Mindset – Yes, mindset, it DOES MATTER!
Without the mind functioning correctly you’re in grave danger of makingmistakes and/or making rash decisions … And there is a big reason for this too Mindset is a massive part of trading.
Trading under the wrong mindset will impair your profits.
- Chasing losses
- Feeling ill
– All of these described above will have a negative impact on your Trading.
Just avoid trading if you are feeling any of the above. This may seem obvious and a waste of time reading. However, if you trade for long enough years, I guarantee you that one day you will lose … because of one of these reasons mentioned. I don’t want to get all spiritual and crossed-legged here; but it is important to be as “peaceful” as possible when trading, be calm and try to remain as relaxed as possible. Switch off your phone from taking calls/texts during race time. Basically, minimise any form of distraction
This can be a major issue for some Traders, myself included.
Like betting/matched betting/arbing. Chasing is a very common demon that we turn-to, especially after making a mistake. A mistake does not necessarily have to be one that is your fault. The internet could freeze. You could back or lay the wrong selection, etc, etc. The danger with Betfair Trading is: you can spend 10 trades – collecting £6 profit per trade, then BOOM one bad trade may lose the entire £60 profit or more. Then the temptation to ‘chase’ may arise. I have a personal problem with chasing.
I began betting at age 15, and still now find it hard to resist chasing if I have lost, especially from losing from an unforeseen error
Matched Bettors can probably relate to this if-and-when they have backed and layed the wrong horse/football team.
You may be checking your [expected] winning later in the day – only to realise you have lost! There is no worse a feeling!! The only thing I can suggest is:
– Go for a walk
– Shut your PC down, take the day off
In a nutshell, get the hell away from the situation
The situation is sitting beside that PC or laptop. MOVE away from it. The longer you stay in front of it, the more in danger you are. Of course, this does not apply to all of us, thank God!
I would like to think it is almost a minority. However, if this sounds like you, then take the advice because you are not alone. Caan Berry also wrote a goopd article about mindset when Betfair Trading here.
I’m not getting all spiritual here or suggesting starting Marathon running – but keeping fit will keep your mind as sharp as can be. This is mainly focussed at full timers really – people who may spend all day beside their PC’s. I have found myself being FT beside the PC more and more of late. When I was a full time Arber, a decade or so ago, I was quite bad for being a PC hermit too.
It’s all well n good sitting by the PC all day – for profits – but eventually this will take its toll on your physical and mental health!
Go for a walk! Take a ride on the bike rather than drive, for shorter journeys. I have found listening to podcasts, while walking to be very productive in terms of value from time. You’re gaining in knowledge, from the podcast or eBook, while improving your fitness and wellbeing. Early morning walks are considered to be great places to start, to help plan your day and clear your mind from electronic devices.
I often listen to podcasts, or an eBook. During Covid, I used th app Blinkest. This free and premium site allows users to listen to summarised “blinks”, which are key point excerpts from the book. If I like the sound of the book, I would then purchase the book online. Check out Blinkest here.
If you’re more serious about fitness, create a home gym or buy some equipment for at home. If you do not wish to buy weights and other equipment then you can always make amends with light equipment like resistance bands, pictured below.
This kind of kit was not so prevalent years ago – but can now be purchased for just a few quid. They are much better for your joints too! Do not underestimate the resistance these can give – you can genuinely get a whole-body workout, with reasonable resistance, by using these and they require barley any storage space.
So, there’s no excuse nowadays!