There's a lot of woo-woo out there about desire, as if all that is needed to make millions from trading is desire. It's nonsense of course. Certainly you need a positive attitude and be prepared to put in a lot of work, but 'desire' alone isn't going to get you anywhere. Desire, however strong, isn't going to upset the laws of probability for example:
“If I desire it, I will achieve it” is a common mantra of positive thinkers. After all, the first stage of making something happen in life is to understand exactly what it is you want. But success is not achieved just by desire; it has to be coupled with a plan and with another factor that can impact your success: detachment.Being emotionally detached from your financial or trading goals is, in my opinion, a critical and often overlooked factor.
A detached approach makes it easier to accept when markets change, and make the move to different approaches.
That your edges are going or have gone doesn't go unrecognised as the profits that were there previously are reduced, but being too close to the action, enjoying the thrill of it too much, and the mind is very creative on telling you why you should carry on.
James took time out of his busy schedule to comment on Mark's moving to horse racing, writing:
As his website states, "I'm not ready to give up on gambling just yet"
That's the problem with action gamblers, they just can't leave off and often they give it all back. If he was a trader rather than a "gambler" then he would realise that for him sports trading might now be a failing asset and should be dropped.
Another bon mot was "If you treated Betfair as a hobby that only paid a small amount, would you write and publish a book on your Betfair trading techniques?"
I would say, if you treated Betfair as a primary source of income that paid for your livelihood, would you be flailing around trying to relive former successes (unsubstantiated) in areas for which you struggle to find edge, should edge actually exist.
The fact that he went on one of The Tangled Webb's "courses" suggests he is not as clued up as he purports to be. Going on a "How To Push a Mouse Around A Table" course is not the stuff of PC giants.Many readers will no doubt say that Mark has done very well from trading, and reaching Super Premium Charge (in 2014) was no mean feat, but it has come at a cost, mainly that of a career. Divide the profits by the time spent and the hourly rate is distinctly average.
As for 'action gamblers', when you rely on profits to pay the bills, at least the prospect of Mark giving it all back are slim.
Two hours to make £14 (after 40% Premium Charges) doesn't seem that great to me for a pro, and Mark readily accepts that he would have made more from working [as in a 'proper' job]:
I'm not sure where this opposition to a 'proper' job comes from.
Choose a job you love, and you will never have to work a day in your life - Confucius