Distraction Can Potentially Kill Your Gains In Trading
When you’re trading on BetFair, you need to focus your attention on the trading platform at all times on which online broker that are involved. Even for just a few seconds of distraction can prove to be quite costly in the end.
You see, everything that you see on the program happens in real-time and if you fail to place a back bet or make a counter-trade, you’ve pretty much wasted your chance in earning some profits.
If you constantly distract yourself either by surfing the internet, talking to someone, playing a game on the side, or just about any form of distraction, you will lose sight on some key metrics that will help you know if the bet that you’ve placed is going to be good or not.
The only possible distraction that you can permit is when nature calls, but other than that, you need to focus all of your attention on the trading platform.
What to Do?
If you’re on Betfair, you have to put your trading hat on. You are a trader and nothing else. It is best that you allot 3-4 hours of your time daily solely for the purpose of trading or betting and nothing else.
If you have prior commitments or if there is something that you need to do other than trading, then do them first and foremost so that afterward, you can concentrate all of your efforts in trading.
Now, many people employ the lottery model when it comes to Betfair trading. This is where they try to win big by waiting it out until the opportunity arrives. However, this does not bode well for anyone because trading on the exchange floor is akin to walking into the unknown.
Many people set their entry prices accordingly, but many of them do not exit on a favorable position and instead, exit only when the right opportunity comes.
Let me be honest with you here. There is no such thing as a perfect timing in trading. It is either you win some or you lose some and there really is no gray area here.
If you still want to wait it out and make counter trades that are two ticks higher than your original bet, then that is essentially a gamble and not a trade. That is because you could potentially lose a lot instead of earning a profit; no matter how small it may be.
Instead of waiting it out, you must exit immediately once you see that there is any profit that you can get no matter how measly it would be.
If you miss that window of opportunity, then do not wait it out because that “perfect” time might not come. Instead, you just take your losses and make another suitable bet the next time.
It is in making these decisions that will ultimately create your fate on the exchange floor. So in summary, do not get distracted as any minute that you’re not looking on the screen will make or break your chances of winning big. Also, when the opportunity of getting profits presents itself, no matter how small it may seem, you have to take it.