Losing days, we ALL have them!
There is not one sports trader on this planet who has not had a losing day. Naturally, some will have more losing days then others however it is how you handle the losses that will really separate you from the rest. If you can not handle losing then you will not get very far in trading at all.
Here are 4 things you should NOT do after having a losing day on the Betfair markets.
Do NOT Raise Stakes To Chase Losses
The most fatal error you can make when things are not going your way is to raise stakes in order to win back those losses. It might even work on one occasion and you win back your losses however eventually you will go bust. I often hear of people losing their whole banks on Betfair and having to redeposit. I do not even have to ask how it happened as it is pretty obvious that they raised stakes up to the point where they were “all in” on one trade and that was that.
Do NOT Keep Trading
When things are really going badly and getting on top of you then you should just stop trading. This will help prevent you from going on “tilt” and raising those stakes up higher and higher. Even if you are not the type of person to do that then you can still end up being mentally affected by a bad day and this will definitely affect your decisions on future trades. So it is important to stay away until your mind is clear again.
Do NOT Change/Abandon Strategy
A Knee-jerk reaction to a losing day is to start changing or adjusting a strategy. This is something I see many newbies do and it is a big mistake. If you have tested a strategy enough then one bad day or even a bad week does not suddenly make it a bad strategy. Some will start applying filters to the methods in order to make it more “secure” going forwards. However, this can often be a big mistake also since those trades you just “filtered out” might actually be your winning trades in the coming weeks. If you believe in your strategy then stick with it. Those with plenty of experience in the markets will not abandon a strategy after a bad period but the newbies will be quick to jump from one to the next and then wonder why nothing seems to work for them!
Do NOT Start Drinking
Every now and then a stiff drink might be needed after a bad result. On the flip side, I know some traders that celebrate a good days trading with a glass of red wine in the evening. As long as you do not get wasted then this is ok as you have to be fresh for the next day. I am writing this from experience too. In my early days, if I had a bad Saturday I would deliberately sink more then a few beers in the evening to try and forget it all. Then I would wake up on Sunday, feeling tired and hungover and begin trying to trade once again. My mind would be slow and I would not be on the ball at all. I remember even leaving my money in the market on one match for the whole 90 minutes as I totally forgot I was planning to trade it and, obviously, the bet lost and my whole stake was gone with it. So, I can now safely say that drinking to get over a losing day is not recommended at all!