5 Minutes With A Trader: Psychoff

Most of the traders I know I have met initially through Twitter. It's my platform of choice in terms of social media and for traders it is excellent (given that we only have a small

Most of the traders I know I have met initially through Twitter. It’s my platform of choice in terms of social media and for traders it is excellent (given that we only have a small amount of characters to type). I found Psychoff quite early on in my trading journey. It was apparent that this humble person held a lot of knowledge and skill.

His posts are somewhat bewildering from time to time, showing profits that are prodigious. But like the best people (I think) who trade, they also give you the insight into how difficult the journey can be. He is definitely someone I would recommend following and can be found here: https://twitter.com/psychofftrading

Please give a short introduction to yourself?

I am a 45 years old man, married with two children. Besides being a full time trader, I am a medical doctor and a psychiatry consultant. We’ve been living in UK for six months and I am not doing my job at the moment. But when we were in Turkey, I had my own office and I was working as a psychiatrist too.

How long have you been trading and how did it come about?
I have been trading since January 2005 on Betfair. Before that I was playing some online games for little cash like gin rummy or four in a row but these were mostly for fun. I don’t remember who introduced me Befair but somehow I discovered it and started to follow the change in odds and try to understand their meaning.
What are your preferred sports to trade on and why?
I like everything about football (watching, playing, discussing it) since my childhood. So just after I discovered Betfair, football normally became my first point of interest. I can’t deny that I tried some other sports as well but football is the one which I enjoyed the most and was most profitable from. I envy people who are able to successfully trade on more than one sports but unfortunately I am not one of those.
How did you find trading when you first started?
It is really not easy to remember those days. If only I had a chance to record my first steps in the markets and watch them now I am sure I would see lots of silly moves. What I can remember is, when compared with today, I was taking very big risks. On the other hand, those were the days I was exploring and discovering new things which made me very excited.
Many traders talk about various traits they had to work on before they became profitable. What characteristics, if any did you find hard to overcome?
I am naturally a calm person. You can hardly understand if I am happy or sad just ten minutes after I loose 10K or more. This gives me a great advantage in trading. I have another edge which is my job. Being a psychiatrist helps me control myself and my feelings more easily than most of the other traders in the market. But overall, I am just a human being and the hardest thing to overcome was controlling myself after those big losses.
When getting into trading, it can be somewhat overwhelming at first. Was there a pivotal point in your journey when it all started to click? Or would you say that ‘Eureka’ moment has instead been a lot more gradual for you over time?
I can’t say there was a Eureka point in my journey but I noticed an interesting detail. It was, at a guess the year 2007. My attendance to Peter Webb’s horse racing course. You can find this confusing because as I said, I have been interested in football since the beginning. Those years were the ones that I hadn’t discovered my boundaries yet, trying to learn as many things I could.
During this course, I can’t say I learnt lots of things (this was all about me, Peter is a very nice guy and tried to do his best) but maybe his one sentence changed my outlook in trading. He said: ‘First, Don’t Lose Your Money’. He was so right! When you lose money, you don’t just lose money. You also lose your courage, belief and enthusiasm and start to make faults more than usual. Opportunities always occur and when they do, you have to be there stronger than ever. Thank you Peter!
Would you say anyone can develop the mindset to become a trader?
Theoretically yes. But the traits you do or do not have determine how a successful trader you will be.
Every trader has different ways of ensuring that their risk management is 100%, whether it be yoga, staying hydrated to even a beer to help them relax. Do you have any rituals in order to ensure you maximise your productivity?
I can clearly say that, my key to success is discipline. I always try not to miss any single game that I can trade. Opportunities may occur anytime and you can learn something new from every market you trade in. I never drink any kind of alcohol during trading because I believe that it influences my judgement.
How would you say trading has affected your life?
It totally changed my life in both positive and negative ways. Everyone can imagine the positive effects which are related with money. Trading helped me to win much more money than I did from my professional job. And this power helped us to change our lives in a better way including moving to UK.
However this story also has a negative part and is of course… time. Trading stole thousands of hours that I should have passed with my family. It also has a big impact on my social life. While my friends were going to the pub in a weekend or evening, I was always sat in front of my PC trading. Everything has a price so I had to pay it this way.
What advice would you give to people thinking of taking up trading?
This is the most popular question I encountered via e-mails. I can only talk about live football trading. I advise them to watch as many live matches as they can while monitoring the odds in Betfair. There is a correlation between the odds and the match playing. After watching enough matches, you will start to judge the odds having value or not. And this is the point where trading begins.
What 3 articles or books would you recommend to read for any newbie trader?
I am not the right person to ask this. I am sure there are loads of sources and every newbie has to read/watch them before getting started. But unfortunately I don’t follow these sources, forums or YouTube channels because I don’t want to give extra time to those things.
Any final words of wisdom to add before we finish?
I am sorry for the problems about the language but I really tried to do my best 🙂
Thank you very much and good luck to all

leeroy@itchy-pig.com

Review overview
2 COMMENTS
  • Richard 3rd May 2017

    Just curious why you are showing a video of a P&L for 2011?