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Trading on Betfair: How do I get started?


Trading on Betfair: How do I get started?

Although at first trading can seem extremely difficult to the beginner, with a lot of practice and some determination a good consistent profit can be earned. It is important to note that trading is time-consuming and it can be stressful as you need to be watching odds but this can only lead to experience.

When all is said and done, you can only do a certain amount of research before jumping in and gaining some experience. In this guide, you will learn the basics of trading which will put you in a great position to get out there and start making some money!

What Is Trading?

Trading itself has evolved somewhat over the years and the rules have been changed; what used to be a 100% human industry is now infiltrated with bots and pieces of software that aim to take advantage of the changing markets. The market is also deeply affected by ‘spoof’ money which tends to sway the market in a certain direction; the difficulty is deciding which market is genuine and which has been affected.

Although professionals and full-time traders make it look easy, trading is not a ‘get-rich quick’ scheme and actually takes hard work and determination to get right. Trading is also extremely risky and therefore needs a whole-hearted commitment rather than just a dabble here and there.

Trading Types

swing-trading

Swing Trading - This method involves deciding which way the price is going to ‘swing’ and by how much; after backing or laying on the current price, you can then counter at a different price. This is a risky strategy because you can only win money if you correctly guess the swing and because you are staying in the market for a considerable length of time. With risk, comes great reward and that is the main idea behind this type of trade. These types of trading take preparation and some even start a month in advance of the race.

scalping

Scalping - This method has less risk as it involves backing and laying in the short-term; of course, this means less rewards but the idea is to complete the process as often as possible. This method takes less preparation and can be done just before or even during a race; it also requires fast movement between races as regulars don’t normally dwell on the race in hand but instead look for more opportunities to ‘scalp’ a small profit.

Cross Market - This is more complicated than the previous two as it involves backing and laying on multiple markets; you have to be careful to calculate properly because the amount of commission taken can vary depending on what markets you go for. Some full-time traders prefer cross market trading because it requires manual work rather than help from software.

Bet on Betfair

 

How Do I Get Started?

If you are a beginner, you are likely to struggle at first so it is wise to set aside an amount you would be happy to lose. After this, you need to learn to lose all emotion because no wise, informative decisions can be made if you are too emotionally attached.

Once you have done this, pick a niche; too many starters try to master all the sports and it only ends in tears. Once you have chosen, research and get to know that market as much as you can. The only thing left to do after research is to get started; expect to lose money at first and don’t gloat after winning. Stay cool, don’t chase, be sensible, keep emotion out of it, and get started.

Tip #1 - You have to learn when to ‘scratch’ a bet which means essentially removing an unmatched bet and placing a counter bet (ensuring similar odds). Scratching a bet doesn't mean that you have failed, it means that you have been wise enough to realise that it was leading nowhere.

Tip #2 - Only go big when you have enough experience and feel confident in your decisions, until then you should only stake small amounts. Even the world’s most proficient traders started with small stakes and you should do exactly the same whilst learning.

Tip #3 - If you can get your hands on one, use trading software. This will allow you to make better informed decisions as well as being able to act faster, you will then get to know the market better for the future and this will lead to even better decisions etc; the whole process becomes a spiral of positivity.


Our Betting Academy has a great online course Sports Betting and Trading Course - by Paulo Rebelo, that you can watch to learn the basics and the some more advanced tactics to succeed on the betting world.

 

betfair, cross market, get started on trading, scalping, swing, tips on trading

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