Some sports traders seem to have a sixth sense when it comes to trading on Betfair, they always seem to be on the right team in the right game and usually trade out just before things go against them. The thing is, we've all had those Zen Moments when everything seems to be going right and you just can't lose.
I wanted to do a quick article on something that I've been pondering for a while, it is a particular cognitive bias called the, conjunction fallacy.
The conjunction fallacy is a cognitive bias whereby the brain gives two outcomes a greater statistical likelihood than a single outcome. Generally the conjunction fallacy will not play a significant enough part in our day to day lives for us to notice.
But when we are attempting to profit by trading sports on Betfair, then this cognitive bias has the potential to ruin your long term profits
The last thing we want when trading on the Betfair exchange, is for our own brains to subconsciously sabotage our attempts to win money; but unfortunately this happens to a lot of people, a lot of the time, because of something called cognitive bias.
The problem with maintaining your discipline when trading on Betfair is that you have to be disciplined in many things, many of which I've written about on here before. There are studies that show that if you give a person too many choices, then not only does this confuse and depress the person, it also gets them using pointless features that they wouldn't otherwise have taken notice of.
Have you ever spotted a bet that you thought had more than an even chance of winning but when you went to check the bet on Betfair the odds were way higher than you thought they were going to be?
But instead of taking the bet, for some reason you just don’t and then later, when you watch it win, you’re left upset and frustrated because you can't explain why you wimped out at the last minute? Wouldn’t you like to know why you do that and how to stop it and therefore start making money from these “great spots” that you make?
When we are trading sports on the Betdaq and Betfair exchanges analysing our trading results is key to us making money. Without cold, logical analysis of your results, actions, thoughts and the circumstances that surround every trade we make, we are not going to make it as a sports trader.
The meaning of Zen can be summed up in a simple sentence; action with awareness, when we are aware, fully aware of our actions as we take on a task, whether it be riding a bike or trading on Betfair. When we do this we can be said to be in The Zone, the quality of our actions will be greatly improved upon and we can carry out that action without the fog of mental chatter that can cause doubt, anxiety and uncertainty.
In this article I am going to summarise how you can use Zen techniques of mindfulness and awareness to train your mind to react in positive ways to situations you’ll encounter on your journey to becoming a successful sports trader on Betfair.
According to Robert J. Moore CEO of RJ Metrics, in 2002 we created 23 exabytes of information, we now created that every 7 days. 23 Exabytes is 23 billion megabytes by the way, that's 23 million Terabytes.
Let that sink in for a moment, think about how much information you can store on your one terabyte hard drive. Can you picture just how much information you could fit on 23 1TB hardrives? Probably more information than you have between you and your nuclear family.
I wanted to do an article whereby I gave advice about getting through the bad times, because we've all had those hard trading times on Betfair when we just can’t buy a winning trade. Everything seems to be going against us and we struggle to find any kind of form. These are the bad times for a sports trader and how we cope with the bad times will have a direct and very real effect on how much money we can potentially make on Betfair.
We may sometimes be unwittingly engaging in self-sabotage whilst trading on Betfair and unless you’re a masochist, self-sabotage is something to be avoided at all costs. At best it will diminish your profits and at worst will cause, confusion and distress, whilst losing you money on a regular basis.