New blog post by Ryan Carruthers! Meet Betfair Trading Community Members - Simon

[BTC]

These posts on The Betfair Trading Community's Meet the Members series are so popular, we are continuing to champion the good ones!

The first post from The Betfair Trading Community's Meet the Members series was so popular, we are continuing to champion the good ones!

If you are a regular reader of our Betfair trading site, you will know that we want to take the 95% of losing traders on Betfair and turn them into profitable traders, this is the next installments from BTC on our 'Meet the Members' series. I hope this story about one of our longest-serving members at Betfair Trading Community and will inspire you in your trading on Betfair. 

Just to recap, I came up with this idea of asking the members a set of questions, they all got the same and I will be posting one a month so that you can see their answers to the trading questions, gain inspiration and hopefully learn from them. 

The questions are as follows... 

1. Do you remember the first time you traded on Betfair? What was it like? Did you notice anything around your emotional state?
2. What was most surprising to you about Betfair Trading?
3. What attracted you to Betfair Trading?
4. What was the biggest challenge you’ve faced in trading on Betfair? & what steps have you taken to face that challenge?
5. How has your trading changed? & why do you think this has changed?
6. What is your outlook for the future trading on Betfair?
7. What have you learned about trading on Betfair?
8. Is there an achievement you or contribution you are most proud of?
9. Is there anything you think I should have asked you but I haven't?

I have no fancy order other than who responded first to me, let me introduce the second person in this ‘Meet the Betfair Trading Community Members’ series!!!

If you missed the last meet the members post you can read it here.

 

Do you remember the first time you traded on Betfair? What was it like? Did you notice anything around your emotional state?

First trade I ever did was a LTD in a French Ligue 2 game. I remember it being a total rollercoaster emotionally. I didn’t have a planned exit/entry. I was doing it completely on the hoof. Little did I know then that getting control of my emotions would prove to be my biggest challenge in trading.

What was most surprising to you about Betfair Trading?

I think as a total newbie the pro’s made it look so easy, so I found it surprising how difficult it is in reality. I was naive and ignorant and thought it looked like easy money.

What attracted you to Betfair Trading?

The potential seemed limitless. Before trading I did and still do a lot of value betting, but this is limited by what you can get down and also being restricted when you do win by the bookmakers. Betfair trading seemed like an exciting world of no restrictions and limitless potential to me.

What was the biggest challenge you’ve faced in trading on Betfair? & what steps have you taken to face that challenge?

The switch from gambler to trader was the most difficult to me, and one I’m still dealing with. With outright betting there are rules to the game. You place your bet, the bookie accepts it, it’s wins or losses by FT. You move on. With trading there are no set rules. You can enter and exit whenever you want whilst the market is open. Pre game or in play, you can put down as much or as little as you like, you can cash out for small profits, remove liability, let it run. My point being, there is no rules, no structure like there is in betting. This is a blessing and a curse at the same time.

How has your trading changed? & why do you think this has changed?

When I started trading I felt like I was still betting really, but just on Betfair rather than with the bookies. I was hoping for outcomes, betting on big odds, or laying low. I wasn’t thinking in probabilities.

Now I research every trade, and I set rules to keep me in control. I think I can sometimes be too set in my rules, and need to work in a bit more flexibility. I’ve been at this for just over a year now and feel like I’m improving all the time.

What is your outlook for the future trading on Betfair?

I hope there will be more competition from other exchanges so that BF reduce their comms or get their act together in the outages. Personally though, I just want to keep on growing and start making consistent profits. I have also started automating some of my strategies which is exciting, and I think the promised land would be to have an army of bots doing all my work for me, but all just a work in progress at the moment.

What have you learned about trading on Betfair?

I have learned that no matter how good a strategy you have, it’s all down to you whether you make it work or not. There are plenty of profitable strategies out there to follow, and there’s a reason not everyone is rich from doing this. It takes discipline, self control, patience and an iron will at times. Qualities which can be learned, but not easily.

Is there an achievement you or contribution you are most proud of?

I doubled my starting bank within 3 months of trading which I was proud of. Also I’ve had a very poor start to this year and went to some dark places mentally, but proud I battled on and came though the other side and am now making good profits again. Winning is easy, losing is TOUGH at times.

Is there anything you think I should have asked you but I haven't?

One piece of advice to newbies would be a good question. I still consider myself an amateur, but to a total newbie I’d say keep it simple, set a sensible bank and build slowly. Before you know it that bank will grow and your confidence with it.