There you have it. In this concluding lesson, explore some of the top mistakes that beginning sports traders make and learn how to deal with them. Learn how to fine tune your performance and get on track to a powered sports trading career!
1. Trading for entertainment
Believe it or not, not all people trade to win. Some like the kicks of trading sports, especially when the games involved are sports. In order to succeed, you must sports trade to win, not for entertainment.
2. Giving up too quickly
Imagine playing a game of heads and tails with your friend where you would win $1 if heads turn up and lose 95 cents if tails turn up. Obviously this is a profitable game for you, but if you play only 10 games, it would pretty much be anyone’s game as large fluctuations would occur. The simple point to note here is volume. A lot of people simply give up after sports trading for maybe 10 to 20 sessions. Since the edge in trading can be small, it may take you hundreds of trading sessions to see results. So keep trying.
3. Spending too much time on knowledge
Make up in numbers what you lack in skill. To succeed in trading, go out and trade! Some spend way too much time reading and learning about everything online. That is not how a skilled sports trader is made; for a person who reads all about magic secrets without practicing is not a magician.
4. Trading based on unexplained systems
Sports traders fall into the trap of thinking they have a system. When asked to illustrate their systems, they briefly mention what they do but cannot explain how or why their systems work. To sports trade for a living, you must have a sound trading system that can be duplicated, repeated daily for success. Beginning traders may enjoy initial success by trading based on feelings or certain subjective interpretations. But without a consistent system, he cannot hope to sports trade for a living simply because his living expenses depend on his trading performance which cannot fluctuate widely.
5. Neglecting the big picture
Small profits in small scales equal big profits in the long run. People who have too much money to trade may fall in the trap of trading too loosely and not guarding their money. Remember your objective as a sports trader and accumulate small wins steadily.
6. Making losses instead of taking risks
A businessman takes calculated risks. A gambler suffers losses. Losses are not acceptable to a businessman, and should be outside the limit of his tolerance. Put simply, when a sports trader loses money, this should be a result of the risks he knew he must take. If this is above the limit of risk tolerance, he has become a gambler.
7. Focusing on the wrong stage
Here I feel the 20-80 rule in business could be applied to sports trading. Beginning sports traders like to examine what actions they may do wrong in a trading session, but little do they know that the majority of mistakes they make could occur in the preparation stage. Either they have analyzed the match wrongly, or have not adequately prepared for the trading session. A successful sports trader spends about 20% trading and the remaining 80% preparing for his session.
8. Missing detailed trading records
“Show me a trader with good trading records, and I’ll show you a good trader.” Without detailed records, a sports trader cannot hope to improve his skill. Keep a trading file containing detailed analysis of the matches and videos of your trading sessions. Over time you will have greater insight into your own trading style.
9. Missing accounts book
Can you run a business without an accounts book? Many sports traders simply trade as if they were gambling and never bother themselves with the nuisance of keeping track of their own accounts. An accounts book is absolutely crucial especially if you are studying the effect of a particular staking system such as Kelly staking or the success of your own trading style.
10. Not learning from mistakes
Amazingly, there are people who keep detailed records in huge volumes but nevertheless fail to improve. Only after much probing did it occur that they did not even review their trading sessions! Sports trading is a skill that must be acquired through deliberate practice. The only way to achieve that is to review and learn after each trading session.
Gabriel Khoo holds a honours degree in Economics from National University of Singapore. He is trained in gambling theory, game theory and applied econometrics. Currently he is a full time sports trader who also researches on football statistical forecasting models. His website Tradenexis offers you the world premier sports trading free resource online. Here you will find a large collection of articles dedicated to trading systems on betting exchange, sports arbitrage strategy on popular bookmakers, lay betting strategies to make you succeed in sports trading. Visit [http://www.tradenexis.com] now and start earning profits on your way to becoming a professional sports trader.
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