5 Top Reasons why Most Trader’s Fail

Tips to help even the time crushed person improve their trading

Recently we conducted a survey with some of our traders about betting. Among the questions, we asked included.

What are you struggling with when it comes to trading?

How much do you spend?

How much have you lost in trying to get better at trading- in terms of time and money.

Want to guess what the answers revealed? My first guess was either lack of a strategy or an edge. Far from it! That did not feature among the top 3 answers.

The results were quite staggering. The top reason why people struggle is

• Lack of Discipline.

Trading is very similar to driving. Here is why...Learning to drive a car can take you a week. However, one week will never make you an ‘expert’ or a ‘good driver. Becoming a better driver means you get on the road, interact with other drivers and cars, drive more...listen to the BTC podcast.

We can teach you how to read the market in a very short time. But we cannot help you with your discipline instantly. 

The survey further revealed that, on average, people had lost 1700 pounds and 1800 hours trying to get better at trading. Such a big loss! 

By subscribing to the BTC channel, you will learn how to skip that massive loss.

The next reason why people fail in trading….

• Fear of missing out

Traders are so scared of missing out on a trade, which leads to trading more and more, even when they are not comfortable with a trade...more like it’s the last trade in the world.

The truth is, there’s always another trade. Here is a strategy you can use. Write down why you think it’s the last trade in the world, now read it out loud. You will see that you are not rational. 

• Grow your bank faster

Social media portrays a glamorous lifestyle that other traders enjoy. Anyone would want that. However, the truth is that if you can’t learn to control a small bank, you will never be able to control the big bank and get to the next stage.

Markets are mechanical and move in the same way. People put money in and out. When you understand how to grow your bank steadily, you will control the big bank. Trading is about growing with the stakes. To achieve this, create a trading plan and stake 2-3% on every trade. At the end of the month, analyse everything and then increase your stakes if your profits increased.

• Lack of knowledge

Most traders do not know what they are doing. They end up talking themselves up like they know what they are doing. When something goes wrong...they will realise how clueless they are. If you don’t know what you are doing, DON'T do it.

BTC is built on one principle. “No questions are daft questions” If you don’t know what you are doing, ASK. We are here to help you.

• Lack of Self Assessment

What are some of your trading behaviours? Identify certain signal patterns of how you trade. When should you be trading and when you shouldn’t be trading.

Earlier this week, I did a video on what to track on your spreadsheet. If you did not get a chance to watch it, here is the link https://www.youtube.com/watch?v=NtFj0RVolyI

After a trade, do a self-assessment test and be genuine with yourself.

How did you trade?

How were you feeling when making that trade?

Were you anxious, scared?

The assessment will help you become a better trader.

Pro-tip-  Do you want to get to the 5% of profitable traders? Self-assessment will teach you - what triggers you and which behaviours to avoid when trading.

Watch the youtube video for more details. https://youtu.be/Yr_puUrjklU

Thanks

Ryan 

www.Betfairtradingcommunity.com