As we move towards another tedious and largely pointless international break it is a good time to reflect on our Betfair trading. A few weeks ago I wrote part one of this blog post on finding definitive value when trading on Betfair, if you haven't read that yet find it here: https://betfairtradingcommunity.com/en/blog/finding-definitive-value-betfair-sports-betting-and-trading-part-1-2
On to part two and in this section I am going to focus on the other two key areas:
Not two words many people associate with joy and fun, which is why I think they are often overlooked by traders.
I don't think there is a trade you can ever make without doing some research on the said event beforehand. This may sound obvious but think about how often you may have been tempted to trade inplay and get your first bet in as quickly as possible so as not to lose the current price available. I would err on the side of risking losing the good price you see in front of you if it means you spend a little time researching the event.
- Spend some time each morning looking at the days events you may trade, make some notes as I do to give yourself an advantage when the event goes inplay, rather than going in blind
- If you spot an opportunity inplay do your research there and then before betting, it only takes a couple of minutes to check multiple sources these days with the internet access we have
- If you are a pro trader and you are not spending at least 1-2 hours a day on research then I think that is a mistake, you can never have too much knowledge in this game!
- Using our stats software cuts research time but still check other sources once your selections are narrowed down
- Watch what is happening before you trade, it is unreal how many bad trades can be avoided by seeing how a team/player looks on the day
- If you combine pre-match and in-play analysis your trades will be at least twice as strong in my opinion, you are now armed with two sets of serious information
- If you find a trade you like, try to find reasons not to take it, scour the internet sources and speak with us, if there are still no reasons to avoid it then it is a trade well worth making
If you follow the advice above you will find it hard to go wrong, it does take effort but like any job you are unlikely to make a decent career out of it without effort.
As we know stong discipline is the foundation of every good trader. We have spoken so much about this so I will try to cover some areas not often discussed.
- A no bet is better than a losing one - what I mean by this is that if you are not very confident of a trade you want to make then you are better off leaving it, never force trades
- Try not to dwell on bad trades or bad luck - if you can learn from it do so, if it was just a bad beat KEEP CALM AND CARRY ON! Don't chase for the love of God don't chase!
- Try not to dwell on good trades or good luck - if you can learn from them then do so but don't let the elation get to your head or boost your ego, confidence is good, overconfidence will end your trading career
- Take a break - have at least 1-2 days off a week, like any career you need downtime try to have a few hours away from trading each day
- Don't be insular - talk to your partner or friends about your trading, if you have a bad day share that with people, vice versa with a good day. As with anything emotionally charged, keep this all to yourself and it can lead to some very dark places!
Again, following the above is bound to improve your trading as well as your mental health when trading.
These two blog posts will help you learn to find value when trading, now it is up to you to apply it!
Feel free to ask any questions about the above on our forum, we love hearing from you, wherever you are on the journey: http://forum.betfairtradingcommunity.com