Peter Webb’s Trading Masterclass is a one day course held at the Bet Angel headquarters in Hook, Southampton that offers traders the chance to learn from Peter Webb, professional sports trader since 2000 about all aspects of Betfair Trading.
Background Information to Peter Webb’s Trading Masterclass
Horse Racing is a massive industry and one of the most popular sports to trade on Betfair for several factors:
- Tradable on almost every day of the year
- Numerous opportunities daily due to the number of races
- Highly liquid markets
It is the first sport that many of those new to trading on Betfair attempt to learn because of these factors. In my opinion Horse Racing is the true art of sports trading because you’re relying mainly on technical skills to read and react to the market as it is happening live. Whereas with many other sports, like football, a lot of research is done beforehand and is dependent on the events that occur in the football match. With pre-race trading you have much more control over the outcome as it is less reliant on external factors and more about your ability to read and trade the markets as you seen them.
Who Are Bet Angel and Peter Webb?
Peter Webb started using Betfair almost since the first day it came online, initially he used the platform for making risk-free profits through arbitrage betting until he realised that instead of backing with a traditional bookmaker and laying on Betfair he could complete the entire process on Betfair itself.
This led him to partner up with a software developer to create a trading software with an interface that would visually display relevant information he felt was needed to trade the sports markets to its full potential. Along with GeeksToy, Bet Angel is the most popular software on the market.
Peter has become a renowned name in sports trading due to his company’s videos on YouTube… and the small matter that he is one of the few millionaire Betfair traders.
Booking Peter Webb’s Trading Masterclass Course
In your early attempts to become a Betfair trader it becomes apparent that there is so much knowledge you need to gain. It was a few months into my trading journey that I felt the time was right to head over to Southampton and attend one of Peter Webb’s Trading Masterclass courses. Having previously attended the Bet Angel Horse Racing Workshop back in June (read that review by clicking here) and spent months implementing many of my learnings from that day I had now built up so many other questions about Sports Trading that I wished I had the answers to and so I booked the course at a cost of £400 via their bettingexchangeacademy.com website.
The process followed just the same as my previous course booking with an email of the terms and conditions and a general overview of the course.
After sending an email back agreeing to the terms and conditions attendees are sent further details relating to the location, directions, airports and accommodation. Being from Belfast, I then had to get booking my flights and hotel. I was happy with the White Hart Hotel that I had stayed at last time so I booked myself in to it again.
The Day of Peter Webb’s Trading Masterclass Course
Peter started off talking briefly about some of his key tips for success in becoming a professional sports trader:
- Discipline and practice will lead to better execution
- Discipline and your psychology are paramount
- The combination of 1) Money Management 2) Strategy and 3) Tactics and Psychology are the three main aspects that are key to making yourself a successful sports trader
One of the guys asked Peter what his recommended books were for this and, rather surprisingly, he answered that he had never read ‘Trading in the Zone’ by Mark Douglas. He instead suggested two books – Thinking, Fast and Slow by Daniel Kahneman (which is featured in our ‘Trading Psychology: 5 of the Best Books’ blog) and Mindware (Peter couldn’t remember the name of the author so i’m not entirely sure if it’s the book by Richard Nesbitt or the one by Andy Clark.
This led to a discussion about how Peter and many professionals at the top of their game view trading, whether it’s sports trading or financial trading:
- The best trades come from being a contrarian
- Most of trading is counterintuitive
- Showing control is a useful trait whereas being reactive is not
- If you can understand what the brain is doing in the heat of trading then you can control it into reverting to plan and structure
Next, we moved onto talking about the Horse Racing markets and gained some more insight about what every novice trader does wrong – including Peter himself when he started out:
- Arrive at a market with a pre-set plan, otherwise you will try to find things that you cannot see
- Do not try to interpret EVERYTHING that is going on – it is your goal to exploit when other people do this
- Let the market work for you, do not be a follower
- Transition yourself ahead of trends
Followed by questions Peter asks himself before entering a trade:
- How volatile is the market?
- How likely is my trade to succeed?
- How often can I do it?
- How safe is it to do it? (Stakes should be dependent on the level of risk)
We then had a look at the afternoon’s horse racing card and Peter took us through a few things he looks for to prepare himself for the trading session. At this point we were provided some handouts – most of which I had received in the pre-race Horse Racing Workshop I had attended in June 2016. Then we broke for lunch. Again, tea, coffee and a range of sandwiches and pastries were provided.
Once finished we cracked on and started picking Peter’s brains about other sports such as football and even had some chat about the politics markets due to battle between Donald Trump and Hillary Clinton in the US Presidential election race.
Following this we had turned to our computer screens (each table has its own) to have a look at some live races on that day’s Horse Racing card and Peter asked us our opinion on what we thought was about to happen, where we thought a good entry was and any signals or obstacles we could see. To his credit, he did predict what was going to happen next and said how he would have traded it.
Peter discussed some of his thoughts on key signals such as Weight of Money and took all our questions and answered them in detail. He also took us through a few videos showing certain types of market situation – such as when a big bettor comes in with tens of thousands of pounds – and what we should do in such a situation. He also touched on automation and how he uses it and how we could use it to test any of our own strategies.
The course finished up around 6pm and Peter handed out the coveted ‘Trading Bible’ (as it is named on the Bet Angel website). I was excited to get my hands on this as it’s a 334-page book which covers almost every aspect of sports trading and is written by Peter himself.
After Peter Webb’s Trading Masterclass
After the course, it was time for me to head back to my hotel, order some dinner and get stuck into the book I had just been provided with. I took my time with it and read it over several weeks to make sure I soaked in every bit of information in it. However, as I’ll discuss in the summary, much like the course itself I ended up with the feeling that it stopped short of helping with devising strategies.
I thoroughly enjoyed Peter Webb’s Trading Masterclass and it was a great session to learn lots of great knowledge from one of the best traders in the game, however just like the Horse Racing Workshop I came away feeling like it had given me everything I needed…up until a point.
As a novice trader, all the information we learned is great – but without having a nudge in the right direction about which strategies to deploy and when it is difficult to have a starting base to start devising your own strategies and style of trading. I’ve heard many others who have attended these courses comment on this too. I had hoped the ‘Trading Bible’ would answer some of my queries regarding strategies but everything said about the course applies to the book too.
Let me be clear – I am not slating the Bet Angel courses. I just feel that these courses are more suited to those with more experience than your average novice trader who would know exactly what information they need to find out. I took lots of great information and knowledge away from the day that I am sure will benefit me in the future, but I’ll still have to go some more phases of trial and error before I fully find my feet in the horse racing markets.
If you’ve been on a Learn to Trade Workshop or availed of Bet Angel’s Personal Mentoring sessions please get in touch if you’d like to review it!
Have you been on Peter Webb’s Trading Masterclass? Comment below with your thoughts on it!