New blog post by Carol Mutuga! Round Up- Betfair Trading Strategies
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What is the smartest way to bet on sports and make a profit, or what are some of the most profitable Betfair trading strategies? These are questions every trader thinks about more often than you would imagine. It is important to think about such questions if you want to become successful in trading. There are many strategies that you can learn that are essential to help you become a profitable trader. Some of the strategies include having a proper strategy or plan, thinking like a rookie, having a passion for trading, making time and consistent practice. However, it all starts with a strategy.
What is your Strategy?
Many people who get into trading do not have a plan or a strategy. Additionally, the majority of people do not take time to plan and execute their strategies. The key to your overall success is to develop a plan of how you want to tackle your trades. Lack of a strategy is a recipe for making losses which leads to loads of frustration. The end result is giving up before you even start.
Here are some things that will guide you with your plan
What is your overall plan in trading? Is it a part-time fun activity, or do you want to be a full-time trader?
How does your strategy fit with your overall plan? Suppose the two do not align; the outcome will result in issues with your trade that will affect your mindset.
One of the things I advocate for when creating your strategy is keeping trades as simple as possible. I advocate for lay the draw, and I do not go against my strategy.
Create a strategy that is simple and works for you. Remember, success always leaves clues. At every stage of your trade, ask yourself
Does this trade follow my plan?
It is important to realise that trading is not about making fast money. Here are some strategies that will help you to trade successfully.
Think like a Bookie
Bookies play the long term strategy. Likewise, your trade should be to play the trade. For example, think of a casino. The truth of the matter, casinos lose money to the players. However, they have a strategy that is long term which is about playing the people. Their strategy is to play the trade and to play the long term strategy.
As a trader, you need to have a mindset like that of a casino. You've got to think like a bookie. One bad trade doesn't define you or your trading. It just forms part of your overall strategy, which is precisely how bookies think - you can learn a lot from that.
Bookies have a strategy. Olympians have a well-mapped strategy that takes years to master and receive a well-deserved medal.
Here are some pointers to use to plan your long term strategy
Write down your strategy and include the rules. For example, how will you select your trades?
Follow your rules- do your research in advance and document everything.
Execute your trades- you need to know what is your endgame with a trade. Ensure you check the timings, score lines etc
Now that you are in the trade- how long are you in that particular trade, what profit percentage are you aiming for. Also, know when you need to get out.
The importance of documenting all the steps in your strategy is part of the bigger picture.
You've Got To Think Like A Bookie - Play The Trade
Time Factor
The most important thing to note is that trading is not a get rich quick scheme. It is necessary to give yourself time to become a successful trader long-term. At least 1-2 years in trading to fully master your strategy.
When you trade for a month or two, then you give up; you haven't started to scratch the surface of what you can do. The long term approach has worked for many people. Success stories include Martin, Ryan, and other Betfair trading community-BTC members like Keith, John, etc.
No trade or career leads to learning, perfection and mastery in a month. For example, look at doctors who take anywhere from 5-7years to perfect their trade. You need to give yourself time and be patient. Educate and learn about trading from the resources available in our channel and software.
Have Passion
Passion is about loving what you do. It is about having fun watching competitions, competing with other traders, learning more about sports, and having the right statistics about sports you enjoy. Most, if not all, successful traders have a real passion for sports and trading. Passion is built consistently through channelling your energy towards the right things and that which you enjoy. In turn, you receive a positive outcome of the expected results.
Most stories from great footballers talk of the passion they always had for the sport while growing up and their determination. Waking up very early to train, being left behind after training every day to perfect their game. Great athletes are made from such passion and determination.
Sometimes your passion for something can fade or become low. The best thing is to take a break and allow your mind and body to rest. You come back with renewed energy and are more rejuvenated to succeed.
The question you might have is, how can I know if I'm passionate about trading. As it is with any skill, give it time to develop and learn. Then only can you know if you have a passion for something or you don't.
Practice your Trade
Practice is essential to succeed in trading. Staying behind after training sessions to perfect your art through practice leads to perfection. Indeed practice makes perfect. Trading is a skill that is mastered through practice. Treat trading like a job. Have discipline and practice consistently to see results.
Write down your plan and build your strategy through practice. The beginning might be rocky, but with time and determination, you start to reap the benefits.
3 Secrets to Winning on Betfair
How to select a successful football strategy
There are many football strategies that you can use to trade and succeed. The question is which one will work for you. The most important part is understanding which strategy works for you. Your strategy can be a success because it is personal to your plan. For example, some traders have great success trading in play, while others like to trade pre-match.
Many traders will claim to show you how to trade in live shows. The danger with watching another trader's strategy means they can trade. However, how does that help you with your plan or strategy? It is pointless to watch an in-play trade while your strategy is pre-match trading.
For your strategy to work, you need to ask yourself.
How do I want to trade- in-play or pre-match? It will align with your strategy.
When are you going to trade? It helps you to organise your day and do your necessary research. For example, if your intention is only to trade at night, think of the upside and downside. The downside might be that you limit yourself.
Plan your time to trade and family time. Ensure you allocate time for everything important to you and ensure nothing suffers at the expense of the other.
One way to balance your plans could involve a weekend trade only pre-match. Set a specific time to get in and out of trades and set reminders or alerts.
How will you trade- how are you going to do your trades could involve your phone. To simplify your process, list all your trades on an app. It all leads to working within your strategy.
In conclusion, here are the questions that will guide you through creating a strategy.
When can I trade?
What is my trading style?
What information do I need to research?
Where can I get the information about trading?
How am I going to execute my plan/strategy?
You must ensure that you follow that plan consistently to become a successful trader.
Authors Martin & Ryan
