Four Easy Tips For New BETDAQ Traders: It can be overwhelming to start your trading journey. There is so much to learn and you want to speed up the process. Before you even think about starting, there are a couple of building blocks that are easy to set in place.
These might sound simple, and that’s because they are. Everyone can do these four things.
Remember, if you’re excellent at finding winners you can still lose if your staking is poor. If your discipline is poor you’ll always struggle to be successful long-term. So, before you start your trading journey on BETDAQ – try and focus on getting these four things right.
1️⃣ Set Realistic Expectations
Everyone gets ahead of themselves. It’s the thing to do in life! It’s so easy to think that “if I make £10 per race, there’s 21 races per day, that’s £210 per day and £1,470 per week. I’ll be a millionaire soon!” We’ve all done it. It’s not just the trading world that this happens.
To be successful long-term, you need a lot of things. The last thing you need is to put pressure on yourself. When you first start your trading journey, not losing is an achievement. There is so much to learn in the first couple of months. There is a common saying that you need 10,000 hours of trading to become knowledgeable on the subject. You can speed that process up with blogs, books and podcasts of course but you still have to put all the strategies in place yourself.
It’s hard work but it’s worth it. Don’t assume it will be easy and you will be profitable without putting the effort in and don’t set unrealistic targets. Start with baby steps and build up as your confidence and consistency grows when trading.
2️⃣ Be Aware Of Your Weaknesses
If you ask anybody to sell themselves, they immediately list their strengths. That’s a natural thing to do. Of course with trading, your strengths are important – but so are your weaknesses. Nobody is a trading expert at every sport, there will be sports and markets that just don’t suit you. Being aware of these as actively avoiding them can save you thousands over the course of the year. It also frees up time to better develop your skills on the markets that suit your trading style.
Keeping a detailed Profit & Loss is important here. Let’s say you’re good at football but bad at rugby and you keep trading both. Your rugby losses cancel out your football profits and you’re back to square one. If you can avoid your weaknesses, you then become a profitable trader. Identify the markets that suit you best and focus on them. As you become an expert on that sport or market, you can then of course move into other areas with experience and knowledge. You have a better chance of success then.
3️⃣ Good Research & Correct Tools
Have you ever heard the saying “Hard work beats Talent, when Talent doesn’t work hard.” This applies here. If you’re not the most talented trader, that doesn’t mean you can’t be successful with hard work. There will always be people ahead of you, but you have to focus on controlling your own trading.
Doing the best research and having the right trading tools is such an easy thing to do. You can check out BETDAQ Pro for the correct trading tools and they are free to use. That site also has video explanations so there’s no reason not to be prepared. Having one click software can mean the difference between getting the right prices on your trades or not.
Along with this, there’s no reason not to have good research done. This might mean flicking through the Racing Post and seeing what horses are likely to make the running today for a trade, or what are the talking horses and are expected to be backed. In football it could be injury news or in cricket it could be recent ground scores. Anyone can do research and if you want to be successful – this is an easy place to start!
4️⃣ Think Long-Term
Lastly, switch your mindset to thinking long-term. Trading on exchanges is not a get rich quick idea. It takes skill, knowledge and hard work. Switch your mindset to being involved for the long haul and settle into learning every day. Every day you trade the markets, you learn more and become a better trader. Unlike everyone on Social Media these days, you don’t become an expert at anything in an hour.
If you look around and find successful traders, they all have a similar starting story. They started small, with small stakes and spent time learning. That is key. Don’t skip that part and allow yourself time to build your knowledge.