Showing posts with label emotions. Show all posts
Showing posts with label emotions. Show all posts

Sunday, 7 October 2007

Giving money away?

I've been away for a week and havn't posted since then. during my time away I received a comment posted on the blog, which is similar to the ones that pop up every so often, along the lines of "give up, you guys are just giving money to the pros". The thing is, by the nature of bet exchanges, it is peer to peer betting. For each matched bet there is going to be a winner and a loser, it's as simple as that. Getting the skills needed to make a profit doesn't happen overnight (unless you're someone really exceptional). The only way to really learn is by doing. It's fine doing some paper trading, but the emotions are not there. You can be ice cold calm and sensible paper trading but when there is real money on the line then the emotions kick in and that's one of the factors that need to be controlled. So, if the only way to learn is by doing and as there are a number of skilled traders out there, it makes sense that there will be a period where you will take a hit. As you learn the lessons and get better and also new people join and others just throw money in without thought, you will rise up the ranks and with that your profit levels will rise too. For each of the people out there that say, "it can't be done", there are many people who are making profits. Look at fellow bloggers Mark Iverson or the Betfair Trader. They're taking profits and know what it is like to pay your dues.