Racing News Blog

20/03/22

Positive progress and a dose of reality

“Rome wasn’t built in a day” most of us have heard that before. Anything with good rewards at the end of it worth working for does not happen overnight and this is true.

Two major pieces of the puzzle need to be in place for a rookie wannabe trader to become profitable. Firstly you need an edge, you need to be able to apply that edge by understanding the market you are trading so when your edge shows it’s hand you can hit it with quality safe execution and confidence. 

The other major part of the puzzle is the right mindset. The brain you bring into trading is not the brain that will make you profitable so you have to work on rewiring the brain to suit trading. This can be a complex, long process for many. Humans are not the same, we are all individuals, yes some traits and belief’s we share are similar but you have to understanding your strengths, weaknesses and your historical belief patterns. Many people are not prepared to go through this process, it takes courage to look in the mirror and admit where and why you are wrong. As humans we don’t want to be told we are wrong, many don’t want to share their falls, their losses, their struggles in life, why? because they don’t want to show they failed, they don’t want be seen as a loser, their ego can’t have that, many can’t admit their struggles to themselves let alone others. 

Trading is easy when things are going well and you hit an obvious move but it is the losses, the mistakes, the falls that we either learn from or don’t. It is your choice as a trader, do you cover up the mistakes, reload the bank and repeat the same old mistakes? Do you drop your current edge and go looking for an easier way in? Many will do the latter in search for the golden egg, sorry to drop it to you the golden egg does not exist. 

Remaining humble when you win and gracious in defeat is by far the best way for a traders mindset and I would hazard a guess that 99% of profitable traders mindsets are this way. Focusing on themselves, their failures, their losses. Understanding the process, learning from them falls, keeping records, watching trades back, taking notes, working on their weaknesses. 

I did contemplate at the back end of last year to stop running courses and making HFP a closed group. Why? because it is not easy finding people on the same wavelength that have that understanding, drive and determination to become a trader. Many want an easy way in, that golden egg, that get rich quick scheme.

But sometimes new members do come along with that understanding it won’t happen over night and they have that self determination and good work ethic. When they do it spurs me on to keep the door open because in might walk another new potential profitable trader, one that a few months down the line are messaging me their success story from their hard graft they have put in. That’s it hard graft, listening to the advice, absorbing the information, taking this seriously. 

Above is the P&L running total of a member who joined us back in September, they have made steady progress over that time slowly building the profits up, it is a good start from a new member, they are building the solid foundations to work from and hopefully will go from strength to strength and the profits will rise. Has there been losses for them? yes of course, have they had set backs? yes of course they have and whilst it would be wrong for me to portray every new member will hit the ground running from the off, some do. Why only some? well you have to understand where you are on your trading journey, where are you with your two major pieces in the jigsaw? 

Hunting for Profit gives you that edge and market understanding. It also helps massively with the mindset correction you need, it gives you a hell of a fast track that I never got. You still have to apply the correct mindset though and watch lots of markets to “get it”, then it is a case of building on that every trading session, constantly working on that mindset and building up more and more experience within the market. So whilst some will grasp things early on for many it will take longer depending on many factors. 

We have a lot of long term members in the group now who just crack on in the background, it is a very settled group and it can be difficult at times to find the right new members who have the drive and determination to really give it a go and eventually get to where the long term members are at.

I am always looking for open minded people who are prepared to absorb the information I provide, treat it like an apprenticeship, an education. You don’t need to know about racing, you can learn from scratch but you have to understand that it is likely to take you longer to learn than someone who does understand racing and trading. It will also take you longer if you don’t have that traders mindset yet that I speak of. Sadly some give up before they have started, there are many reasons for this, a lack of time, changes in their personal life, they don’t have the fight, the drive, the positive attitude. 

Of course trading is not for everyone and trading in-play is not for everyone. Understanding actually what it takes with a real dose of reality is important and I make no bones about it. It is hard work but it is possible if you apply yourself correctly with the right mindset, understanding of the market and an edge that provides value.

I am still running small courses at different locations in the UK in person, check out the website for future dates and locations. I also provide an online course if you prefer that routine. If you want to know more about learning to trade horse racing on Betfair in-play check out the previous success story blog posts below and check out the courses links too. Drop an email via our website contact boxes for more details and if you have any questions we can arrange a zoom or skype chat if you wish to know more.

Check out previous success story blog posts in the three links below:

Check out our courses links below:

Good luck & stay green

Matt