Preparing to Trade Part 2 - Cricket with Richard Futter
Richard Futter has been trading professionally on Cricket since 2004 and is one of the most successful traders in Betfair history. Before that he was a sports journalist for many years and knows more about sport than anyone I have ever met. Regular BTC members will know he is the oracle in terms of knowledge and along with Luke Ridger has helped our members make lots of money trading the sport. Here is how he get's ready for a big day of trading and some pitfalls he avoids.
How do you prepare to trade cricket?
For cricket, weather and pitch conditions play a huge part in deciding the likely course of a match – especially over the five days of a Test match. So I always check the likelihood of rain with the time-and-date website which I find the most accurate.
Can you give a brief explanation of your daily routine before you actually place your first trade.
Because cricket takes place all over the world at all kinds of different times, I don’t tend to have a set routine. But I do make sure I’m wide awake and have thought carefully about what I’m hoping to gain from a trade before making my first move. Very often, the opening trade can set the trend for the day. If I’m feeling unwell in any way, I will rest rather than trade. It’s important to be on the ball.
How do you choose when to trade? Is it a set time each day or does it depend on what is on?
I think I’m probably at my best in the mornings, so I tend not to trade late evening matches from the Caribbean. Otherwise, I’ll trade whenever there is cricket live on the TV.
What sources or reference material do you refer to before placing a trade?
ESPN Cricinfo gives me pretty much all the information I need. Their comprehensive coverage of all forms of cricket is second to none and the historical records from different venues around the world gives an invaluable insight into how matches are likely to unfold.
Do you have snacks and refreshments? If so what works best for you?
A good supply of strong coffee is required for the early morning (our time) matches from Asia and Australia. Otherwise, I try not to snack too much while actually trading. If I’m hungry, I like to cook myself a proper meal and take a break from trading.
Do you have a time limit on a session?
No, but if I do start feeling tired I will decide to stop for the day, or at least take a break and have a complete rest or even a nap (although that might just be my age).
What advice would you give anyone preparing to trade your sport?
Never rush into a trade, and always know what you are looking for from the market. There are nearly always brilliant trading opportunities in every match, but it’s important to wait for the right moment to move in. Patience is the key. Trades placed in haste or through sheer boredom are nearly always losing trades.
Great insight as ever from Richard and if you want to hear more from him head to the cricket thread!
Next week will be Tennis from Ryan, be sure to check it out.