Ways to Test if Your Betfair Trading Plan Works
All of the traders on Betfair have some degree of arrogance; some more than others. For instance, every time you hear a trader win, they would instantly say that their trading plan works best among all the rest. That is true to some extent because they’ve actually won only one trade, but that does not mean that it is not foolproof. I am willing to bet that they’re going to lose some trades down the line. It may even happen on the same day they’ve won!
To ensure that you’ve come up with a solid trading plan, you need to test if it really works wonders, especially when you’re given certain scenarios.
Here are some tips on how you can test if your trading plan works great:
1. Use a Simulator
The very first option and probably the most obvious choice is to actually use a simulator first on the stock market software. BetTrader has a simulation mode where you’re given historical data that you can use. Anyway, select your markets, input your strategy, and then leave the tabs open.
Wait until the trading day is over and then you can look at the results. You will see how many trades you’ve won and lost and the best part is that you are also given a comprehensive report as well.
2. Change Your Plan Accordingly
Whenever someone experiences a losing trade (especially if it is a string of losses), they’re most likely susceptible to making the same mistakes over and over again. In other words, because their losses are so dire, their emotions cloud their better judgment and in turn, they do not change their plans accordingly.
Don’t be like this kind of trader. If something doesn’t work, test it again. If it still doesn’t then you can fine-tune your plan again until you can come up with something that works for you.
3. Use a Note-Taking Program
Did you know that you can use a note-taking application such as Evernote to help you with your trades? And no, it does not directly affect your trading, per se, but you can use the application to take notes of the trades you currently have active.
Keeping track of everything means that you can pinpoint exactly where it went wrong. Also, add screenshots so that you will have visual proof of the notes you’ve taken for easier troubleshooting.
4. Constantly Review It
As I’ve alluded to before, your trading plan is not something that you cannot change. In fact, because of how unpredictable the results on Betfair can be, you have to change some things in order for you to continue winning.
Don’t be like others who are so stubborn and arrogant that they don’t want to keep up with the changing times. Be smart enough to know that your plan may have worked before, but with current market trends, it might not work in the present.
Continually test your strategies and I promise you that you will get consistently good results.