It is fair to say I have been around for years in the football trading scene. Before I even started this blog I tried to train friends and family to become proficient football traders (not a good idea) and since starting Sports Trading Life I have had the chance to speak with hundreds more football traders, some who are good and some who are still learning.
But the best part of it is that I have been able to see the main mistakes that most make with football trading.
And so the main reason for writing this article is that I feel if you can eliminate the below mistakes from your football trading then you will be able to easily begin generating a second or even main income from it.
So here are the 5 biggest and most typical football trading mistakes. Also, keep reading to the end for a special freebie just for STL readers.
1 – Not doing the pre-game analysis
It really does amaze me that people think you can trade football without having done any research whatsoever beforehand. I see many just turn on the TV and trade whatever is in front of them without having done any preparation.
What really irks me is the fact that we are not even talking about hours of research either. Just a quick 5 minutes before to take a look at some relevant statistics can give you a much better view of the match you are about to trade.
Doing pre-game analysis can help you to see if you should expect goals or not, which teams are in form and even the recent history of head to heads between the two sides. All very important information which will help improve your decision making once the match goes in-play.
2 – Not watching the action live
Whilst pre-game analysis is a big help you should never base all your trades solely on that. You absolutely must watch the action also and base your trades on what you are seeing.
Pre-game analysis is important but watching the live action is TWICE as important.
Ideally you will get an idea of how a match will play out based on your pre-game analysis and you will have strategies in mind to use on that match.
But only when the live action fits with what your pre-game analysis tells you should you deploy those strategies. If the live action is not fitting with your analysis then do not get involved. Those are the worst matches to try and figure out.
The biggest mistake most can make is to ignore the live action and get involved regardless just because the “stats told me”.
BONUS MISTAKE > Believing the in-play stats. In-play stats are good to an extent but only by watching the action will you get the full picture.
These days there are no excuses for not being able to view the game live. You can not beat the markets trading blindly!
3 – Tinkering with strategies
I have mentioned recently that when I first started out I was looking for a “magical strategy” that would allow me to lock in a profit every time. I eventually realised this was not possible and moved on but this is a mistake many seem to keep making.
After a losing session I often see/hear about newbies looking to “revise” their strategy. They might try a few tweaks here and a few tweaks there. But then I guarantee you that once the next losing session happens they will tinker with it again.
They blame the strategy.
The harsh reality is that it is not the strategy that is the problem but the person using it. If you think a strategy is “not working” the problem is usually with the selection process rather than the strategy itself. Work on tinkering your selection process not the strategy.
PRO TIP >> Always look to be finding ways to improve your selection process. With a good selection process even the worst strategy in the world can make money.
4 Not keeping records
Maybe I am different from everyone else but when I first started out trading I kept records obsessively. I remember going to a WHSmith and buying up about £50 worth of notebooks so I could keep record of every different strategy I was trying out.
So it shocks me when I see anyone who claims they are serious about trading not keeping records. The only way you can learn, improve your selection process and become a better trader is by eliminating your mistakes. The mistakes are all there in your records and you should regularly go over your results.
Keeping records helps you to become profitable but also helps you during a downswing. When there is a losing patch you can easily look at previous similar experiences from your records to gain some perspective and help you realise this is a blip and not the new norm.
5 Not focusing
This is not really a mistake but it is a PROBLEM.
The main reason most new traders go wrong is with a lack of focus. They jump from strategy to strategy. Some even jump from sport to sport. Many will give up for a bit then come back to it then give up and come back and so on. I see it all the time.
At the end of the day, those that focus and take it seriously are those that will do best. If you went to university and hardly turned up then I don’t think you will expect to earn your degree at the end right?
I do think that focus is a HUGE problem and a stumbling point for many newbie football traders which is why I have been working on the below freebie giveaway for you guys.
FREE 7 STEP FOOTBALL TRADING PLAN
If you think you have made any of the above mistakes or your football trading profits are not yet at the level you want then I am giving a away a PDF cheat sheet entitled “7 Steps To Football Trading Success“. This plan is set to be included in the new upcoming Ultimate Football Trading course but for a limited time I am giving it away to STL readers.
I firmly believe if you stick to this plan for the next year then you will be see HUGE improvements in your football trading and your profits.
As said, it is absolutely free, just submit your email and I will send it right to you. Current STL subscribers will not be added to any new email lists either.
See you inside the 7 step plan!