trading styles

 

Trading styles

Pro Trader LTF.com Ian Pearson wrote this highyl informative piece on Trading styles:

"Trading is not a short cut to success. It's taken me many years and I am still learning "  he says. " Anyone looking to get rich from magic systems, daily tips or secret formulas is kidding themselves."  " However, anyone with patience, a willingness to learn and the right attitude WILL succeed in this environment over time. Financial freedom and independence are the very achieveable goals."

TRADING STYLE 

Trading is an organic thing, for me.  To define a particular "style" is difficult, but there is a thread of continuity that passes through my trades.

1.  Qualilty not Quantity.  I spend a lot of time filtering and identifying the markets I want to trade on. Personally, I think the mistake most aspiring traders make is to trade anything that moves. I will only trade matches which are televised, have great liquidity and meet my crtieria.
2. Take first Profit.  Don't be greedy, clearly define your entry points and exit points and stick to them.
3. Simplify don't complicate.  A profitable trade is the only aim. Whilst we are trading, we can never eliminate all negatives.

4. Look at the SMALLER picture. Can I scalp ten quid here and move on ?
5. Trust the market. The prices are usually right, or close enough. Form your trade around the market unless you can find compelling evidence to oppose it.
6. Be prepared to take a loss. It's vital to being successful. Risk v Reward. Does letting it run justify the worst outcome ?
7. Only use stakes where you can place a bet without any thought of the liability. Hesitation is your enemy.
8. Never back odds on, but always be prepared to lay at short odds.
9. Pay attention to your bank management. a consistent staking plan using compound increases will make a MASSIVE difference over a year.
10. Define you goals. Be realistic, but positive. Consider your motivation and place reminders around your work space. It may sound a bit OTT, but I have pictures of my family and written reminders of what I want to achieve on my corkboard. It keeps me in check, and reminds me that I can never take risks because I am also risking their wellbeing. Not just mine.
 
Finally I think traders in individual sports fall into two categories. Mathematical and organic. The first look only at the numbers, the odds, the stats the timings.  The second group analyse the game itself based on a real or perceived understanding of the game.  Both are fine but define which you are best at. It's about gaining an edge, so find yours

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