Month: June 2017

Categories
General Horse Racing

At The Races vs Racing UK: Do You Need Both as a Racing Trader?

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If you plan on trading horse racing then it’s as simple as this: you need live TV pictures. If you don’t have pictures you will be at a serious disadvantage to everyone else in the Betfair markets. Having live pictures is an edge within itself.

At The Races vs Racing UK

At The Races and Racing UK are the two main horse racing broadcasters – so is it ok to just have access to one or do you need both?

The short answer is that you don’t really need to subscribe to either, but they do have their benefits. You can just use Betfair’s own live videos feed to stream but there are a few disadvantages to this.

Disadvantages of Using Betfair for Your Live Pictures

  • You must bet or put a trade on each race before you can access the pictures to that particular race – this is £5 minimum. I found this a bit of a nuisance as I’d often be concerned with getting £5 matched on both sides at no loss. Even if it was an 11p red it still had a psychological effect on me that I was already in the red before I’d even begun thinking about trading the race
  • Leading on from the point above: I felt I couldn’t properly assess how to trade the race before I got the pictures from Betfair on which meant I had no rhythm to my trading
  • For courses that Racing UK have the broadcast rights to you will see the race build-up from that TV channel. But for the races that At The Races have the rights to then you won’t have build up (however there is much less of a transmission delay than watching it on the actual ATR TV channel where there is anything between 10-30 seconds delay in coverage). Why is this important? Because the signal for potential moves in the market can be heard in the build up by the pundits – such as a pundit alerting you to the fact that a horse is keen to post/is playing up/is sweating
  • You rely on Betfair having no trouble with their feed. It’s happened a couple of times where they’ve had issues – which is rather unsurprising

One reason why you need access to both channels is because they have exclusive broadcast rights to certain racecourses. You can see the full lists by clicking on the accordions below.[/vc_column_text][vc_column_text]

Exclusive Racecourse Rights

[/vc_column_text][vc_tta_accordion color=”turquoise” active_section=”0″ collapsible_all=”true”][vc_tta_section i_icon_fontawesome=”fa fa-info-circle” add_icon=”true” title=”At The Races” tab_id=”1498247490102-5af29374-a1a6″][vc_message]UK Racecourses:

Bath, Brighton, Chelmsford, Chepstow, Doncaster, Fakenham, FFos Las, Fontwell, Hereford, Hexham, Leicester, Lingfield, Newcastle, Newton Abbot, Plumpton, Ripon, Sedgefield, Southwell, Stratford, Taunton, Towcester, Uttoxeter, Windsor, Wolverhampton, Worcester and Yarmouth.

Irish Racecourses:

Ballinrobe, Bellewstown, Clonmel, Cork, Curragh, Down Royal, Downpatrick, Dundalk, Fairyhouse, Galway, Gowran, Kilbeggan, Killarney, Laytown, Leopardstown, Limerick, Listowel, Naas, Navan, Punchestown, Roscommon, Sligo, Thurles, Tipperary, Tramore and Wexford.

(Information correct as of April 2017)[/vc_message][/vc_tta_section][vc_tta_section i_icon_fontawesome=”fa fa-info-circle” add_icon=”true” title=”Racing UK” tab_id=”1498247490189-0afa8131-9aca”][vc_message]UK Racecourses:

Aintree, Ascot, Ayr, Bangor-On-Dee, Beverley, Carlisle, Cartmel, Catterick Bridge, Cheltenham, Chester, Epsom Downs, Exeter, Goodwood, Hamilton Park, Haydock Park, Huntingdon, Kelso, Kempton Park, Ludlow, Market Rasen, Musselburgh, Newbury, Newmarket, Nottingham, Pontefract, Perth, Redcar, Salisbury, Sandown Park, Thirsk, Warwick, Wetherby, Wincanton and York.

No Irish racecourses.

(Information correct as of April 2017)[/vc_message][/vc_tta_section][/vc_tta_accordion][vc_column_text]

ATR vs RUK: Positives and Negatives

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At The Races

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Racing UK

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Positives

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  • £9.99 monthly cost for online subscriptions which can be cancelled at any time. Other options are available via cable and satellite TV – I’m pretty sure it’s free with Sky
  • Horse Racing Tracker – Make a note about a horse and get email notifications when it next runs
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  • Little delay in pictures – between 2-5 seconds usually
  • Broadcasts most of the higher quality racecourses and events
  • No adverts
  • In-depth racing analysis
  • All profits go back into the racecourses and Horse Racing itself, plus you get free access days to attend over 30 race days per year
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Negatives

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  • Major issues with delays. Can be anywhere between 10-30 seconds which is a serious inconvenience for traders. You’re almost just better off using the Betfair live feed for these races
  • So many adverts that it’s known as ‘At The Adverts’ by professional traders. You know those PPI adverts? Yeh, well you better get used to hearing them about 872 times a day
  • Matt Chapman. Like Marmite, you either love him or hate him. I’m the latter, unfortunately
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  • Costs £24.99 with a minimum 12-month subscription if subscribing online. Other options are available via cable and satellite TV
  • No broadcast rights to any Irish courses
[/vc_column_text][/vc_column_inner][/vc_row_inner][vc_row_inner][vc_column_inner][vc_video link=”https://youtu.be/3XWKFLUKEoE” el_width=”90″ align=”center”][/vc_column_inner][/vc_row_inner][vc_message]Top Tip: Racing UK sometimes do a special sign-up offer such as £10 per month for your first year. They had this on during Black Friday in 2016, if my memory serves me correctly. And I think they also ran an offer like this, or something similar in the lead up to Cheltenham 2017.[/vc_message][vc_column_text]

Comparison Table

[/vc_column_text][vc_table vc_table_theme=”simple_blue”],[align-center]At%20The%20Races,[align-center]Racing%20UK|Price%20(Online),%C2%A39.99%20per%20month.%20Can%20be%20cancelled%20at%20any%20time,%C2%A324.99%20per%20month.%20Comes%20with%20a%20minimum%2012-month%20contract|Delays,10-30%20seconds.%20Bad%20news%20for%20traders,2-5%20seconds%20maximum.%20Perfectly%20fine%20for%20trading|Adverts,Lots%20of%20them.%20Lots%20for%20PPI.%20Lots%20for%20Stannah%20Stairlifts.%20You%E2%80%99ll%20know%20the%20word%20to%20each%20advert%20by%20the%20end%20of%20your%20first%20month,None.%20Hooray!|Broadcasting%20Rights,Has%20Irish%20racing,Has%20most%20of%20the%20major%20racecourses%20and%20therefore%20broadcasts%20the%20major%20festivals|Other%20Benefits,ATR%20Horse%20Tracker.%20Make%20a%20note%20and%20get%20emails%20when%20that%20horse%20next%20runs,All%20profits%20go%20back%20into%20racing.%20Free%20access%20to%2030%20race%20days%20throughout%20the%20year[/vc_table][vc_column_text]

My Recommendation

[/vc_column_text][vc_column_text]If you’re just starting out I would recommend just using the Betfair live feed. This is because of 2 reasons:

  • If you’re subscribing to Racing UK online you must take out a minimum 12-month contract at £24.99 per month.
  • At The Races is so delayed it’s practically useless

However, if you’re serious about tackling pre-race horse racing then Racing UK is the nailed on one to subscribe to, but I can take or leave At The Adverts…. I mean At The Races.

However, it is best to Betfair’s live feed ready to load up in all circumstances – this is particularly easy to do through Geeks Toy which has a module where you can pull up the Betfair video.[/vc_column_text][ultimate_heading main_heading=”Related Content” spacer=”line_with_icon” spacer_position=”bottom” line_height=”1″ icon=”Defaults-file-text-o” icon_size=”32″][/ultimate_heading][vc_empty_space height=”20px”][vc_row_inner][vc_column_inner width=”1/2″][interactive_banner banner_title=”Geeks Toy Software Review” banner_image=”id^1502|url^http://www.sportstradingtools.co.uk/wp-content/uploads/2017/06/Geeks-Toy-Ladder-Europa-League-Trade-Fully-Hedged.jpg|caption^null|alt^Geeks Toy Ladder – Europa League Trade, Fully Hedged|title^Geeks Toy Ladder – Europa League Trade, Fully Hedged|description^Geeks Toy Ladder – Europa League Trade, Fully Hedged” banner_height=”ult-banner-block-custom-height” banner_height_val=”200″ link_opts=”more” banner_link=”url:http%3A%2F%2Fwww.sportstradingtools.co.uk%2Fgeeks-toy%2F|||” banner_link_text=”Read the Review” banner_overlay_bg_color=”#4aa8c3″][/vc_column_inner][vc_column_inner width=”1/2″][interactive_banner banner_title=”Bet Trader Software Review” banner_image=”id^1837|url^http://www.sportstradingtools.co.uk/wp-content/uploads/BetTrader-Pre-Race-Horse-Racing-Ladder-Screenshot.jpg|caption^BetTrader Pre-Race Horse Racing, Ladder Screenshot|alt^BetTrader Pre-Race Horse Racing, Ladder Screenshot|title^BetTrader Pre-Race Horse Racing, Ladder Screenshot|description^BetTrader Pre-Race Horse Racing, Ladder Screenshot” banner_height=”ult-banner-block-custom-height” banner_height_val=”200″ link_opts=”more” banner_link=”url:http%3A%2F%2Fwww.sportstradingtools.co.uk%2Fbettrader%2F|||” banner_link_text=”Read the Review” banner_overlay_bg_color=”#4aa8c3″][/vc_column_inner][/vc_row_inner][/vc_column][vc_column width=”1/3″][vc_widget_sidebar sidebar_id=”gp-horse-racing-sidebar”][/vc_column][/vc_row]

 
Categories
Horse Racing

Caan Berry’s 4 Best Trading Videos on YouTube for Newbies

[vc_row][vc_column width=”2/3″ css=”.vc_custom_1498050547697{border: 1px solid #cecece !important;border-radius: 1px !important;}”][vc_column_text]Caan Berry, a professional Betfair trader since 2011, has created a wealth of information online through his website and YouTube channel. As someone who struggled with the mentality of trading in the early days, he has always been keen to help those just starting out to overcome the exact same hurdles.

Here are 4 of Caan Berry’s best videos on YouTube for those just starting their trading journey…

1. Risk Management: Trading Betfair Horse Racing

In this video Caan provides an example of a losing trade on a 2-horse race. As part of his risk management process, before he even puts on his opening trade, he already knows roughly where he would consider it has gone wrong and where his loss exit point must be. It’s an important point that you’ll find professional sports traders hammering home time and time again.[/vc_column_text][vc_video link=”https://www.youtube.com/watch?v=FmTh8dgRTgI” el_width=”90″ align=”center”][vc_message message_box_color=”alert-info” icon_fontawesome=”fa fa-pencil”]Key Lesson: Risk management is all about having a pre-determined exit plan. If you don’t then it’ll be easy for your mind to keep putting off your exit point until you end up just letting your losses get out of control.[/vc_message][vc_column_text]

2. Importance of Being ‘Self Aware’ When Trading Betfair

Here Caan talks about self-awareness when trading and it’s a vitally important point. At the start of the day before you even begin trading you should take a moment to be aware of how you’re feeling at that point. If you’re feeling angry, a bit down, or just not right then it probably isn’t a good idea to trade. The same goes for when you’re in your trading session. If you find things aren’t going your way and you’re losing the control over your trading then it’s best to just quit for the day before one of those big losses happens.[/vc_column_text][vc_video link=”https://www.youtube.com/watch?v=AMhNFMAFIno ” el_width=”90″ align=”center”][vc_message message_box_color=”alert-info” icon_fontawesome=”fa fa-pencil”]Key Lesson: What is your mind telling you about how you’re feeling when you’re trading? If it’s negative then just get out of the space you’re trading in, turn off the software and take a break. Get out during the heat of the moment before the shit hits the fan.[/vc_message][vc_text_separator title=”Caan Berry’s Advanced Video Pack” i_icon_fontawesome=”fa fa-video-camera” i_color=”orange” color=”orange” border_width=”3″ add_icon=”true”][vc_single_image image=”1305″ img_size=”full” add_caption=”yes” alignment=”center” onclick=”custom_link” img_link_target=”_blank” link=”http://www.sportstradingtools.co.uk/caan-berry-avp”][vc_message message_box_color=”orange” icon_fontawesome=”fa fa-video-camera”]Caan Berry’s Advanced Video Pack includes 22 Modules with 96 Videos that will set you in good stead for tackling the Betfair pre-race Horse Racing markets. It covers everything from Mindset, Psychology, Swing Trading, Scalping, Greyhounds, How to Trade Irish Races, Spotting Genuine Money and Managing Risk.

Click here to read the review or click the button below to find out more information by visiting Caan’s website.[/vc_message][vc_btn title=”Find Out More” style=”3d” color=”warning” size=”lg” align=”center” i_align=”right” i_icon_fontawesome=”fa fa-mouse-pointer” add_icon=”true” link=”url:http%3A%2F%2Fwww.sportstradingtools.co.uk%2Fcaan-berry-avp||target:%20_blank|rel:nofollow”][vc_separator color=”orange” border_width=”3″][vc_column_text]

3. Record, Analyse, Critique & Implement

Even the professionals record their trading sessions from time to time. This was a key point I took on board when I was learning at the start – how could I improve my trading if I didn’t know what I was doing wrong in the markets? It’s alright to say after a trading session that you know where you went wrong – but I found when I watched back my recordings that there were one or two other more important things that I was missing “Oh so that’s why that drifted – because that horse which I hadn’t got my eye on had started being backed in!”

What I’m talking about here is a thing called inattentional blindness. Inattentional blindness is where you’re so concentrated on one thing that you miss something completely obvious that is happening elsewhere.[/vc_column_text][vc_video link=”https://www.youtube.com/watch?v=USuE7nrtIAs” el_width=”90″ align=”center”][vc_message message_box_color=”alert-info” icon_fontawesome=”fa fa-pencil”]Key Lesson: Record some of your trades and analyse them. See what mistakes you’re making over and over again and then work on rectifying them one by one.[/vc_message][vc_column_text]

4. The Security of Starting Steady

It’s pretty obvious from the title what this is all about. When you’re starting the day of trading it’s key that you get off to a good start for the sake of your mentality going forward. It’s like anything you attempt to do in life – if you get off to a good start you’ll feel like you can succeed throughout the day. Get off to a bad start in trading though and it can be a downward spiral. Suddenly you feel the pressure to have a green screen the next race and we all know that putting pressure on yourself is not psychologically beneficial when it comes to trading.[/vc_column_text][vc_video link=”https://www.youtube.com/watch?v=9lvuk-wgZ8I” el_width=”90″ align=”center”][vc_message message_box_color=”alert-info” icon_fontawesome=”fa fa-pencil”]Key Lesson: Play it safe during the first race. Play the defensive game first. You want a profit but don’t take any unnecessary risks – set yourself up for a good start to the day and it’ll help you reap your rewards throughout the session.[/vc_message][vc_text_separator title=”Caan Berry’s Pre-Race Trading Guide” i_icon_fontawesome=”fa fa-book” i_color=”orange” color=”orange” border_width=”3″ add_icon=”true”][vc_single_image image=”1295″ img_size=”medium” add_caption=”yes” alignment=”center” onclick=”custom_link” img_link_target=”_blank” link=”http://www.sportstradingtools.co.uk/caan-berry-tg”][vc_message message_box_color=”orange” icon_fontawesome=”fa fa-book”]Caan Berry’s Pre-Race Trading Guide provides all the essential information newcomers need to know. This is a perfect start if you just want to focus on trading the horses pre-off on Betfair, it covers all of the basics in terms of trading set-up, psychology, market dynamics, software and market participants.

Click here to read the review or click the button below to find out more information by visiting Caan’s website.[/vc_message][vc_btn title=”Find Out More” style=”3d” color=”warning” size=”lg” align=”center” i_align=”right” i_icon_fontawesome=”fa fa-mouse-pointer” add_icon=”true” link=”url:http%3A%2F%2Fwww.sportstradingtools.co.uk%2Fcaan-berry-tg||target:%20_blank|rel:nofollow”][vc_separator color=”orange” border_width=”3″][vc_column_text]What’s your favourite video by Caan Berry? Drop us a comment below linking to it![/vc_column_text][/vc_column][vc_column width=”1/3″][vc_widget_sidebar sidebar_id=”gp-horse-racing-sidebar”][/vc_column][/vc_row]

 
Categories
Horse Racing Trading Psychology

The Psychological Pitfall of Reading Adam Heathcote’s Blog

Adam Heathcote's Profit and Loss Record (Source- Bet Angel forum)
Adam Heathcote's Profit and Loss Record (Source- Bet Angel forum)
[vc_row][vc_column width=”2/3″ css=”.vc_custom_1498050547697{border: 1px solid #cecece !important;border-radius: 1px !important;}”][vc_column_text]Adam Heathcote came to prominence in 2008 when he started a blog challenge to make £150,000 profit in just one year from trading the Betfair pre-race Horse Racing markets. Not only did he achieve it but he smashed it so much he had to raise his goal… twice! Firstly to £250,000 and then finally £350,000.

As you can imagine, Adam caused quite a stir within the sports trading community as everyone wanted to know how a 24-year old could become such an expert and make profits that some professionals can only dream of.

Here is Adam’s screenshotted profit and loss overview. It is quite staggering how quickly he was able to scale up.[/vc_column_text][vc_single_image image=”1636″ img_size=”full” add_caption=”yes” alignment=”center” style=”vc_box_border” onclick=”link_image”][vc_column_text]

Adam’s Blog

You can find Adam Heathcote’s blog here: http://adamheathcote.blogspot.co.uk/. The link provided even takes you to the first page so you can read through it from the beginning – it really is a fascinating read. Whilst Adam doesn’t give too much of his knowledge away he does reveal some titbits of information that are useful for beginners to learn.

Adam had already made a substantial amount from trading Betfair before he started the blog and you must keep it in perspective that a lot of hard work in learning trading is not talked about in his posts. Plus, I’d hazard a guess that his degree in Computer Science may have laid a lot of the groundwork for his analytical thinking which undoubtedly would have helped him grasp trading more easily than your average person. His first foray into trading was in 2007 where he attended a Peter Webb course.

Many people questioned whether Adam Heathcote was real, or whether he was a marketing ploy by Bet Angel – Peter Webb’s Betfair trading software company. I very much believe Adam and his results are real and believe the alternative claims were just jealousy on many people’s part. If you want proof that Adam Heathcote exists he appears in a video for one of his friend’s series called ‘Blag A Million’.[/vc_column_text][vc_video link=”https://www.youtube.com/watch?v=UwevwGUTIi4″ el_width=”90″ align=”center”][vc_column_text]In the video, Adam makes £1,225 in the space of an afternoon. It all sounds so great – doesn’t it? Cue the dreams of you making that much money when you get good enough at trading.

I hate to rain on anyone’s parade, but there are many pitfalls to this way of thinking – and reading the Adam Heathcote blog can do more harm than good for beginners to this game.

The Psychological Pitfall for Newbie Traders Who Read Adam Heathcote’s Blog

A lot of traders read Adam’s blog at the start of their journey and get so excited by it that they set themselves a challenge.

I did. And I’ll freely admit that I failed.

What I didn’t know at the time was the psychological edge a Betfair trader of this level needed. I fooled myself into thinking that I could learn sports trading within 9-12 months and be proficient to the point where I was making astronomical profits. Why am I telling you this? Quite simply I don’t want you to make the same mistake yourself.

For most people, giving yourself a financial target is a foolish idea for a couple of reasons:

  • It puts pressure on you from the very beginning

The last thing you need is pressure when trading as you’ll make all the wrong decisions

  • It makes you think of your trading goals in financial gains

When you first start out trading, your goal – although it sounds rather counter intuitive – should not be about making money. It should be about learning the dynamics of the markets, ironing out your trading processes, getting your mentality right…and then focusing on NOT losing money. It was a lesson I had to learn the hard way – but you should always play the defensive game first when it comes to trading.

Adam Heathcote’s blog is meant to be inspirational, but it is not realistic – especially for those just starting out on their trading journey. Do not take it as standard that this is the level many people reach after a few years of learning the markets. Adam was an exceptional case by all standards.[/vc_column_text][vc_message message_box_color=”orange” icon_fontawesome=”fa fa-book”]Read the blog post: Trading Psychology: 5 of the Best Books for the 5 best books that help every trader overcome the psychological challenges that come with mastering trading. Mark Douglas’ Trading in the Zone is a must.[/vc_message][vc_single_image image=”1603″ img_size=”medium” add_caption=”yes” alignment=”center” style=”vc_box_border” onclick=”custom_link” img_link_target=”_blank” link=”https://www.amazon.co.uk/gp/product/0735201447/ref=as_li_tl?ie=UTF8&tag=nealmcp-21&camp=1634&creative=6738&linkCode=as2&creativeASIN=0735201447&linkId=7c051da80667370ffe3f4333aa3de2bf”][ult_dualbutton btn_border_style=”solid” button1_text=”Buy from Amazon” icon_link=”url:https%3A%2F%2Fwww.amazon.co.uk%2Fgp%2Fproduct%2F0735201447%2Fref%3Das_li_tl%3Fie%3DUTF8%26tag%3Dnealmcp-21%26camp%3D1634%26creative%3D6738%26linkCode%3Das2%26creativeASIN%3D0735201447%26linkId%3D7c051da80667370ffe3f4333aa3de2bf||target:%20_blank|” btn1_background_color=”#eaca7a” btn1_bghovercolor=”#eabd4b” icon=”Defaults-shopping-cart” icon_align=”right” button2_text=”Buy from iBooks” btn_icon_link=”url:https%3A%2F%2Fgeo.itunes.apple.com%2Fgb%2Fbook%2Ftrading-in-the-zone%2Fid357986493%3Fmt%3D11||target:%20_blank|” btn2_background_color=”#ffffff” btn2_bghovercolor=”#f1eafc” btn_icon=”Defaults-book” divider_text=”Or” btn_border_radius=”1″][vc_column_text]

So, what happened to Adam Heathcote after he hit £350,000?

Rather surprisingly, Adam gave up trading after a few years. From reading his blog and some other sources I think Adam had a larger goal in mind when he started making so much money and that was to start his own business. He also seemed to get annoyed at the unfair Premium Charge that Betfair introduced in 2009 which would have been taking a large chunk of his profits. His business is a health and wellbeing holiday company called Health and Fitness Travel which you can check out here http://www.healthandfitnesstravel.com.[/vc_column_text][vc_message]Links:

Adam Heathcote’s Blog: http://adamheathcote.blogspot.co.uk/

Adam Heathcote’s Business: http://www.healthandfitnesstravel.com[/vc_message][vc_row_inner][vc_column_inner width=”1/2″][interactive_banner banner_title=”Trading Psychology: The 5 Best Books” banner_image=”id^1604|url^http://www.sportstradingtools.co.uk/wp-content/uploads/The-Disciplined-Trader-Mark-Douglas-Book-Cover.jpg|caption^The Disciplined Trader – Mark Douglas|alt^The Disciplined Trader – Mark Douglas, Book Cover|title^The Disciplined Trader – Mark Douglas, Book Cover|description^The Disciplined Trader – Mark Douglas, Book Cover” banner_height=”ult-banner-block-custom-height” banner_height_val=”300″ link_opts=”more” banner_link=”url:http%3A%2F%2Fwww.sportstradingtools.co.uk%2Ftrading-psychology-5-best-books%2F|||” banner_link_text=”Read the Blog” banner_overlay_bg_color=”#4aa8c3″][/vc_column_inner][vc_column_inner width=”1/2″][interactive_banner banner_title=”The 3 Best Betfair Sports Trading Books for Newbies” banner_image=”id^1586|url^http://www.sportstradingtools.co.uk/wp-content/uploads/Mastering-Betfair-How-to-Make-Serious-Money-Trading-Betting-Exchanges-Pete-Nordsted.jpg|caption^Mastering Betfair- How to Make Serious Money Trading Betting Exchanges – Pete Nordsted|alt^Mastering Betfair- How to Make Serious Money Trading Betting Exchanges – Pete Nordsted|title^Mastering Betfair- How to Make Serious Money Trading Betting Exchanges – Pete Nordsted|description^Mastering Betfair- How to Make Serious Money Trading Betting Exchanges – Pete Nordsted” banner_height=”ult-banner-block-custom-height” banner_height_val=”300″ link_opts=”more” banner_link=”url:http%3A%2F%2Fwww.sportstradingtools.co.uk%2F3-best-betfair-sports-trading-books-newbies%2F|||” banner_link_text=”Read the Blog” banner_overlay_bg_color=”#4aa8c3″][/vc_column_inner][/vc_row_inner][/vc_column][vc_column width=”1/3″][vc_widget_sidebar sidebar_id=”gp-horse-racing-sidebar”][/vc_column][/vc_row]

 
Categories
Trading Psychology

Trading Psychology: 5 of the Best Books

Trading in the Zone - Mark Douglas
Trading in the Zone - Mark Douglas
[vc_row][vc_column width=”2/3″ css=”.vc_custom_1498050547697{border: 1px solid #cecece !important;border-radius: 1px !important;}”][vc_column_text]A key part of any trader’s edge is their mental ability to control their emotions and actions when trading. They say trading is 80% psychological mastery and 20% skill. The following 5 books will help you on your way to mastering your emotions in the market.

Trading in the Zone – Mark Douglas

Widely regarded as the go-to book for learning about learning the psychological demands of trading, Mark Douglas’ book ‘Trading in the Zone‘ takes the reader on a journey of reprogramming their current bad habits in the markets. 

If you’re at that stage of your trading where you’re still too impulsive and end up ruining perfectly good trades, or at the other end of the spectrum, letting your bad trades run then this book will help you on the path to eliminating these key errors.

Mark Douglas provides examples of how and why the mind works the way it does when encountering such psychological challenges that the markets can provide. The book is simple to read and understanding is gained through Mark’s excellent use of stories and allegories which likens the experiences of the market to real world experiences that we can all relate to.

If you’re looking to improve your understanding of how you react in the markets so that you can adapt and minimise the errors then this book is for you.[/vc_column_text][vc_single_image image=”1603″ img_size=”medium” add_caption=”yes” alignment=”center” style=”vc_box_border” onclick=”custom_link” img_link_target=”_blank” link=”http://amzn.to/2wy50R7″][ult_dualbutton btn_border_style=”solid” button1_text=”Buy from Amazon” icon_link=”url:http%3A%2F%2Famzn.to%2F2wy50R7||target:%20_blank|” btn1_background_color=”#eaca7a” btn1_bghovercolor=”#eabd4b” icon=”Defaults-shopping-cart” icon_align=”right” button2_text=”Buy from iBooks” btn_icon_link=”url:https%3A%2F%2Fgeo.itunes.apple.com%2Fgb%2Fbook%2Ftrading-in-the-zone%2Fid357986493%3Fmt%3D11||target:%20_blank|” btn2_background_color=”#ffffff” btn2_bghovercolor=”#f1eafc” btn_icon=”Defaults-book” divider_text=”Or” btn_border_radius=”1″][vc_column_text]

The Disciplined Trader: Developing Winning Attitudes – Mark Douglas

A different spin on ‘Trading in the Zone’, ‘The Disciplined Trader’ focuses on how to keep your cool, cut out the emotion and regaining the psychological composure that is the key trait of any consistently profitable trader.

With many of our habits of ill-discipline in the markets being formed by beliefs that are learned to function effectively in society this book explains why the profitable trader needs to learn how to become systematic in all aspects of their trading.

The book will show you how to understand your emotions in the markets and how you can create a mental structure to protect against the shortcomings.[/vc_column_text][vc_single_image image=”1604″ img_size=”medium” add_caption=”yes” alignment=”center” style=”vc_box_border” onclick=”custom_link” img_link_target=”_blank” link=”http://amzn.to/2uxH133″][ult_dualbutton btn_border_style=”solid” button1_text=”Buy from Amazon” icon_link=”url:http%3A%2F%2Famzn.to%2F2uxH133||target:%20_blank|” btn1_background_color=”#eaca7a” btn1_bghovercolor=”#eabd4b” icon=”Defaults-shopping-cart” icon_align=”right” button2_text=”Not currently available on iBooks” btn2_background_color=”#ffffff” btn2_bghovercolor=”#ffffff” btn_icon=”Defaults-book” divider_text=”Or” btn_border_radius=”1″][vc_column_text]

The Chimp Paradox – The Mind Management Programme to Help You Achieve Success, Confidence and Happiness – Prof. Steve Peters

Master the voice of the chimp inside your head, which often causes you to make highly irrational decisions with this ‘The Chimp Paradox‘ by renowned psychology professor, Steve Peters.

Whilst this isn’t a trading book, much of the information contained in it is perfectly applicable to the everyday life of a trader. This is one of the most interesting books I’ve read on psychology and will help you learn just how gaining introspection of your life outside of trading impacts your life in the markets.

Steve Peter’s has helped all manner of Sports Professionals and played a key part in Britain’s success at recent Olympics. It’s a fascinating book about mastering the voice inside your head and one that comes highly recommended.[/vc_column_text][vc_single_image image=”1605″ img_size=”medium” add_caption=”yes” alignment=”center” style=”vc_box_border” onclick=”custom_link” img_link_target=”_blank” link=”http://amzn.to/2vFcnKc”][ult_dualbutton btn_border_style=”solid” button1_text=”Buy from Amazon” icon_link=”url:http%3A%2F%2Famzn.to%2F2vFcnKc||target:%20_blank|” btn1_background_color=”#eaca7a” btn1_bghovercolor=”#eabd4b” icon=”Defaults-shopping-cart” icon_align=”right” button2_text=”Buy from iBooks” btn_icon_link=”url:https%3A%2F%2Fgeo.itunes.apple.com%2Fgb%2Fbook%2Fthe-chimp-paradox%2Fid482894788%3Fmt%3D11%26at%3D1000lybC||target:%20_blank|” btn2_background_color=”#ffffff” btn2_bghovercolor=”#f1eafc” btn_icon=”Defaults-book” divider_text=”Or” btn_border_radius=”1″][vc_column_text]

Thinking, Fast and Slow – Daniel Kahneman

Again, not a book specifically on trading, but one that will give you a deep understanding of how and why the mind works so often on an irrational basis.

One of the first questions novice traders ask any professional is “what trading books do you recommend?”. No surprise then that this very question was asked when I was on Peter Webb’s Masterclass course (you can read my review of that course, here). To my surprise, Peter didn’t mention either of Mark Douglas’ books above but instead recommended Thinking, Fast and Slow by Daniel Kahneman.

Admittedly, it is a long read and filled with high-level information so it’s one to take your time with. Give a chapter a read and then let it sink in over a few days and see where your cognitive biases are misleading you, and then go back to the book.

Alternatively, if you wish to gain an insight into whether the book is worth is worth a purchase (it is) then watch the Horizon documentary ‘How You Really Make Decisions’ with the author, Daniel Kahneman, on YouTube.[/vc_column_text][vc_video link=”https://www.youtube.com/watch?v=7Ha34Vu1zZo&” el_width=”90″ align=”center”][vc_single_image image=”1608″ img_size=”medium” add_caption=”yes” alignment=”center” style=”vc_box_border” onclick=”custom_link” img_link_target=”_blank” link=”http://amzn.to/2vEUT0v”][ult_dualbutton btn_border_style=”solid” button1_text=”Buy from Amazon” icon_link=”url:http%3A%2F%2Famzn.to%2F2vEUT0v||target:%20_blank|” btn1_background_color=”#eaca7a” btn1_bghovercolor=”#eabd4b” icon=”Defaults-shopping-cart” icon_align=”right” button2_text=”Buy from iBooks” btn_icon_link=”url:https%3A%2F%2Fgeo.itunes.apple.com%2Fgb%2Fbook%2Fthinking-fast-and-slow%2Fid464822423%3Fmt%3D11||target:%20_blank|” btn2_background_color=”#ffffff” btn2_bghovercolor=”#f1eafc” btn_icon=”Defaults-book” divider_text=”Or” btn_border_radius=”1″][vc_column_text]

Zen and the Art of Poker: Timeless Secrets to Transform Your Game

Much of the psychology tactics used by the world’s most successful Poker players intertwine with those used by the most successful traders. A short read, ‘Zen and the Art of Poker‘ explains why those who keep their cool and play the long game are the winners in the end.

I loved this book and had to buy it after reading the preview. Almost every poker reference in it could be switched for a trading one and it’ll help you visualise your trading in terms of sitting at a Poker table, trying to keep your cool and coming on out on top of your competitors at the end of the game.

You’ll be able to fly through it in a few days and be able to take numerous lessons from it into mastering your sports trading.

Thanks to Caan Berry for suggesting this one![/vc_column_text][vc_single_image image=”1609″ img_size=”medium” add_caption=”yes” alignment=”center” style=”vc_box_border” onclick=”custom_link” img_link_target=”_blank” link=”http://amzn.to/2vERSgF”][ult_dualbutton btn_border_style=”solid” button1_text=”Buy from Amazon” icon_link=”url:http%3A%2F%2Famzn.to%2F2vERSgF||target:%20_blank|” btn1_background_color=”#eaca7a” btn1_bghovercolor=”#eabd4b” icon=”Defaults-shopping-cart” icon_align=”right” button2_text=”Buy from iBooks” btn_icon_link=”url:https%3A%2F%2Fgeo.itunes.apple.com%2Fgb%2Fbook%2Fzen-and-the-art-of-poker%2Fid361825426%3Fmt%3D11%26at%3D1000lybC||target:%20_blank|” btn2_background_color=”#ffffff” btn2_bghovercolor=”#f1eafc” btn_icon=”Defaults-book” divider_text=”Or” btn_border_radius=”1″][vc_message]Also on my list to read: Market Wizards – Jack D. Schwager, The New Market Wizards – Jack D. Schwager, The Little Book of Behavioural Investing – James Montier and The Mental Game of Poker – James Tendler.[/vc_message][vc_column_text]If I could recommend only one book I’d say you should go with Trading in the Zone by Mark Douglas. But I’d definitely recommend at least watching the Horizon documentary ‘How You Really Make Decisions’ as it gives a fascinating insight into how the brain works.

If you’ve read any of the above books then comment below with your thoughts of how it helped your trading.[/vc_column_text][/vc_column][vc_column width=”1/3″][vc_widget_sidebar sidebar_id=”gp-horse-racing-sidebar”][/vc_column][/vc_row]

 
Categories
Horse Racing Sports Trading For Beginners

The 3 Best Betfair Sports Trading Books for Newbies

Sports Trading on Betfair- Profitable Betting Exchange Systems for Trading on Betfair and Betdaq - Wayne Bailey
Sports Trading on Betfair- Profitable Betting Exchange Systems for Trading on Betfair and Betdaq - Wayne Bailey
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From my experience, and many others, these are 3 of the best reads to get you started on your Betfair Sports Trading journey. They all cover the basics of what you need to know when starting out and will help you familiarise yourself with the terminology used by traders. Without doubt, these provide new traders with good grounding for going forward.

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Mastering Betfair: How to Make Serious Money Trading Betting Exchanges – Pete Nordsted

Essential reading for anyone serious about making money from Sports Trading. Taking you through low-risk strategies that can be used by anyone to profit from the markets, Pete Nordsted also teaches about the discipline needed to be a successful trader.

This book first takes you through the basics such as the hardware and software requirements, then the trading process, then money management, managing risk, trading psychology and finally a few strategies. Whereas Wayne Bailey’s book (discussed below) only touches on the psychology of trading, Pete Nordsted has a whole section of the book dedicated to it. Remember, trading is 80% psychology and 20% the actual skill of trading.

‘Mastering Betfair’ is for the aspiring trader who wants to keep a level head in and amongst the rush of the markets. Informative and methodical in its approach to teaching the reader the basics of mastering betting exchanges, it is a must-read for those just starting out on their journey.[/vc_column_text][vc_single_image image=”1586″ img_size=”medium” add_caption=”yes” alignment=”center” style=”vc_box_border” onclick=”custom_link” img_link_target=”_blank” link=”http://amzn.to/2weZwvg”][ult_dualbutton btn_border_style=”solid” button1_text=”Buy from Amazon” icon_link=”url:http%3A%2F%2Famzn.to%2F2weZwvg||target:%20_blank|” btn1_background_color=”#eaca7a” btn1_bghovercolor=”#eabd4b” icon=”Defaults-shopping-cart” icon_align=”right” button2_text=”Buy from iBooks” btn_icon_link=”url:https%3A%2F%2Fgeo.itunes.apple.com%2Fgb%2Fbook%2Fmastering-betfair%2Fid388624679%3Fmt%3D11||target:%20_blank|” btn2_background_color=”#ffffff” btn2_bghovercolor=”#f1eafc” btn_icon=”Defaults-book” divider_text=”Or” btn_border_radius=”1″][vc_column_text]

Sports Trading on Betfair: Profitable Betting Exchange Systems for Trading on Betfair and Betdaq – Wayne Bailey

Perfect for those new to Sports Trading, Wayne Bailey’s ‘Sports Trading on Betfair’ provides the reader with an overview of the dynamics of a Betting Exchange such as odds movement and how and why the prices move. Included are some strategies Wayne uses to profit from the Football and Horse Racing markets himself.

As the first book on Sports Trading I ever purchased this gave me a good grounding in understanding just how Betting Exchanges like Betfair worked. I bought it in 2014 just as I was dipping my toe into matched betting as I became obsessed with the idea of making a second income from the online betting industry.

I had only actually started gambling, as a mug punter, 3 months before happening upon matched betting but the idea of sports trading intrigued me. Wayne Bailey’s book gives a good understanding about what it takes to become a professional sports trader and is written in a way so that anyone new to the exchanges will understand it easily, despite it being full of related terminology that may be new to some.

This book laid the ground for a lot of the knowledge I now know about trading and is a great beginners guide for an introduction to life in the markets. Terminology and the varying aspects of trading are all explained very clearly and in a straightforward manner. Put simply, this is a must-read for anyone new to sports trading and will give you the edge over anyone trying to figure it out for themselves.[/vc_column_text][vc_single_image image=”1584″ img_size=”medium” add_caption=”yes” alignment=”center” style=”vc_box_border” onclick=”custom_link” img_link_target=”_blank” link=”http://amzn.to/2wsxXxU”][ult_dualbutton btn_border_style=”solid” button1_text=”Buy from Amazon” icon_link=”url:http%3A%2F%2Famzn.to%2F2wsxXxU||target:%20_blank|” btn1_background_color=”#eaca7a” btn1_bghovercolor=”#eabd4b” icon=”Defaults-shopping-cart” icon_align=”right” button2_text=”Buy from iBooks” btn_icon_link=”url:https%3A%2F%2Fgeo.itunes.apple.com%2Fgb%2Fbook%2Fsports-trading-on-betfair%2Fid1031894743%3Fmt%3D11%26at%3D1000lybC||target:%20_blank|” btn2_background_color=”#ffffff” btn2_bghovercolor=”#f1eafc” btn_icon=”Defaults-book” divider_text=”Or” btn_border_radius=”1″][vc_separator el_width=”80″][vc_column_text]Want to fast track your learning about Sports Trading? Sign up for our free Email Course ‘Sports Trading: 8 Steps to Discovering Your Edge’!

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Caan Berry’s Pre-Race Trading Guide

As a professional trader since 2011, and as someone who documented his early struggles online through his blog, Caan has built up a strong reputation as a great go-to resource for anybody just starting out. His Pre-Race Trading Guide provides all the essential information newcomers need to know.

This is a perfect start if you just want to focus on trading the horses pre-off on Betfair, it covers all of the basics in terms of trading set-up, psychology, market dynamics, software and market participants. I found this incredibly useful as it filled in many of the gaps in my knowledge that I hadn’t even discovered even after a few months of my journey beginning.

Read the full review, here.[/vc_column_text][vc_single_image image=”1295″ img_size=”medium” add_caption=”yes” alignment=”center” style=”vc_box_border” onclick=”custom_link” img_link_target=”_blank” link=”http://www.sportstradingtools.co.uk/caan-berry-tg”][vc_btn title=”Find Out More” style=”3d” color=”warning” size=”lg” align=”center” i_align=”right” i_icon_fontawesome=”fa fa-mouse-pointer” add_icon=”true” link=”url:http%3A%2F%2Fwww.sportstradingtools.co.uk%2Fcaan-berry-tg||target:%20_blank|”][vc_message]The information contained in Caan’s guide provides the perfect starting base for learning about how the Betfair horse racing markets function. Combining the knowledge learned from the guide with the huge amount of content contained within Caan Berry’s Advanced Video Pack will set you in good stead for tackling the markets.[/vc_message][vc_column_text]Have you read any of these – if so, what did you make of them? Comment below![/vc_column_text][/vc_column][vc_column width=”1/3″][vc_widget_sidebar sidebar_id=”gp-horse-racing-sidebar”][/vc_column][/vc_row]