Do you want to have the same mindset as a Betfair pro trader?
This is a quote I heard recently, it took me back actually. Because it’s true with everything BUT especially true with trading.
I am going to take you on a journey with this blog post of how the best traders have allowed their minds to let them be good at trading.
If you want your mind to let you be good at trading you’ll want to give this your full attention for a few minutes and get cracking.
I’m going to break this down into 4 main sections.
- The psychological challenges of trading
- Cognitive biases in trading
- The mindset of successful traders
- Create the right mindset
The Power of Mindset
Betfair trading is unpredictable, it’s in that unpredictability that we can thrive and create value.
Which is a lot easier said than done, for me the first part of allowing your mind to let you be good at trading on Betfair is to accept that you won’t be right all the time with trading & that’s ok.
It’s also worth noting that we are going to zig when everybody zags, we will do the opposite of what most people would – because we are playing a longer game.
Again that’s ok.
The key thing I’ve preached for years, there’s no right or wrong answer when it comes to being a successful trader. You’ve got to understand you, how you want to trade and how you can use your own unique view of the world to become the trader you want.
Giving yourself the space to accept that is the power of having the right mindset.
The Psychological Challenges of Trading
I don’t like rollercoasters but trading is one, of the emotional kind. One minute you’ve just traded out and made a huge profit the next you’ve blown that and some because of a losing streak of trades.
What do the pros do here that you don’t?
They have a plan first and foremost and only trade those games on it. They have battled their demons on overconfidence, they don’t get too cocky or clever with their trading, this is the path to losing money. Because of the systems they’ve built it allows them to never force trades.
Which means no FOMO here! They know they might miss some trades but they are ok with that because they know just like busses there’s always another one coming!
How can you get this jedi level of calm? Build your very own strategy and a plan. I can show you how to become a super trader free here: https://new.betfairtradingcommunity.com/betfairsupertrader/
Cognitive Bias
Several cognitive biases can sabotage a trader’s decision-making process:
- Confirmation Bias: When traders unknowingly lean towards information that confirms their pre-existing beliefs.
- Loss Aversion: The pain from a loss often feels twice as intense as the joy from a similar gain.
- Herd Mentality: It’s risky to follow the crowd, especially if it means deviating from a well-laid plan.
Which is why you need to develop your own trading strategy and then you’ll want to be able to answer these 15 questions every trader should have in their toolbox here: https://docs.google.com/document/d/1l_ZL7yaYyrIVN_wqUP2wGaSBIHutl9GQZdzuyQ_b3F4/edit?usp=sharing
Traits of Successful Traders
Wonder what traits make a trader successful in this challenging domain?
- Emotional Discipline: Top traders keep their emotions in check and never let them influence trading decisions.
- Growth Mindset: They believe in continuous learning and adaptation.
- Resilience: They have the mental fortitude to bounce back from losses and setbacks.
- Clear Vision: A defined strategy and the discipline to adhere to it, even under pressure.
Cultivating the Right Mindset: A Path Forward
To develop a mindset conducive to successful trading, consider these steps:
- Practice Meditation and Mindfulness: These techniques are beneficial in managing stress and fostering focus.
- Commit to Education: Always be updating your knowledge. Attend workshops, read up on market trends, and stay informed.
- Network: Engage with peers. Learning from others’ experiences can offer invaluable insights.
- Set Realistic Goals: While ambition is good, it’s crucial to have achievable targets.
- Journaling: A trading journal can be your best friend. It helps track your emotions, decisions, and triggers, providing clarity in reflection.
What Can You Do?
I make no bones about it. Betfair trading isn’t easy but with the right people around you and the right attitude you can succeed at it.
For me it’s broken down into building your own strategy and working on your mindset. In this post I’ve given you everything you need to be a successful trader for both of them with my super trader framework and the 15 questions.
You read and watch both of them and you won’t go far wrong.
