Betfair Trading - Surviving the Coronavirus as a Pro Trader
It makes sense for me to talk about Convid 19 this week as this is the height (I hope!) of the epidemic. I won't bore you with any detail about the virus as it relates to the news, you are probably sick to death of the updates.
(As an aside I must mention my 'G' key on my computer is struggling to respond, if I miss any out and don't notice when proof reading please assume a 'g' should be present if a word confuses you!)
I want to talk about this Coronavirus in relation to trading, particularly for myself a someone who makes their living from trading on Betfair.
There is no doubt that for any pro trader like myself we have a few hard weeks ahead, the lack of live sport is a game changer for us and we have to work hard to find alternative ways to earn a living. Whilst this does present us with a great opportunity to learn new markets and even non sporting trading markets, I imagine for most of us the financial implications are the biggest challenge. So let's start there:
- Preparation - Now anyone who has read my or listened to me extensively will know that I preach that every pro Betfair trader should have six months of living expenses at least in their bank accounts. Fortunately before now I have not had to consider using them but these next couple of months may force to me to dip into them. If you have not done this as a pro then you will be strugglin more but the positive is that I am sure you will follow the advice in future.
- Alternative Markets - There are two things I have ramped up in particular when it comes to trading on Betfair, one is working on the US horse racing at very low stakes but the more important other one is investing more into Political trading. We are very fortunate that John is an expert on political trading as he has shown over the years so look out for his advice in the politics thread on our members only forum: http://forum.betfairtradingcommunity.com/topic/688/political-trading-thread/ Bare in mind that politics is an ongoing long term trading opportunity so there won't be trades every day.
- Trading Outside of Betfair - Another two ways I have altered my trading is by investing more in stocks http://forum.betfairtradingcommunity.com/topic/1649/stocks-shares-and-forex-trading-thread and using Football Index to invest in players http://forum.betfairtradingcommunity.com/topic/806/football-index (both something I will ramp up when markets look like they will be making a recovery).
I have mentioned this a lot during the Convid 19 outbreak but this is a great opportunity to further educate ourselves. More free time equals more time to improve our knowledge and in the spirit of Michel Foucault 'Knowledge is Power!'
We have released our trading course more quickly than we planned to, as we saw this as a great time for it to drop. There is so much wisdom and insight packed into the 100+ video lessons that I am sure even the most seasoned of traders will learn new things, if you have yet to check it out I highly recommend doing so! Have a look here - https://betfaritradingcommunity.gr8.com/
Last but not least is family life, which I could not leave off given the impact it has with everyone being home. If you live with people it is important to try and maintain your own space while you carry on trading or educating yourself during this process. I have set up a makeshift office in my spare bedroom, it's amazing how a little bit of furniture organisation can change a space. I think I actually prefer this to my outside office, mainly as it feels like I'm no longer wasting one of the nicest rooms in my house! As my wife uses the annex office to do her work for the NHS (as an aside I am so glad that those great people are finally getting more recognition in this country, I hope this continues even past Convid19), my three year old son is ripping my house to shreds. All I can say is thank God for Disney+ releasing this past week, at least that can hold is attention for 15 minutes!
If you live on your own it can be a very isolating time but don't worry your friends here at BTC will be there for you! Just hop onto the forum and chat to us, either on the main forum or the private coaching section of the forum.
Oh and watch Tiger King on Netflix!!! It's amazingly insane.
Anyway, I hope this helps some of you survive the next month or so without much live sport to trade! This is how I am coping anyway. See you next time!