a survey of Betfair Traders, we have had thousands of members over the years so we got a lot of research results.
We asked traders what the number one thing was that was holding them back.
I thought the top answer would be something like:
'I wasn't very good at making selections.'
or
'I don't ever select any winnings trades.'
But I was very wrong!
Do you know what the most common answer we got was?
BY A LANDSLIDE!
Can you guess it?
It was...
LACK OF DISCIPLINE!
(Well done if you got it right)
I should have guessed it, I really should have, probably the most common feedback I get is this:
'Thanks for that video/podcast/blog post you did on mentality/discipline, that's going to help me so much!'
Not enough traders, or worse still, trading tutors focus on the key role discipline plays in Betfair trading.
Why is it the number one issue?
Without good discipline you cannot be a successful sports trader.
It doesn't matter if it is football trading, horse racing trading, tennis trading or cricket trading etc.
If you cannot control yourself and stick to your plan, it will eventually end badly, that's a fact.
I have never heard any pro trader say:
'I don't need to be disciplined, I just follow whatever my emotions tell me to!'
Ok so hopefully you see this is all pretty obvious stuff right?!
But how do we become more disciplined?
Crucially, how do we become more in charge of our trading, during those moments we feel angry and frustrated?
Have you ever heard of the phrase 'going on tilt'?
It is a poker saying that describes when a player has essentially lost their head.
They are making crazy bets, acting irrationally and most likely throwing their money away.
They no longer really care about winning or losing, they just want to act wildly and hope to strike it lucky.
This is a very dangerous place to be, and so many Betfair traders go on tilt and throw away a lot of hard work, just because they are upset.
How do I know this?
Well, aside from the countless case studies I could present to you of Betfair traders I know who have fallen victim to this, I myself used to do it!
Yes that's right! Most (if not all) Betfair sports traders will fall victim to going 'on tilt'.
So it's nothing to be embarrassed about or ashamed of.
All that matters is that you learn to stop doing it, like I did!
Here are three ways to do it:
1. The moment you feel yourself getting enraged, turn your computer off!
If you use a phone for Betfair and don't want to turn it off, then put the device down and go do something else.
I cannot stress enough how much money this will save you! If I had followed this advice in the early days of my Betfair trading, I would have saved a few grand.
Go watch something on Netflix, go play some computer games or better yet talk to your friends and family.
There are so many other things to do in life, just do something that will help you escape any temptation you have to chase your losses!
2. Get to the root of the problem!
Why do you go 'on tilt'?
Is it when you get unlucky in a football trade?
Is it when you exit a tennis trade at the wrong time?
What is causing the anger and frustration.
Is there a way of avoiding it happening?
Can you learn to accept that even profitable traders will have bad runs and get unlucky at times?
You will have to look at yourself and figure out if you be less emotional when trading, think robot!
3. Remind yourself that tomorrow is another day, there will be plenty of opportunities to trade, so don't force them!
Why do Betfair traders get so caught up on the profit or loss from one day of trading?
Why is it that we can't accept a poor day and feel like we have to make it a profitable day at all costs?
We know for a fact there will be better days to trade and certainly we will be in a better mood later down the line.
So why are we victims of 'the moment'.
When we go 'on tilt' our brains get foggy.
We cannot see past the current moment and all that matters is the here and now.
What we must keep reminding ourselves is that there will be better days ahead, so we can stop trading in this bad mood and be patient.
The truth is, you may have a really bad day trading but chances are it won't even bother you in a few days time.
You know how to make sure it does bother you for a long time?
To carry on trading 'on tilt' and lose a big chunk of your trading bankroll!
Don't be a victim of the moment and learn to accept bad runs happen to everyone.
Don't compound them by doing something stupid that you will regret for a long time.
Hopefully, these three tips will massively improve your discipline when trading on Betfair.
If you do find yourself struggling, remember you are not the only one who has gone through it and we really would like to help you.
If you haven't spoken to us about it please do!
Get in touch: [email protected]
I'll be back again soon, with another article to help improve your Betfair trading.
