Main Aspect That is Important in Life and in Trading
Back in High School, we had a sort of military training and although it was kind of rough, it taught me one thing that will make me successful later in life. That one thing is called discipline.
In the context of this article, I will refer to discipline as an unwavering force that allows you to stick to whatever strategy you’ve come up with.
Winning trades in the stock market or on Betfair is hard. That is mainly due to the fact that the markets are volatile and anything can change in a heartbeat.
Sure, you can take as much advice from as many different sources as possible, but the thing is, their advice might not work for you because your personalities are different as by that, you need to learn to trade towards your lifelong financial stability.
That is why you need to come up with your own solution and you should come up with your own set of strategies that you can employ to increase your chances of winning.
You also have to remember that the betting exchange has an element of randomness to it.
What might work before might not work later on as the market changes over time. That is why you need to be flexible enough to the changes, whatever they may be.
As a beginner, you can follow the advice of people who have walked the path before, but it is important that you can come up with your own.
Why Discipline is Important
Now, I want to go back to my main point here and why I think discipline is important in trading. You see, trading on a betting exchange like Betfair is like riding a roller coaster; you will feel different emotions depending on the outcome and circumstances.
If you win, you will feel that intense elation as if you’ve won the lottery. If you lose, you become sad and sometimes even angry about the selection and trades that you’ve made.
Whatever happens, you will feel a cluster of emotions and typically, when people let their emotions run the show, they will go out of their way and create decisions that will ultimately be their undoing.
The reason why discipline is important is that no matter what happens, you will have the capacity to stick to your strategy. Remember what I said about coming up with your own plan? Yes, the advice that you get from other people can work when you take emotions from the equation.
But the reason why you should come up with your own because every one of us has different personalities; different temperaments.
We handle things differently and this is important that you should bear in mind when you’re trading.
Whether you devise a strategy based on trial and error or from collating advice from different traders, you’ve got to have the discipline to follow that plan to the letter. Do not be swayed by emotions as it can just hurt your progress.
Furthermore, do not chase losses. It is a known fact that you can potentially lose in your trades as well. But the best thing that you can do is never commit the same mistake again and never chase those losses because it can hurt your profits if you do.