No doubt you have to have a Betfair Loss limit. Basically every human being does mistakes. Nobody is perfect and nobody can predict the market move every time. Even the best traders in the world have losses and you will have them as well. It’s a vital part of trading – to accept your losses. So, you only have to work on minimizing and stopping them as quickly as possible. Accepting a loss must become a routine, you can’t exceed your pre-defined risk.
You can setup your Betfair account exposure limit and set your hard stop which won’t allow you to exceed it. You can use a proper money management but the most importantly – you have to control yourself and act quickly and without emotions.
Betfair Loss Limit Video Description:
- 0:16 – I’m ready to enter the market where it has bottomed out and around the round number support level @4.00.
- 0:23 – But the market thinks the opposite and easily goes through this level @4.00. I have to quickly take the loss and not let it grow too much.
- 0:48 – I’ve placed a speculative bet to the market just in case of a spike up or down.
- 1:38 – I think the market will go up, but again, I have to take a loss shortly thereafter.
- 2:28 – 2:53 – Some quick attempts to do scalping but I always scratch my trades quickly as I don’t feel confident.
- 3:19 – An attempt to make the market, which was finally successful and I’ve slightly lowered my loss. That’s trading – you always take three steps forward, then one step back, etc. The point of trading is to take more steps forward than back.
I tried to show you how I was accepting losses when trading. It’s crucial to accept them quickly and without emotions. It’s important to know that accepting losses will let you win in the long term. Successful trader is not made by big wins. Successful trader is made by the ability to manage his risk. In other words – to accept losses.