Saturday, 12 February 2011
I read a post on one of the forums the other day, something along the lines of:
How much can I expect make with a £1000 bank on Betfair?
Like any Betfair forum he was instantly given some stick by seasoned traders and probably won’t return.
Various figures get mentioned here and there about how many people actually succeed on Betfair long term but one thing is certain to me. If you expect to make money from the start you are very much mistaken and will probably fall at the first hurdle. You’re much more likely to progress by expecting to lose your initial investment learning the ropes and suffering the harsh lessons made by all beginners. Evidence of these ‘horror’ stories are scattered on blogs and forums all over the web and this is only by those honest enough to admit it. What about the rest?
Expectations can not only affect new traders but also experienced ones. After 5 years of trading full-time I expect certain results from my trading and when things don’t go to plan it can cause issues in my ability to be focused on markets. This year I’m working much harder on being market focused and not thinking about my Profit & Loss. Even on really good days, thinking about what you’ve made ‘so far’ can alter your decision making and you will probably end up trading over defensively. How many times have you been on for your best day yet only to have a few losses that bring you back down to average?
I believe that the more experience you have, the harder it is to lower your expectations. But just because someone has more experience it does not mean they should expect to perform better than others in the market. Like in any professional sport, new players come through and everyone else has to up their own game to stay in a team or to hold on to a trophy. This rings true on Betfair and other financial markets.
It really is a survival of the fittest.