07 Jun Having A Realistic Mindset
Anyone can be a “pro punter”… When you think about it if you bet regularly and return a profit you can claim the title. It’s all in the make-up of a pro how he or she looks at their returns. Many punters claim the title but because of poor mindset, impatience or lack of discipline they throw it all away. The normal Saturday player will hit the front at some stage during the day but fails to grasp the value of that profit and misses the opportunity to bank the winnings.
Satisfaction from Being a Betting Coach
I have the great privilege of seeing all types of punters come through my coaching from the keen young enthusiast to the retired accountant, all aiming for the same thing: The Holy Grail which is profit and lots of it. Most people’s idea of a realistic return is very unrealistic and that’s the starting point for today.
One of the most popular requests I get is on trading using Betfair. It’s a very difficult subject and you can watch hours of videos on how to use the 3rd party platforms and explanations on probability and odds, but this will NOT guarantee success. This will usually only show you how the 3rd party tool works. The trader must distinguish when to trade, how to trade and what is a respectable profit or loss.
The starting point for most people is: “I have a bank of 1k and I want to double it and do it as quickly as possible!”
If this is your sole job and you are a full time trader, you can increase your returns very quickly but you must have a full understanding of what you are trying to achieve. It comes under the bracket of: “What is a realistic return if I have 1k in the bank?”
So let’s take that 1k and shop around. Firstly let’s go through the doors of your friendly bank manager and see what he has to offer… Well that didn’t go well 1.16%! So if I give him my money for one year I will get 1,011.60 back!
Now let’s say you bump into your old school friend and he has become a stock broker and tells you the FTSE is the place to go. He promises he will work hard and over two years may earn you 12.47% per annum. This means you will have 1,264.95 after two years – now that’s a lot better! So, we now see what “realistic” means.
Trading on Betfair is great and many people make vast profits from doing so, however if people are making, people are losing because Betfair is peer to peer, or you to me to keep it simple. If you make as little as 0.5% or 1% on a daily basis you are doing well. Of course you will have losing trades but it’s your ability to adopt the right mindset and accept small gains that will constantly grow your bank.
Putting Trading into Action
I worked with a client for two days to illustrate how to trade. We targeted one meeting on the first day and then followed up with 3 races on the second. Their profits were based on a small 720.00 bank.
Race One brought a 1.53 from a simple trade and this was after commission. They moved on confidently to the Race Two and it brought a hard earned 0.52. With confidence growing and some patience they moved onto Race Three and this brought 1.34 profits. Race Four once again brought profit and this time to the value of 1.77.
Having a strong mindset and only allowing them to trade pre-race the next race, Race Five brought the biggest profit of the day 3.00.
The next race brought all three disciplines to the forefront. The entry point was good but it had moved against them. They played the ladder well and understood when and where their risk point was. They came out for a small loss on three occasions and finally ended up with a 0.33 profit.
Their mindset, discipline and patience played a large part in a profitable result. He was a bit frustrated, but remained in control. Another trade was now available making it easy to move on after navigating the last very well.
Race Seven went to plan and produced a 2.27 profit. This was mostly down to identifying (from the trading chart) when and where to enter and the exit point became easy.
The last trade of this meeting was carried out with a degree of “I don’t want to lose!”
The entry and exit points were identified from the chart and a 0.70 profit was secured. I agreed to do 3 races the following day to show it was no fluke and they easily glided through Race One 1.28, Race Two 0.46 and Race Three 0.51.
I told them to do two things before carrying out these trades:
- Find the video where Peter from Bet Angel is showing his daughter how to trade
- Watch the most popular scalping video that Peter from Bet Angel has done
We then sat down for 1 meeting and half an hour for 3 races to achieve 13.71 profits.
After our very small time together eleven successful trades had been carried out in totally random races – no form, no speed maps, no jockey or trainer analysis just watch two videos and go!
The 720.00 bank now stood at 733.71 – that’s an increase of 1.90% in one day. The maths is easy – there are 365 days in the year and you can see how easy it is to outperform others trying to do the same thing.
Each market is different and not every market will allow you to adopt the same tactics, but by specialising and playing when the signs are right you build strong self-belief and a mindset that will allow you to understand just what it takes to succeed.
The Big Question
So how have you faired against your bank manager and stock broker…? The main thing to remember in this situation is that you were in full control of your own money at all times in the luxury of your own surroundings. Nailing realistic returns is crucial to success. Too many punters think the 720.00 will double overnight…
Learn how to make your money work and if trading is added to your betting portfolio great, but make sure the mindset you adopt has realistic returns and enjoy your betting and trading journey.