Betfair traders often search for the 'magic formula' of sports trading. Ryan and myself often respond to this by mentioning that there is no 'secret sauce' that when applied to Betfair trading will yield magical results. The truth is that professional Betfair trading requires dedication, hard work and extreme discipline.
This won't be a long post, it doesn't need to be, this topic is a fundamental truth that is easily explained.
Whether you are a football trader, a horse racing trader, a cricket trader or a tennis trader this principle applies to everyone... ODDS MATTER!
Bankroll management is imperative if you want to become a profitable trader on the Betfair Exchange. Whether you are a football trader, horse racing trader or trade something else, one thing that decide your trading fate is how well you handle your money.
One question we get asked all the time is - What size should my bankroll be?
Here at Betfair Trading Community one of our favourite things to do is look at longer term trading on the ouright betting markets. These markets tend to cover outcomes of multiple selections who are competing for a title, such as the Premier League winner or the Wimbledon Champion. The reason these markets can be so profitable for us on Betfair are that as there are more competitiors in the market the odds on some of the people/teams can be huge! Of course that is relevant to their perceived chance of winning but there is one really clear way to get the edge on the market.
Have you ever set targets when trading on the Betfair Exchange? Do you wish to do so if you haven't done so before? Do you want Betfair trading targets and Betfair trading goals?
This guide should help you answer these questions!
It has been another week of Convid 19 dominating the sports trading landscape, so let's not dwell too much on the virus. Those of you who read my thoughts regularly will know I am a huge advocate of turning your obstacles into opportunities and this is the perfect time to do that!
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.
How often do you feel down in the dumps when you lose a trade or have a bad run during a Betfair trading session? Do you feel like giving it up completely because it is so soul destroying?
As you will know if you have been a member of BTC we are big advocates of self-development and evaluation. We think it is an integral part of training to be a Professional Trader on Betfair and something that does not get enough focus elsewhere on the internet.
Self-development is an ongoing process and every trader on Betfair should be doing so regardless of their level of trading. We are of course academics of the Betfair Trading Academy!