Ask Steve Question

I have a question from Chris

“If you were starting from scratch in 2019, what steps would you take
i.e. which sports would you trade, how to identify a good educator and
learning about mindset”

So 3 interesting questions, I’ll address them each in turn.

I think the first question is relatively easy for me. I think you have to trade something you are a) passionate about and b) know a little bit about the sport. I don’t think there is anything worse than spending a huge amount of time learning about something you dislike. When you hit tough times, and you will. It is another excuse to give up. So start off with trading a sport you enjoy.

Second question. How do you identify a good educator?
This is and will be a controversial question and answer. As there will be many opinions. This is only mine.
To start with, find someone who specialises in the sport you want to learn. It would be pointless asking me to teach you about football trading when my speciality is Horse Racing. Or even ask me to teach you In Play Racing. I simply do not do it.


The next part is due diligence. Find out what you can about the person in question. Are they credible? What exactly are they offering? Can they supply you with testimonials or references, From real people, not ones they have made up! Will / can they put you in touch with previous or present customers? What is their reputation like? Do they have a track record? Do they offer any support?
Just a little caveat here. Don’t listen to people who tell you how great they are. Listen to OTHER people telling you how great that person is”
If you were having a big extension built on your house, how would you choose your builder? Same piss, different pot.


There is a mostly negative vibe about Betfair Trading education. There is a good reason for that. Some are not very good! Another reason is learning to win consistently, is bloody hard. The constant bombardment by the “look at me ” merchants do not help. The making it look so easy approach raises expectations and you find that many aspiring traders will rock up, expect to spend a day at a course and expect to be at the same level as the trainer.
Not possible. Am I the only one saying this? If so there are more disingenuous fuckers around that I feared. This is why I encourage and offer long term support. It’s no coincidence that the people who stick at it make more money than the ones that go “around the houses” constantly.

Last question: Learning about mindset.
Mindset, or psychology if you like is a tough one. I believe this to be a specialised field that requires specialised guidance. So it is something I don’t say too much about. Other than to impart the bits I do know about.
There is no doubt that one of the key skills you need is discipline and patience. However, the best way to learn these skills is to understand that if you have a process to follow that works, and you trust that process. All you need to do is follow that. Trust The Process. Then it becomes clear that the controlled losses are part of the cost of doing business. They are factored in. Then they become less important and aids disipline.
What i am saying in a nutshell is. If you gain the knowledge to be able to build a little consistancy into your trading, this mindset side of trading suddenly becomes so much easier. There are many things we can work on that help with mindset. Without making it a stand alone subject. Everything you do has an influence on your state of mind.

So some tough questions there. i hope I have answered them. Please comment if you would like to discuss or disagree any of these points.
I would like to make clear that I will not publish any comments that mention other educators about. My points have been made generally based on my observations. If you have purchased educational material from someone and it has not delivered what you hoiped. Please take that up with them. I will not comment on others products I do not have experience of personally.

thanks to Chris for the questions. Please keep them coming

Cheers
Steve

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