As a sports trader on Betfair you are always faced with adversity. You have to learn how to use the interface, how much to stake, whether to back or lay your selection and then decide when you should stay in or just get the hell out! Jumping into trades without carrying out proper research and understanding market movement will simply not work. The only thing this will do is guarantee and empty wallet. The following five tips will help to keep you on a steady path to profits.
1.Learn the rules for Betfair
Before spending ANY money make sure you understand exactly how the betting exchange works. Remember betting exchanges do not work the same way as the bookies. If it did then the bookies would stop moaning. You have to understand what lay betting means. You must also understand that your liabilities when laying your selection is a lot different than when you are backing.
2.Back High and Lay Low OR Lay Low and Back High
The first rule to profits is to understand how money is made using Betfair, or any betting exchange. You have to make the correct selection for a start but if you do not place your stakes on the correct side of the market in the first place then you will lose money hand over foot. Always remember that if you are backing a selection you will lay it later and if you lay a selection you want to back it later.
3. Learn the Markets
You may already have experience gambling at the bookies or have never placed a bet in your life. Do not place any trades on Betfair until you understand your markets. Take football for example. The markets here are mainly effect by only two things: time and goals. What you have to do is learn what these two factors do to the market prices and how that effects the decisions you make.
4. Learn Sports Trading Strategies and stick to them
When you start trading on a betting exchange you will want some guidance on the ‘make-a-million’ full proof trading methods…. no wait a minute, they do not exist. However there are strategies that when applied consistently will make you money over the long term, whether that be weeks or months. After a while you will begin to learn sports trading strategies that you are comfortable with. Once you find these stick to them rigidly. I am not saying that you should not look for new methods but do not stray from the rules once they are set.
5. Learn to accept loss
Losing is inevitable. You may not want to hear this but even the best strategies out there have days where it just does not go to plan. Sometimes the underdog scores, or there are not any goals. The list is endless as to what can happen. You must learn from the very start to accept loss. If you consistently lose then go over your strategies again and make sure you are squeaky clean. Remember, if you are following a proven strategy then every loss takes you closer to a win.
There is a lot to learn when starting out on a trading career and many things to remember on every trade you make but it does get easier with time.