Sports trading on the Betfair exchange is more than merely applying statistics and a strategy.
Ask any sportsman when they step onto the field what is one of the most critical aspects of their game, and many are sure to reply ‘mentality’.
It is often overlooked in sport, much the same as trading. If you want to become a professional Betfair trader, you need to think like a Betfair trader, and that cannot forgotten, also don’t forget you can also head over to the Betfair forum which is full of helpful Betfair community or members who are always willing to give advice.
The psychological impact of the mindset you adopt when trading on Betfair is hugely significant. If you start in the wrong frame of mind, you are already fighting a losing battle. When you lose a bet, this becomes worse, and before you know it, things are spiralling out of control.
How can you avoid that and start thinking like a professional Betfair trader?
Firstly, you must manage your expectations. When starting life as a Betfair trader, you will be a beginner and should trade accordingly. There will be many experienced traders out there who are just waiting to take your money, and if you go in with the attitude you are the best trader in the world, you are going to lose remember the Betfair exchange is full of sharp bettors will be more than delighted to relieve you of your money.
After trading for a month, you are not going to be the best Betfair trader online, but you will have improved. The same applies for the following month and the month after that. Begin your journey but trading in smaller numbers in the knowledge you have plenty of time to improve. Accept your position mentally at the bottom of the pile and that you need to work your way up.
Go in with an open mind to learning and see any losses as part of the learning experience. If you start with the mindset you are going to win big immediately, you are in for a rough time.
If you begin with a bank of £500, don’t expect that to be £5,000 by the end of the month. An experienced trader on the Betfair exchange will make around 10% on their bank in a month so set your expectations accordingly, and you will not be disappointed.
A professional Betfair trader will see a bet which has come back as neither a profit or a loss as being successful. They will mark it down in green on their records because they have completed a trade and made their money back, there were no losses and experience has been gained.
Having this down as green and not the red on your records will increase the number of successful trades on your spreadsheet. Whenever you look at the spreadsheet, you will see green, which is positive and this improves your mindset.
Adopting a positive mental attitude following a run of losses is key to becoming a successful trader. If you are feeling down following a series of losses, you will never reach your goals. Instead, think of it as an opportunity to learn. Why did you lose? What could you do differently next time?
Think of a loss as being as important as a win. Sometimes, a loss can help you identify a flaw in your trading which you would otherwise have missed. See failure as an opportunity, not a problem.
Finally, you must be prepared to take full responsibility for your losses. A professional trader working on the Betfair exchange will never look to pass the blame for a loss on to someone or something else. It is straightforward to pass the blame on to someone who gave you a tip or the fact a player scored an own goal late in a match which lost you money.
If you always try and blame someone else on the Betfair exchange, you will never become a top Betfair trader and will lose more often than you win. You will never learn from losing trades if you are looking elsewhere for an excuse. The buck should always stop with you.
The top traders in the world lose trades, but their mindset is always focused on what they could do to improve next time. Their thought process does not involve anyone or anything else. The trade is their responsibility, and the sooner you can start thinking that way about your trades, the better you will become.