Approaches: Scatter-Gun Vs. Selective Trading
There are two schools of thought regarding volume of trades. One ideology is that you should find an edge and hammer every possible bet that you see, an approach known as ‘Scatter-gun’. The other is that you choose quality over quantity and only trade a couple of markets per day, waiting for absolutely outstanding trading opportunities, a ‘Very Selective’ way to trade.
Over the next two weeks I will look at the positives and negatives of both strategies, discussing my personal experience of them and what I have seen whilst on Betfair Trading Community.
Today I will look at the ‘Scatter gun’ approach.
A cool name no doubt and it definitely seems like the one to go for and tell your mates about. It does have its strengths; if you are identifying good value bets using certain strategies then why not push every single bet during the day? Surely it is better to squeeze every bit of value that you can out of the markets?
In some ways this is correct, one of the best ways to make money trading sports online is to take advantage of multiple daily opportunities, but it does not come without risks.
It is very difficult to trade more that one market at a time at optimum level and if you do you may find yourself making a lot of errors or missing entry and exit points. If you are just starting out then this can end up costing you your bankroll and your confidence. Forgetting about bets you have placed or simply getting distracted can be a lot more costly using this approach, you need to be organised and have your day planned and set out to make sure there are no avoidable human errors.
Scatter-gun works best with short sharp trades, when you are in and out of markets within a few minutes or even seconds (pre-race horse trading springs to mind). If you are in the markets for a while then this approach is not really for you.
I will be honest I do not know many successful scatter-gun Pro-Traders. Whilst statistically it seems to make sense to have this approach, human error and time limitations make this a really tough approach to uphold. Add to that a family and social life and you will struggle to find enough hours in the day!
So why do so many traders begin trading like this and overload their schedules? For me I know I have a natural tendency to want things as quickly as possible, and making money online trading is no different for me in that regard. Logic seems to suggest the more bets we place on the more money we will win. However, reality actually shows something quite different and unless your trades are absolutely watertight and manageable, then you are more likely to lose money this way and fast! I know this approach does not work for me personally.
Next week I will talk about ‘Very Selective’ trading, an approach I have started to follow more and more in recent weeks. If you want to learn more about Pro Betfair Sports Trading then join our community!