We all like a kickstart, and I’d like to highlight some Betfair trading tips to get you off to the best possible start. Depending upon how you opt to trade, you may find some of these Betfair trading tips rather generic for your own use. That’s fine, what I’m trying to give to you, Is a tried and tested framework that will ultimately lend Itself to your chosen style of Betfair trading.
Whichever way you choose to trade, you’ll need to do a little research. If you’re cold trading the horses, then you’ll need to check the graphs beforehand, to see where the smart money Is being placed. If you’re looking at the football markets, then you may wish to look up the head to head stats and predict how the match will likely be played out. It’s essential that you get your research done, as this will form the basis of you trading plan. Don’t skimp on the research stage, as It always pays dividends In the long run.
Have a plan.
Sounds simple enough eh? You’ll be surprised… What I mean Is that If your strategy Is “Lay the Draw” then stick with that strategy for the whole of your current betting session. If you’re “Backing to Lay” then stick with that method. It’s Important that you get the feel for how your trade Is going to pan out, and what your expectations are, should things not quite go to plan. If you’re fully prepared, then you’re not going to get surprised. Your clear plan will enable you to trade out with ease, whatever the outcome. Cool and calm Is the way to go.
I’ve seen may newbie traders get distracted whilst waiting an hour for a goal…They’ll look at the horses, have a game of Roulette, bet on the darts and be completely unprepared for when a goal does drop in. Please don’t fall Into the “MUG” trap.
Trade your plan.
Easier said than done sometimes, but now you simply follow your plan. If “x” happens you do this and if “y” happens do that. Sometimes trading Is literally that robotic. If you treat you trading without emotion, then you’re already at the top of your game. It should be cold, emotionless and clinical. You don’t care what the end result Is, you’re trading for profit alone. Remember, humans make mistakes, robots don’t.
Don’t be afraid to take a profit.
This Is an old phrase, but It’s message Is all to clear. If a profit presents Itself, then take It. I’ve lost count of the number of times I’ve watched a healthy green profit fade Into an awful red loss. This Is almost always down to greed. If you trade correctly, the profits will come. Conversely, don’t be afraid to cut a loss. Unfortunately most new traders chase the money, and that rarely leads to strong trading ethics which will grow with your competence. Lots of small wins will massage your confidence, whilst losses will blow your confidence. Small steps will soon lead to long strides. If you blow your bank, you’re out of the game.
Understand that You’ll make mistakes.
None of the books cover this, but I consider this really Important. You will make mistakes, and It’s ok to make mistakes. It’s how we learn after all. The key thing to consider, Is that you learn from the mistakes and avoid making them again. Hopefully this list will eliminate most newbie errors, but be prepared to make mistakes. Whatever you do, don’t let a simple mistake knock your confidence. If It does, pack In trading for the day, and sleep on It, or get In touch with me and we can walk It through to a logical conclusion. Not one single trader has made a success without making loads of mistakes first. Hopefully I can steer you through the mistakes that I made.
Many people come to Betfair thinking that It’s easy, and because It’s easy, then they don’t have to follow the rules. In fact Betfair to some Is like the Wild West. Eager punters dive In, throwing their money around with wanton abondonment only for It to be picked up by the professionals. Only when they lose their banks, do they realise that Betfair Trading, just like driving or having a job, has It’s own set of rules.
“The tighter the reign you keep on your rules, the greater your success”
So what does that mean? Let’s be honest, trading is a very very simple concept.
We buy something at one price and hope to sell It for more, Or we sell something for a high price and hope to buy It for less.
That’s It folks, that’s all there Is to Betfair Trading.
The real problem with Betfair traders Is themselves. We tend to be our own worst enemies, and we kick and fight ourselves out of taking the correct course of action, time and time again. I can sum this up In a number of examples…
We see our trade start to take a loss, what do we do? Rather than do the logical thing and trade out for a small loss or a scratch, we hang In there. We hope against all hope that the trade will turn and soar Into profit by some miraculous means. It always ends In a much larger loss, believe me. Instead of trading correctly, we turn Into gamblers, and that’s what we’re trying to avoid. This Is why you’ll see that having a Plan Is so Important. It gives you not only discipline, but allows you to pre empt the outcome if you don’t follow It.
It’s funny, writing this, I’m recalling all the daft mistakes that I’ve made over the years. Ironically, I believed that I was doing the right thing at the time. Clearly my decisions were not only Illogical, they were always wrong. Wrong means losing money, and you can’t be a professional when your finances are bleeding to death.
Follow these 5 Betfair Trading Tips, and remember to cut a loss quickly and always take a profit. Treat this like a business. You’ll be fine though, I believe In you.