If you ask any professional sports trader what the key to their success is then most will mention the word “discipline” in there at some point. Some might even go as far as saying that discipline is the most important factor of all and they would not be far wrong.
The big problem most newbies have is keeping their discipline and here we have some interesting tips on how you can keep your own discipline when trading these markets.
1 – Eliminate Distractions
When you first started learning how to drive you were fully focused on the task at hand and would not have considered driving whilst texting, eating lunch, listening to music or talking to others. Yet many Betfair newbies will be trying to learn how to trade on Betfair with all these distractions and more happening. Eliminate anything that can take your eye off the ball and I assure you that your discipline will improve as a result. Lack of discipline usually originates from being distracted and then caring less about the situation you are involved in.
2 – Talk To Yourself
Apparently the first sign of madness is talking to yourself which is why many people avoid doing it but this can be a big help when you are trading. I don’t mean talking to yourself about the weather but by talking out loud about your trading plan you can make yourself feel more confident about what you are about to do and, more importantly, it makes it harder to stray from your plan. I am the first to admit I talk to myself all the time when trading. I might say something, like “OK, If this team scores the first goal then I will lay them till half-time and only get out if they score another goal”. Once this plan has been said aloud, I find it harder to then go against my original trading plan and do something silly like going “all-in”. It also makes me feel reassured about my plan as sometimes once I say it out loud I notice a better way or approaching the trade.
3 – Record Your Trades
Similar to talking to yourself, being accountable for your actions is a solid way to maintain your discipline. If you were trading the betting exchanges and had a boss to answer to at the end of the day then I am sure you would think twice about overstaking or throwing your whole bankroll into the market. Your boss would call you an idiot and you would certainly feel like one. Since you are trading only for yourself on Betfair you do not have a boss or someone to answer to which is why it is easy to lose disciplined. But by recording your trades in a trading diary you are essentially answering to yourself and you will definitely feel like an idiot recording a trade where you lost your cool and threw too much money into the market.
4 – Take Breaks
If you have ever experienced the red mist descending and felt frustrated when trading on Betfair then you will know that it hardly ever happens as soon as you sit down and trade. It usually happens after a few hours at the screens and this is no coincidence. Small losses and irritating things can build up and build up and leave you “steaming” which means that overstaking is bound to happen any moment soon. Personally, if I feel myself getting angry in any sort of way I simply take a break. I hit the gym, go for a walk or maybe call it a day and go again the next morning. The important thing is to keep your mind clear and not risk losing my discipline by getting angry. There is no room for emotions in trading!