Try consciously not to waste time.
Some food for thought during this limbo period...
Good evening valued subscriber
Merry Christmas and a happy new year to you all! This is one of my favourite times of the year. It’s also one of the only periods where I’m not compelled to exercise discipline: there’s no markets available to trade so I don’t need to pry myself from the screen! Whilst trading is not really a job, it’s a hobby and a serious one. It’s not a fun past time you can enjoy when you’re losing money.
Despite the unpredictable hours and unstable income, the satisfaction of an inch perfectly executed back to lay is unlike any other. Consequently, the lines get blurred between having fun and doing work and if you’re not making that distinction then you’ll eventually lose it all.
I’ve been there: Not exiting a position, glued to my screen driving to the restaurant, eating with Betfair open next to my plate, paying for plane wifi to make sure my lay price was hit, watching the action unfold on my phone between shots on the golf course. I’ve done it all. It wasn’t until I had a serious rethink about my approach, (largely prompted by my nearest and dearest) did I reset, wipe the slate clean and approach trading in a cold calculated manner.
This line of work is not comparable with a 9-5. Your time is not valued by the hour. It’s valued by the size of your bet and the winning % of your decisions.
It’s as simple as that. Trading too many markets & entering too many positions negatively impacts your profits. It’s impossible to make dozens of correct decisions in a short space of time. The good calls will eventually be wiped out by the bad ones. Since we are cognitively biased to loss aversion, losing money will sting far more than any win and will prompt us to dig a further hole.
Successful trading means making firm decisions, picking an entry & staying in the market for the least amount of time possible. Sometimes they come in flurries, other times their sparce. Some trades will net you a few weeks wage, other trades you’ll do well to break even. There’s absolutely nothing linear about this type of income and by over trading, you turn a serious hobby into a break even or worse yet, losing addiction that costs you time and relationships. It’s important to remember why you trade: to buy BACK your freedom. The majority of your time in this game should be spent on the side line, accumulating data, troubleshooting bad habits, doubling down on your strengths and strengthening your in play reading ability.
When you have a clear methodology for selecting entries, you narrow down your scope of opportunity but improve your chances of success massively. When you stop trading 100’s of markets and focus on turning a few dozen solid entries in to frequent winners, the loop strengthens and a new habit is formed. By coupling a correct approach with disciplined financial habits, you can increase your bank roll and staking to a level where the financial pressure of ‘having’ to trade all the time disappears. The goal was never to live to trade but to trade to live. Remember your why.
My schedule would be hectic for most but through understanding of my strengths/weaknesses I’m able to operate profitably across several sports, consistently, whilst Youtubing, writing posts and running a successful Discord group (members can attest!). By organising my time and having an honest understanding of what I am/am not capable of, I can perform at my best whilst still learning on the job.
From boxing day, 3 test matches, 2 T20 matches and 70 races kick off! I have previewed the action to premium subscribers and have identified the value. It’s a mammoth schedule and it’s a given that I will not be able to spread my attention so thinly across so many markets. My aim rather is to identify where my edge is, where the highest ROI will be and attack accordingly.
I will be spending time with family. I’ll be eating plenty of left over turkey and cranberry sauce sarnies! I’ll also be playing golf. And I WILL be leaving profits on the table. Because I understand the bigger picture. I’m only capable of making a handful of optimal decisions daily. The price of compromising this ability comes at the expense of unnecessary losses. 1 of which could be devastating enough for me to go full tilt.
I’ve been that burnt out, overworked, sub optimal, stressed out trader who couldn’t make it worthwhile. I’ve worn those clothes before. Instead of waiting for January 1st to write down your new years resolutions, use this limbo period between Boxing day and New years to figure out your why, re organise and re invent yourself in time to hit the ground running next Wednesday. You don’t need to trade all the time. But you always need to be plotting. Planning your line of attack. Try consciously not to waste time.
Kind regards
AT
*The Discord channel is FLYING. Profits are being printed amongst members daily. Relationships are being built. Ideas and methodologies are being exchanged. Trading is lonely and most will LOSE at this game. Increase your chances of success substantially by joining a group where you can interact with seasoned profitable traders where previews, reviews and trades are shared daily. A winning team is being assembled.