How To Start Betfair Trading - The A to Z Guide
What is Betfair trading?
Betfair trading is a form of investing money into a sporting event, usually with a planned entry and exit point a bit like investing in a stock market. The Betfair exchange has markets for their sporting events and prices that move up and down, very similar to the stock market. Unlike a traditional bookmakers on the Betfair exchange you can back (place a trade on an outcome happening) or lay (place a trade against an outcome happening).
One advantage of this style of investment is that it enables the trader to bet against something happening, for example they may lay a horse, effectively betting on it to lose. This was not possible before Betfair existed and is a big advantage for those who are good at knowing what will not happen!
However, the biggest benefit of this style of trading as opposed to betting is that once a trader enters a market they have the ability to assess their trade throughout the event. This means that once we place a bet we have the option to exit that bet (hence the bet becoming a trade).
Once we enter the market we are not a slave to the outcome of the event, we can constantly check on what is happening in live play and make our trading decisions throughout. We have the opportunity to exit for a profit if the price swings our way, or even take a smaller loss if it does not. Essentially, this means skill plays a very big factor in whether we win our trade or not and we are not fully dependent on luck.
How to start Betfair trading?
First off, open a Betfair account. It is so important to learn to trade before going live with real money, so the best way to start is to test strategies, take notes and study the way the markets behave.
The best thing you can do to get ahead of the game is read through our content, watch our trading tutorials and join the Betfair Trading Community, here we can tutor you and you will also have access to many of the best traders on Betfair. Not only that but you will have access to our award winning trading software that has helped thousands of traders make money on Betfair.
What do you need to start?
To start trading on Betfair properly you will need these things:
A Betfair exchange account - To view and study the markets before placing real money on them.
A Betfair Trading Community Membership - To learn to trade properly and get some profitable strategies ready to test and eventually go live with.
A laptop or PC to trade on - Some people use mobile phones and you can do that but I would highly recommend sitting at a desk or table with a laptop or PC.
A spreadsheet to record your results - Even when just testing it is vital to record our results and see if we are profitable.(Don’t worry we have these and can create one for your needs also!).
A willingness to be patient and learn - Think of Betfair Trading Community as your educational tool, for a potential future career.
Can I actually make money from it?
Yes, just look at how many pro traders there are online (and think of the many more who do not promote themselves!). One of the things I love about Betfair trading is that it is not an exclusive club, it is not elitist. Anyone from any background can make money on Betfair.
If you have a passion for making money and some passion for sport, this could be the job for you!