Beginners - Be realistic about your trading.

Many of you who contact me are completely new to trading. You often ask me about how to do it and where to start, and i usually point you in the direction of practice mode in GeeksToy. 

 

This is probably the best place to start, because it is completely free! 

 

But! Many of you are so unrealistic in your approach to trading! Many of the problems that all of you have when starting up are:

 

-Trading with to high unrealistic stakes because its "play money" and you have nothing to lose! But what do you gain? Some fake huge results that will dissapoint you when you get to real mode trading? Come on, if you are using your time behind the screen and trying to learn it, do it the right way. Trade with minimum stakes as you would do if it was your own money!

 

-Thinking you can learn to swingtrade before learning to scalp is yet another wrong approach to the market! Many of you tell me that you want to swingtrade and you already caught some great swingtrades here and there!

Yes, if you are trading the favourite it is really not possible for you to do it wrong 10 out of 10 times. You will catch some good swingtrades, but this is not what its all about. Its all about being able to do this over and over again every single day every single year, making steady profits, and as a newbie, this is just not possible.

There are som many things that you have to learn as a beginner, (please read my trading area on the site) learning entry and exit points are so important, so please, its a waste of precious time starting up with huge confidence trying to swing trade. Do it simple, and do it right, learn how to scalp the market, it is so important that you know how to do this!

 

 

-Letting your losses run, hoping that the price will come back is probably the one i laugh the most about. I really really dont understand you people when you start up trading, and a trade goes wrong, why you are letting your losses run hoping the price will move back in your favour! This is one big guess work and has really not much to do with trading! I always tell myself, whatever i do on Betfair, i have to be able to trust with 1 million pound if it was possible, and i dont think i would trust this strategy with my money. This is probably the one mistake that every one of you are doing over and over again because you are trading with fake money and have nothing to lose, i know you wouldnt have been doing this with real money!

 

 

So please, cut your losses, and learn how to do it right from the beginning, repeating these three mistakes is just a waste of time!