THREE TIPS TO IMPROVE YOUR TRADING MINDSET: When your trading, mindset is everything. You need to focus, see the right moves, place your trades calmly and at the right time. To do all this, you obviously need to have a clear mind and be able to focus at the task at hand. There’s so many things that can negatively impact your mindset during a trading session.
With that in mind, we’ve picked three easy to implement tips on staying in the zone for longer while trading on BETDAQ:
1️⃣ Be consistent and persistent
You have picked your strategies for a reason – believe that they will work until proven otherwise. One day over the course of the year is such a small percentage of your yearly P&L, don’t chop and change your tactics just because of a handful of bad beats or hard luck stories.
Develop a routine and stick to it. That’s where you have to be persistent. If your routine is to go to the gym in the morning and trade in the afternoon – stick to it. Don’t sleep in and then you feel rushed throughout the day as that can only negatively impact your trading. Be consistent in the markets with what you do, you have found an edge and that’s what is making you consistent profits so there’s no need to change strategy. Most professional traders will grind the same edge daily for years until it’s gone, then start looking for another edge and waiting until the right time to enter the market.
2️⃣ Control your emotions
This goes hand-in-hand with your mindset. Being overly emotional while trading is never a good idea. Being too confident or too negative will always negatively impact your trading. In an ideal world, you would have no emotions when trading. However, we all know that this is close to impossible.
Factors from everywhere will always pop into your head but the main thing is to never get too attached to a trade or a sporting outcome. Don’t be greedy when things are going well and don’t be too fearful when things aren’t. It’s always a good idea to stay away from trading a football match on a team you support, or trading a horse race when you’re a big fan of one of the runners. If you know you’re going to get too attached, remove yourself from the situation. That’s key to keeping a clear head when trading and allowing you to focus on the right trades.
3️⃣ Be realistic and always learn
There are too many traders out there that think they know everything with little experience. Every day is a learning day. Why? Because markets always change over time. If you don’t see this and change with them, you will get left behind. It happens all too often.
Be realistic with your goals, trading isn’t a “get rich quick” scheme. Little profits and often is the key to long-term bank growth. Remember, the market doesn’t owe you anything. You have to work hard and find the right trades every day. The second you get lazy, your trading drops off and you suffer from it. And lastly, always keep an open mind to new markets and new ideas – you never know where your next edge is your to present itself.