Managing Your Trading Bank
No matter how hard I was trying to convince you that you shouldn’t think about money when trading, I couldn’t, could I? I was trying to persuade you that you have to watch the figures going up and down and see the technical side of the whole process and measure the outcome in success instead of money.
Well, there’s a small correction needed, in fact. What I meant was – don’t be running after money. Don’t try to earn as much as possible in a week’s or a month’s time. Don’t be greedy – greed inevitably and invisibly leads to gambling.
Don’t approach the whole thing as a lottery – I will rake in a huge amount of money and then I’ll afford a new car, travel to Maldives and throw crazy parties every weekend! Instead – keep the money as an underlying factor in your mind when the things can possibly go wrong.
When you make a successful trade – control your emotions – don’t let the excitement make you blind towards a possible future failure. But you also can’t leave trades too early leaving the biggest part of the profit in the bank.
But when you’re faced with closing the trade with a loss – also control your emotions. Don’t allow the greed make you wait and start hoping that the price is going to change – then you’re done. Always bear in mind – to trade in-play tennis on Betfair successfully protecting your existing funds is as important as making profitable trades!
It may sound a bit awkward at first. You’re maybe saying now – what’s the point on focusing on preserving the money I have in the Betfair account? Then it’s better to save money in a sock and not try to engage in such activities at all!
|Well, this is where a successful tennis trader differs from a pure gambler.
Think about this – if all the money is gone from your account you either have to lodge more funds into it or stop dreaming about earning nice income from Betfair tennis trading.
You seriously have to understand that while earning money must be an ultimate end-result of your activities on Betfair tennis markets, primarily you have to focus on preserving your existing money!
Many successful trades are ahead and your Betfair account is going to grow if you keep your focus on preserving what you have and focus on technical matters. In fact, not keeping in mind what they have to lose is just another self-deceptive feature of gamblers’ way of thinking!
Gamblers only dream about the possible future earnings, the big cash that awaits ahead. They can’t assess the importance of the money they have at the moment, it’s unsubstantial. And on those occasions when they indeed rake in a nice win, they don’t hesitate to pour it down the drain pretty soon – because, of course, there’s so much more money to win!
So – lodge 100 or 200 pounds into your Betfair account and gradually learn the tennis trading process and progress so that you don’t have to make another lodgment ever again. Is it actually possible – you may open your eyes widely in disbelief? Yes – it is. Appreciate your 200 pound start capital as if it was 2000 pounds!
But how big your stakes should be? Can you start trading with 100 pounds stakes straight away once the Tennis Trading League Systems are so foolproof?
First of all – you’ve got to learn the trading process and become very confident performing all the actions. At the beginning of your learning curve you should stick with very small stakes – like 10 pounds or so. As you progress and get to know the nitty-gritty of the in-play tennis trading – you can increase you stakes gradually.
However, a general rule would be to split up your trading bank in ten parts and use a maximum one part as a stake at one time. In other words – 10% as a maximum stake to trade with.
Learn not to put all your eggs in one basket – no matter how strong your belief that anything can’t go wrong. You have to develop a professional attitude towards managing your finances. Like in business!
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