The Psychology Needed To Become A Professional Bettor
July 1, 2019
Sports trading is much more than finding the right bets.
It’s not even about applying advanced statistics. Or even working out the best strategy.
If you were to ask any sportsman what the most essential part of their game was after hours of training and planning. I am sure they would tell you ‘mentality’.
Yet, this part of your betting game is often overlooked. If you would like to become a professional trader, you have to start to focus on the psychological side of the game.
The psychological influence of trading is significant. I am sure you are aware that if you start anything in the wrong frame of mind, you are fighting a losing battle. When you lose a bet, this battle is so much more important because a loss could result in a huge impact to your betting bank. Then things can then become much worse and before you see it, things are spiralling out of control.
So how can you avoid their common mistakes and start thinking like a professional trader?
First of all, you have to manage your expectation levels. When you are starting out as a trader, you will be a novice and should trade that way. As betting is a zero-sum game and there are many experienced traders out there who are eager to take your money. So if you go in with the mindset you are the best, you are going to lose! Remember there is always someone delighted to relieve you of your hard earned cash.
After the first few months of trading, you are not going to be the best. You need to remember you will keep finding pitfalls that you didn’t even know existed. But, your trading journey will have started, and you will have improved. The same applies for the following month and the month after that. Begin your journey and don’t over commit as overconfidence is one of the first mistakes that you need to avoid. Accept your position mentally at the bottom of the pile and that you need to work your way up.
If you begin with a bank of £500, don’t expect that to be £5,000 by the end of the month. An experienced trader makes between 5% – 10% ROI and if you see tipping services that show figures much higher than that be very cautious indeed! These services usually are showing an excellent run, if they are in fact genuine. But some services are fake and manipulating the results or what they show in their favour. Either way you have to prepare yourself that things will not continue on the same path.
A professional trader sees the result of a bet as a small sample of the whole. They never get carried away with a few good results or a bit of a lucky streak, on the contrary in fact. A professional trader is going to start becoming warier the more wins they have. They start to reduce their stakes as a regression to the mean (average) is likely to occur. So when you have a positive result, you need to mark it down in green on your records.
This is one of the most important things you can ever do when trading this way, you can see when you feel you lost a bit of control, also keep a mood record. The idea of a mood record may sound a bit strange at first, but when you hear why it will make sense. A mood record will help you look back and judge your mindset at the time of placing the trade. You can do this by simply putting a few words such as “stressed” or “confident” and marking them out of 10. The information you gain over time will help you become a more experienced trader. Helping you find out when you should be trading and foremost, when you should be taking a break.
Adopting a positive mental approach while you are having a run of losses is key to becoming a successful trader because losses will happen! If you are feeling down following a string of losses, you will never meet your goals. Alternatively, think of it as an opportunity to learn and ask yourself what you could do differently next time?
Think of losses as being as valuable as winning. Sometimes, a loss can help you recognise a flaw in your trading, which could prove more beneficial than winning. Seeing these failures as an opportunity will result in improved strategies.
Finally, you have to be ready to take full responsibility for your losses. A professional trader will never look to pass the blame for a loss on to someone or something else. It can be so easy to say this was an internet issue or everyone is out to get me, but that will never help you improve, and in the end, you will lose money.
Remember, even the best traders in the world lose trades. But their mindset is always focused on what they could have done differently and how to improve next time. Their thinking does not involve anyone or anything else. The trade is solely their responsibility, and the sooner you can start thinking about betting this way, the faster you will improve. This will help you become the trader you want to be.
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Author: Jon Goodey
Jon is a Content Creator and Digital analyst. He has spent the last decade creating content over the web. He has also had the pleasure of working with some top household brands. Jon is passionate about trading and statistical analytics. He enjoys finding insights into data. In his free time he loves to watch football from all over the globe and visit top stadiums whenever he can.