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.
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.
Caan Berry's Advanced Video Pack
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.
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.
Caan Berry's Pre-Race Trading Guide
What’s your favourite video by Caan Berry? Drop us a comment below linking to it!