Distraction Can Potentially Kill Your Gains

Distraction Can Potentially Kill Your Gains

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?

Distraction Can Potentially Kill Your GainsIf 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.

Distraction Can Potentially Kill Your GainsIf 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.

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7 Must-Read Tips for New Forex Traders

Thousands of new traders join the Forex market each day. What’s nice about this kind of trading is anyone can be efficient in it given that they follow the right technique. The bonus part is that it can be done online, wherever you are. If you want to gain in trading Forex consistently, here are the things you need to apply right from the very beginning of your journey:

 

1. Don’t be fooled into trading real money too early in the game.

One of the mistakes beginners make is assessing the results of a trade with only a little data sample. You cannot simply start trading in just a few days since learning about a new trading strategy.

 

2. Educate yourself first.

This is common sense but unfortunately, many people get into trading without having enough knowledge about it. Before you invest in trading, invest in knowledge first. There are many training courses out there that will help you learn about the basics.

 

3. Don’t look at the lower time-frame.

Many traders commit the mistake of looking at lower time frames expecting that they could come up with a good trading decision from it. Experienced traders don’t do this. Instead, they consider the daily charts when making a trading decision.

 

4. Avoid trading on your opponent’s terms.

 

Many new traders have the tendency to trade with their opponent’s terms in mind. If you want to be a successful trader, never ever chase the market. Instead, work on trading using your own terms at prices you can afford.

 

5. Learn how to manage risks.

It is critical to know how to manage risks properly. In other words, you have to be aware of how much you are willing to sacrifice from your capital in a day of trading. You should only be risking 2-percent of your entire capital for just one trade. Proper risk management will keep you staying in the game. Without it, you could easily give up.

 

6. Study the art of controlling your emotions.

As a new trader, it is normal to feel many kinds of emotions. A huge drawdown can happen to anyone. Are you prepared for the frustration and disappointment that comes with it? If not, then you better control your emotions as early as now. Think like a human but don’t let any of your emotions get in the way, as if you are a machine!

 

7. Enjoy the process.

We said you should not let your emotions control you. But that only pertains to negative emotions that may come along the way. Enjoy your new venture because when you love what you do, you will work on improving yourself even if things are not going according to plan.

 

Lastly, don’t forget that overtrading will be too risky for you as a new trader. You will not get a return of investment from placing all your trades in just a single day. It is easier to risk a small amount. There is less disappointment and less frustration if you ever lose.

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