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The Importance of Staying Grounded

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When you speak with other traders who are successful at what they do its amazing the amount of little gems of knowledge you can pick up. I believe this is the type of game where you are always learning and there will probably never be a point where you can say you have mastered the art of trading.
As you may know, I have been putting in a lot of work to contribute to the Football Trading Academy Newsletter course. This is something that will be bundled in along with membership and it is coming along very nicely indeed. So recently I have had to speak to a few full time traders and gamblers who have made their own contributions to the newsletters and its been an interesting experience.
One thing that most of the traders have been saying as advice for newbies is the importance of not getting too far ahead of yourself, or in other words, stay grounded and don’t lose your head.
Very often we worry too much about gamblers or traders who take losing the wrong way and go on tilt but we should also worry about those who take WINNING the wrong way and end up getting a bit too far ahead of themselves.
There could be some that are new to this game who will make a bit of money with it and not believe how easy it was. This will lead to overconfidence and eventually over staking too. The law of variance, and also the law of sod, will eventually come and bite you from behind as soon as you start upping the stakes past your comfort zone.

The great Warren Buffet always said you should “brag about your failures but be humble about your successes“. This is some superb advice since it will allow you to stay grounded mentally and its the mental side of this game which is the hardest part to conquer. It is surprisingly easy to go on a long winning run and then begin to feel invincible with your trading or betting.

I admit that when I first started I used to love bragging about making 3 figures in a day when I knew my friends were out working the hard slog. I soon noticed this was the wrong approach to life in general as I realised that I never ever mentioned my losing days to them. These days, I am the opposite. I very rarely talk about actual figures made and I feel less pressure to do well just so I can have a big money win to boast about!

So, the next time you hit a big win its good to feel happy about it but try and keep it to yourself. Chances are your friends are either not interested or don’t believe you anyway! 😉

 

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