Top 5 Mistakes Betfair Traders With Small Bankrolls Make
The reality is that when trading on Betfair there are a few common mistakes people make when they have a bankroll that is smaller than they would like.
Here are the top 5 mistakes and more importantly the solutions to them!
Overly aggressive staking
Betfair trading is the graveyard of many a good trader who was too aggressive with their staking. Just because you have a small bankroll it does not mean you should use a higher percentage of it than you would if you had a bigger one! You still need to use between 1-5% of your bankroll, do not go above this.
Aggression can be a dangerous thing!
One common error in Betfair trading strategy is that some traders believe they can claw back losses by increasing stakes every-time a bet loses. The problem with this is no matter how big your bankroll is if you lose 5-10 bets in a row you are done! It may seem easier to just shove the rest of your £100 bankroll on the next bet after a loser to recover the loss but in the long term this will always end in tears.
We are traders not gamblers, chasing losses is no different to degenerative gambling in my opinion.
Sometimes even with a small bankroll it can be hard to lose a few bets. No one likes losing money even a £10 loss can seem huge when starting out as it feels like wasted money. However, whether it be through Betfair trading training or psychological work, traders must learn to put the bankroll aside and not include it as ‘their’ money. Think of it as a friends money that you are investing for them, sure you still don’t want to lose it but you won’t get too hurt if you do.
Oprah must have layed 0-0 on a game with two missed penalties and a disallowed goal!
Not asking for help
There are so many Betfair trading techniques, systems and strategies available on the Betfair Trading Community forum that it is crazy not to ask for help from the experts. Some people are great at asking, others are not until it is too late and they have lost most of their bankroll. If it is not going well talk to one of our Pro/Semi Pro Betfair Traders, that is why we built the Betfair Trading Community forum so don’t waste the incredible tools that are available to you.
I ask this guy for help all the time! You can too!
Letting greed get the better of them
This to me is actually the biggest mistake! The amount of traders I have met who want it all now is incredible. This only leads to disaster! People ask me about Betfair trading secrets as if there is some mythical knowledge handed down to only a select few. Well there isn’t, you can all do this too but here is the secret: This takes a lot of hard work over a long period. If you want to go Pro straight away and expect that to happen then you are doomed to failure. It takes a couple of years of solid work, research and discipline. Betfair trading rewards those who are patient, who can build their bankroll slowly and consistently over a few years, not those who try to increase it ten fold in a couple of months. THERE IS NO RUSH!
Don’t let greed get the better of you!
Some of this I have learned through personal experience and I wasted years learning this stuff the hard way. This is why I help run Betfair Trading Community, we love to help other Betfair traders by sharing our tips, tools and systems. Best of all we have helped mentor many a new trader and have seen them go from amateur to semi-pro to pro! Join the best Betfair Trading forum now, it may be the best investment you ever make.