Do you let your trades on Betfair run for longer than you should….
I think we have all been there with a trade on Betfair haven’t we? We get into a situation when trading whether thats red or green and we start to hope, we pray to the trading gods to turn this situation around and get back to break even…. I mean we are getting out at break even aren’t we? That is what us Betfair traders tell ourselves dont we? Why do we think we cannot lose money, why let this trade run so much longer than we should we get a glimpse of it moving in the right direction then BANG its gone!
Now our position is worse, we trade out but have battered our Betfair bank and now feel horrendous, that low belly pain, why has this happened again.
It’s a result of a couple of things, fear of taking a loss or greed (if you didn’t get out with profit when had the chance). It’s something we all experience and its brutal, it is so tough to get out of this hole.
I know the thought process is to let trades in the green run and then you should cut your losses and exit the trade to protect the bank when a trade is going against you. To do this you have to understand when a trade has room left to run without greed getting in the way and you becoming your own worst enemy and sabotaging the trade.
This video forms part of a series of videos on trading mentaility brought to you by http://www.betfairtradingcommunity.com
Tell me what your biggest takeaway from the video was?