Been trading (or trying to) for about a year now and watched this video last year. After literally hundreds of hours in the markets, reading, studying and learning i'm finally making money and am now in the process of scaling up from small stakes. Great video and absolutely spot on. I was doing the same for ages. Copying videos and such. Doesn't work, or didn't for me. Eventually everything came together with understanding value (ridiculously important), controlling emotion and match reading. Betfair trading is hard, very hard. But, so worth it in the end.
Brilliant video Kie. The best I have watched on the psychology of trading. I too was is the endless negative cycle you describe, and it wasn't until I changed my mindset that my trading started to improve. The bottom line is that there IS NOT a silver bullet strategy to trading. It's about finding a strategy or strategies that work more often than not, and then scaling up. But crucially, it or they need to be strategies that you are comfortable is using. Keep up the good work Kie 👏
The power of observation and logging every trade until you have a proven profitable long term strategy is key. For each strategy, it’s relatively straight forward to look at your notes and gradually weed out bad trades until you have worked out how to amend your strategy to make it profitable or dump the strategy if you don’t think it won’t work. Emotions don’t come into trading if you log your trades and be analytical with your approach. All you are doing is solving a problem with a data driven process. Successful profitable long term strategies are based upon facts derived from real data (your logs), not opinions. There is no grey area in trading except during R&D processes. During R&D, expect to make losses as that’s part of the learning process to solve a problem. There is a reason why R&D is costly for most businesses, it’s not supposed to make a short term profit. It’s the cost of learning. The best advice I can give any wannabe Betfair trader is to keep a journal of all your trades during the R&D stage, your archived logs will be your most valuable asset to becoming a successful trader.
Hi Steve, I couldn't agree more about the importance of tracking your results. It has been something I've fallen short in keeping up with at times because it can get quite mundane, but it's absolutely necessary work
100% in agreement. I have hundreds of Spread Sheets from when I started out to the present day. I tend to paper trade for 3 months .. if profitable then I will use small stakes for another 6 months & take it from there, patience is a virtue. In the past I have had up to half a dozen or so strategies running at the same time, took an age to update the SSs each evening but had to be done. Firmly believe Data is the way to progress and for that SSs are invaluable. Now all my Bookie accounts have been gubbed and MB is no longer an option I run just 2 strategies daily [1xRacing, 1xFootball]. Mrs is happier, and I am no longer in the Doghouse every day :).
Thanks,as someone who also started about a year ago that was encouraging just to know that the more I do the better I'll get and to not keep beating myself up when losing
Excellent excellent video…you seem to have learned in a relatively short time what took me years and years to learn..I’m only profitable after years of making the mistakes mentioned on here..hunted that golden egg for so long..I learned through failure..nearly gave up..gave it a final go..and then luckily found the winning ‘strategies’..I have 2..been very profitable ever since
Really good video. As someone else in the comments said, the progress of your trading journey is very impressive. You have already grasped concepts and learned lessons that most people don't understand until a few years into their trading journey, if at all. To succeed as a trader, you have to really, really want it and be willing to spend countless hours studying the markets to the extent that you will find yourself almost consumed by trading - thinking of possible strategies as you fall asleep at night! But it's worth it when you eventually get there. The only part of your video I would disagree with is the bit about professional traders on RU-vid. Aside from the likes of Peter Webb who is excellent and has videos that offer real insights into trading, the vast majority of so called traders on RU-vid are actually just people who realised they can't trade so decided they'd try to sell the trading dream to gullible, inexperienced wannabe traders instead. This is especially true when it comes to football trading on RU-vid. Unfortunately, these people will often lead inexperienced traders in completely the wrong direction when they would otherwise have quite possibly found their way if they'd been left to their own devices. There really is no substitute for studying the markets and putting the time into finding trading methods that work for you and that suit your style. And trading certainly isn't for everyone despite what the people selling the dream might suggest!
@@KieMillett Search RU-vid for a video called "Trade Like a Casino". There are a few videos with similar titles but the one you should watch is by a guy named Adam Khoo. It's a pro trader demonstrating exactly how a casino gets their edge and how you can replicate this with an even greater edge when trading a market. It's a very useful video that every aspiring trader should watch.
