The quick and the dead

After being part of punting and trading for many years, it still ceases to amaze me how so many, potentially good traders, get it wrong and often refuse to understand or invest their time in getting it right.

This game does not have a quick fix, there is no short cut to riches. When trading you are making an investment and, like all investments, some are good and some are bad. The most successful investment bankers know they need to take risks but they never take risks that are not qualified, quantified and fully researched. This way they ensure that their knowledge, their “edge” will make them successful in the long term. Any trading activity, be it Betfair or the Stock Exchange is based upon one thing – Opinion.

If you wish to become a successful sports trader, there are two things you should do before anything else – Imprint on your mind that trading is about the longer term, that it will not be successful overnight, that it will be bloody hard work and incredibly frustrating but ultimately rewarding. Once your confident you’ve done this you then need to adopt and cultivate a learning attitude. Immerse yourself in your chosen sport or sports, understand every aspect in order to give yourself confidence in the opinion you have created. If your opinion is correct, what could you have done to make the trade more profitable? If you were wrong, what and where was the info you missed?

Until you understand these aspects, you will always struggle to be as successful as you may wish. One good thing though, whether you make it or not, is that you got to watch a shed load of your favourite sport along the way, and you can never moan about that.

Stay green.

~ by latraderette on April 20, 2011.

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