11 Betfair Exchange Trading for Beginners: Analysing Trades
Betfair Exchange Trading for Beginners #Betfair #Betfairexchange
I want you to keep a record of your trades, not to just track your profit and loss but for a couple of other reasons of which I will go into but I was you to track:
Date
Type of trade
Sport
Entry point
Exit point
Profit
Reasoning
Feeling pre trade
Feeling during trade
Feeling post trade
Trading plan rating/execution
The reason I want you guys to start tracking in this format is you are gathering multiple types of data, data which can then be analysed. You can do this on a simple spreadsheet, from here you can then start to look at the types of trade you are doing for example Over 2.5 or LTD. You can them separate these to see how profitable they are and if not then you can start to look at why…
The feeling part is very key, when you note down how you felt during the trade you can look for triggers which lead to reckless trading behaviour so you can nip them in the bud and then stop trading before this happens to save your bank and sanity.
The trading plan rating is one that I want you to focus on because before the trade you will have created the plan for that trade, I want you to rate how well you stuck to the plan – the plan becomes the rules for the trade and you have to stick to the rules. Straying from these and kidding yourself will not work, stick to the plan and document how well you stuck to the plan.
Getting into this habit from the start will help you become a strong trader.
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