TRADING ON BETDAQ: 5 Fatal Errors New Traders Should Avoid. Most successful Betdaq traders found the opportunity through betting. However, there are big differences that need to be acknowledged if you are to succeed.
At first it’s not easy to adapt, but failure to do so will ensure financial pain in the long run.
By the end of this article you will be aware of 5 critical points to consider when trading on Betdaq.
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Limited Knowledge
Trading on Betdaq is an exciting opportunity, especially when you first find it, which is often the first hurdle.
It’s important to do something you love (like watching sport while making money) but being over-excited won’t help your bankroll. As boring as it may seem, the most profitable trades are often the most well thought out, the ones you knew the most about. So making sure you understand how and why the markets behave is important.
It doesn’t just stop there though, like all good things – the more you look, the more you will find.
Having a good idea of how the markets function is pretty helpful, but if you understand specific situations it’s possible to drastically reduce risk. As Warren Buffet once said “risk comes from not knowing what you’re doing” trading on Betdaq is just the same.
Distractions
For many this is the biggest hurdle to successful trading on Betdaq.
Distractions make manual trading extremely difficult, it’s the downside to being human I guess. So it’s a good idea to either make time specifically to trade, or find somewhere you can focus properly, away from distractions and other people.
Trying to scalp the horse racing markets of a weekend, in the dining room, while the kids are doing their best to rein-act a fight scene out of the ninja turtles just isn’t going to work (you’d be surprised at how many try it).
It’s not just the outside distractions either. One of the biggest attractions is also a distraction when trading on Betdaq; money. It’s normal to find yourself staring at your own position once the trade is underway, but it’s a massive no-no. You need to look at the bigger picture, always!
A short-term solution for this is to drop the stakes to a level where each tick increment (price change) doesn’t mean so much to your overall feeling. Larger stakes often lead to ‘tunnel vision’ which nearly always ends in disaster, purely because you miss something else that’s quite significant.
Mental Attitude
Trading on Betdaq offers great upside potential, but without the right mental attitude and discipline it can be as dangerous as punting. It’s not uncommon to make silly mistakes while learning to trade, and sometimes after that even. Not having the right mental approach nearly always ends up in disaster. Others have said they couldn’t have traded the exchange for a living when they were younger, purely for this reason.
Obviously it all depends on the individual, where you are in life, your financial situation and most of all how much you want to succeed. But one thing’s for certain, if you ignore how important it is to have the right state of mind when trading on Betdaq, it’s pretty much game-over!
Top tip: Whatever you do, don’t trade angry.
Outright Gambling
Trading is not guesswork, every successful trader knows this. Much like a professional poker player, successful traders only put money on the table when they have an above average chance of winning. Keeping to your edge is imperative, deviating away from that is just gambling.
If you’re trading the pre-race markets then keep it to pre-race, the same for football, tennis or whatever else. The temptation to go in-play because you can’t accept you made a bad call is will be high in places, particularly if you found exchange trading through betting. Granted, you might get away with it 2, 3, 5 or even 10 times. But on the occasion you don’t….
Accepting losses in trading is important, it’s part of the game. Having faith you will win more than you lose over the long term is key. It’s what finding an edge is all about.
Time Frames
Knowing when is best to trade is important. By keeping the same strategy and applying it to different time frames, you will get wildly different results. What works 30 seconds before the start of a race won’t work 15 minutes away from post time. You need to work out how you want to trade, short-term, long-term and why that is. Once you’ve found an edge over the market, it’s best to refine and test where it works best, it’s amazing how big a small tweak to your timing can be.
Final Thoughts
• Always be learning, the more knowledge the better
• Make dedicated time for your trading, turn off phones etc when needed
• Be aware of your own mind-set and emotions
• Avoid the impulse to gamble at all costs
• Learn when your edge(s) work best
• Keep track of progress and mistakes, overall race results be misleading
• Limit your risk as much as possible, doing this often will leave you on top if you have any kind of edge at all.
Avoiding bad habits has a massive impact on your overall profitability, it’s forgotten amongst the excitement of making money. Being aware of them is the first step to consistent success.
Remember; trading on Betdaq is not just about winning, it’s about not losing too!
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