Top Ten Betfair Trader Tips
New Betfair trader? Avoid disasters and maximise your potential with these tips.
New trader? You need not be one of the losers. Here are some Betfair trading tips that you can use to avoid disasters and maximise your potential in the Betfair exchange market.
Tips 1/10 Stick to your plan. Plan your goals.
Once you know what you want from your Betfair trading, you must define a timeframe and a working plan. What constitutes failure, what would be defined as success? What is the timeframe for the trial and error process that will be an important part of your learning? How much time can you devote to trading? Do you aim at financial independence, or merely aim to generate extra income? These and similar questions must be answered before you can gain the clear vision necessary for a persistent and patient approach to trading.
Tips 2/10 Staking Plan
Begin with small stakes, increase the size of your account through organic gains, not by greater deposits. If you can increase the size of your account through your trading choices, perfect. If not, then change your tactics or strategy. There is simply no point to keep pumping money in to an account that is burning through cash.
Tips 3/10 Restrain your emotions
Greed, excitement, euphoria, panic or fear should have no place in Betfair traders’ calculations. Yet traders are human beings, so it is obvious that we have to find a way of living with these emotions, while at the same time controlling them and minimising their effect on our lives. That is why traders are always advised to begin with small amounts. By reducing our risk, we can be calm enough to realise our long term goals, reducing the impact of emotions on our trading choices. A logical approach, and less emotional intensity are the best Betfair trading tips necessary to a successful career.
Tips 4/10 Automate your trading as much as possible.
We already noted the importance of emotional control in ensuring a successful and profitable career. In order to minimise the role of emotions, one of the best of courses of action would be semi automating trading choices. Tick offset with one click trading perhaps? All that you then need to do is to make sure that your responses to similar situations and trading scenarios are themselves similar in nature. In other words, don’t improvise. Let your reactions to market events follow a tested strategy with similar tactics.
Tips 5/10 Keep it simple.
Both your trade plans and analysis should be easily understood and explained. Betfair trading is not rocket science. There is no expectation that you be a mathematical genius, or an economics professor to acquire wealth in Betfair trading. Instead, clarity of vision, and well-defined, carefully observed goals, tactics and practices offer the surest path to a respectable career in Betfair trading. To achieve this, you must resist the temptation to over explain, over analyse, and most importantly, to rationalise your failures. A failure is a failure regardless of the conditions that led to it.
Tips 6/10 Understand that Betfair is about probabilities.
Betfair is all about risk analysis and probability. There is no single method or style that will generate profits all the time. The key to success is positioning ourselves in such a way that the losses are harmless, while the profits are multiplied. Tactics matter as much as strategy. Such a positioning is only possible by managing our risk allocations in accordance with an understanding of probability and risk management.
Tips 7/10 Be humble and patient. Do not fight the markets.
Recognise your failures, and try to accommodate them if they can’t be eliminated completely. Above all, resist the illusion that you somehow possess the alchemist’s stone of Betfair trading. You never will.
Tips 8/10 Share your experiences. Follow your own judgment.
While it is a great idea to discuss your opinion on Betfair trading strategies and tactics with others, you should be the one making the decisions. Consider the opinions of others, but make your own choices. It is your money after all.
Tips 9/10 Money management.
Once we make profits, it is time to protect them. Money management is about the minimisation of losses, and maximisation of profits. To ensure that you don’t gamble away your hard-earned profits, to “cut your losses short, and let profits ride”, you should keep the bible of money management as the centerpiece of your trading library at all times. Or use another set of tactics which you are comfortable with.
Tips 10/10 Don’t give up.
Finally, provided that you risk only what you can afford to lose, persistence, and a determination to succeed are great advantages. It is highly unlikely that you will become a Betfair trading genius overnight – actually, there probably aren’t any – so it is only sensible to await the ripening of your skills, and the development of your talents before giving up. As long as the learning process is painless, as long as the amounts that you risk do not derail your plans about the future and your life in general, the pains of the learning process will be harmless. And you might come out the other side with a set of tactics and strategies that work for you and are profitable on Betfair.