The Easiest Way to Be A Profitable Betfair Trader – Trend Or Fade?
Join Us Trading Live On Betfair In Our Webinar Every Tuesday 2PM UK
- Scratch Trades And Letting Losing Trades Ride As Bets - September 28, 2022
- Did You Know Most Betfair Markets Operate In A Range? - September 27, 2022
- Change Or Fail As A Betfair Trader – A Trip Down Memory Lane - September 27, 2022
If strategy was the true determinant of success than most traders would be wildly rich. But in reality all of trading on betting exchanges can actually be reduced to two strategies — trend or fade. To be profitable you either buy the highs in hopes of momentum moving forward or you sell the highs in hopes of a reversal.
There are a many variations on trade management. They will increase or decrease your odds of success.
90% of all successful trading is not to trade when your strategy is wrong for the Betfair market. There will always be another horse race. As many traders say — being flat is a position.
Pilots can make profitable traders. They are trained to be extremely thorough and follow a checklist.
Process — not performance — is at the root of all long term success in betting exchange trading.
Let’s have a look at a small sample of error trades:
- Not taking a trade when your system provides a signal.
- Rushing to enter and being early to the trade.
- Missing the entry and being late to the trade.
- Putting in the wrong size for you risk control parameters.
- Lifting your pre-set stop.
- Putting in the wrong take profit.
- And the ever popular — taking a trade that is totally outside of your setup.
How many of us are guilty of making error trades?
I would say 100%.
Note that the error trades have NOTHING to do with the actual set up. They are in fact all trades taken outside of the setup and may not become profitable.
You can’t go into first gear until you move through neutral. In other words, the easiest way to improve your profitability is not by constantly tweaking the parameters of your strategy, but by actually trying to eliminate the screw ups you are making.
Once you are settled then all you do is stick to the rules you developed for yourself relentlessly tracking any “errors” you make.
Then use a virtual account – most software today has the ability to not trade with real money, including BetTrader – where you can make all the errors you want as you experiment with new ideas. You’ll be amazed at what a difference it will make.
In 2021 TradeHost traded 7,937 Betfair UK, IE & AU horse racing and greyhound markets.
In Q1 and Q2 of 2022 TradeHost is busier than ever and even more profitable with a whopping 12,271 Betfair markets traded.
All results for the 20,208 Betfair UK, IE & AU horse racing markets traded are here.
The more you trade,
The more you realize that the hard part is being patient, disciplined, overcoming failures, executing over and over for 5-10 years.
The more you trade, The more you realize that the hard part is being patient, disciplined, overcoming failures, executing over and over for 5-10 years.