Friday, May 16, 2014

How to Improve your Sports Trading Results

Right now as we write this article we'll be shortly taking a well-deserved break from the sports markets, as activity on many of the sports wind down in preparation for the new year.
 
Of course, as an admission that we're addicted to sports trading, this won't be a total break as there will still be lots to trade on. Also we have some trading books to read and we will be taking time out to conduct a review of our 2013 performance and to plan for 2014.
 
We highly recommend that you do the same.
 
Don't get us wrong, reviewing your trading performance is not just a 'once a year' event.
 
We actually conduct different types of review after each trade, after each session, after each week and then again monthly. And we also complete a six monthly review, one of those being now, at the end of the calendar year.
 
While we will be reviewing our P&L figures and drilling right down into the stats such as winning percentage and win/loss size ratio for each of the setups, our biannual review is not so much about that stuff. That gets taken care of on a monthly basis.
 
The biannual review is really a chance to reflect on your results, your plan and your goals from a much higher level. And the best way to do that is...
 
ASK YOURSELF QUESTIONS!!!
 
We know, you'd rather us just give you the answers, but that's not how life or sports trading works. The real insights in life come from questioning what is happening and allowing your inner-mentor to provide the answer.
 
Ideally, the questions will also be customised to your needs. If you relax into the process you'll know the questions to ask. But to get you started, maybe some of the following questions will help provide you with an insight which will make 2012 your best year yet.
 
  • Am I enjoying myself?
     
  • Have I achieved my sports trading goals? Why? Why not?
     
  • Are my sports trading goals still relevant?
     
  • Is my sports trading plan current? Does it accurately reflect how I trade?
     
  • What is the strongest part of my sports trading plan? What can I do to improve it?
     
  • What is the weakest part of my sports trading plan? What can I do to improve it? What can I do to minimise the risk or impact?
     
  • What is the area of my sports trading plan that I haven’t really developed to its fullest potential?
     
  • Do I really know whether my plan provides a positive expectancy? How do I know?
     
  • What is one thing I could do right now to improve my pre-trading preparation?
     
  • What is one thing I could do right now to improve my identification of setups?
     
  • What is one thing I could do right now to improve my entries?
     
  • What is one thing I could do right now to improve my sports trade management?
     
  • What is one thing I could do right now to improve my exits?
     
  • What is one thing I could do right now to improve my post-trade review process?
     
  • What is one thing I could do right now to improve my record keeping?
     
  • What is one thing I could do right now to improve my longer term reviews (weekly, monthly, biannually)?
     
  • What is one thing I could do right now to improve my discipline?
     
  • What is one thing I could do right now to improve my consistency?
     
  • What is one thing I could do right now to improve my sports trading psychology?
     
  • What is one thing I could do right now to improve my money management?
     
  • What is one thing I could do right now to improve my risk management?
     
  • What do I fear most in my sports trading?
     
  • What am I embarrassed to talk to others about when discussing my sports trading?
     
  • What was the low point of the last six months? What will I do to prevent that reoccurring?
     
  • What was the high point of the last six months? What will I do to ensure that repeats again in future?
     
  • How do I plan to improve in coming months?
     
  • What are my current life goals? What are my current sports trading goals.
 
It's that simple. Hopefully there's one or two in the list that you really related to. If not, you'll need to find your own question. Relax, and ask yourself, 'What is the most important question I need to ask myself to improve my sports trading?' Then let the question go. The answer will come when it's ready.
 
Here's hoping 2014 is the best year of your life so far!

For more information visit www.interactivesportsinvestor.com 

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