Today we’re going to cover some pretty essential information. It may not be the most exciting information but it’s vital because it will save you from:
- Blowing huge banks and losing a tonne of money
- Doing something which you think is beneficial but is actually a waste of time
- Being in the 95% of traders who make these costly mistakes
So, let’s get cracking on the two topics:
- Bankrolling Your Trading
- The Use of Practice Mode in Betfair Trading Software
Bankrolling Your Trading
It’s pretty obvious that if you’re going to trade then you’re going to need to fund your Betfair account with some money. But how much do you start with?
For your first deposit, I suggest you deposit no more than £100. This maximum of £100 must be money that you’re comfortable with the notion that you’re 99% likely to lose this first trading bank.
Why only £100? Well, because you’re going to make a tonne of mistakes and you’re going to lose a lot in your first few weeks. I’m not saying you’re going to suck badly at trading forever, but in the first few weeks EVERYONE sucks badly at trading.
You should only risk a maximum of £100 (that you’re willing to lose, remember) because the pain will be a lot less than losing £500 or even a couple of thousand.
It has been proven that new traders are pretty much 99% certain to blow their first few trading banks. So please, don’t go too hard when you’re just starting out.
The Use of Practice Mode in Betfair Trading Software
I’m going to give you one of my top tips here, and it may sound completely counter-intuitive. But trust me, it is sound advice and one that many professional traders also recommend.
Top Tip: Do not use practice mode for weeks on end whilst you’re learning the art of trading.
The main reason for this is down to mentality. It’s all too easy to trade in practice mode. As it’s not real money there’s little pressure on you.
This means you’re more carefree and you’re more likely to suffer less heartache when you lose. Suffering less heartache means you’re less likely to learn from the mistakes you made when you did lose.
So, what do I propose instead? Limit your staking.
The minimum bet amount on Betfair Exchange is £2. I recommend you stick with anywhere between £2-£5 stakes when you’re learning. The use of real money, even though it’s small stakes, will still provide a mental challenge to you of whereby you’re concerned about losing part of your trading bank.
From my own experience, I started off with a £500 trading bank. Within 2 weeks it was gone. I went back and practiced (in practice mode…) and came back a month later. This time armed with a £2,000 trading bank.
I won’t recreate the scene for you, but the next month was pretty much a car crash that decimated the £2,000 trading bank. I was angry, frustrated and completely deflated. (Ps, yes, I know it was stupid.)
The Only Times You Should Be Using Practice Mode
Of course, I don’t completely advocate never using practice mode. After all, it’s included with Betfair Trading Software for a reason. Therefore, there are two situations when it is completely beneficial to use Practice Mode:
- When you’re literally just starting out and need to get used to how a trading software works. You’ll need to learn the functions it offers and where to find them
- When practicing a new technique, testing a new strategy or trialling some automated trading
For these two situations, it’s completely understandable and highly recommended you use Practice Mode.[/vc_column_text][/vc_column][/vc_row]
Firstly, What is an ‘Edge’ and How Do You Discover Your Own?
This question dumbfounded me at the start. I googled it so many times to find out what this mysterious ‘edge’ was in sports trading and how I could develop my own.
Put simply, your ‘edge’ is a combination of factors which give you a consistent advantage over the sports trading markets.
If this combination of factors stand the test of time and sees you churning out consistently profitable weeks and months then you can say you have discovered your edge.
Isolated Examples of Edges
Example of an Edge Through Use of a Resource (TV Pictures):
Situation: You have access to the TV pictures for a race you’re looking to potentially trade and see that one horse is playing up badly and causing a bit of trouble for its jockey. You know after watching the ‘Misbehaving Horse, Keen to Post’ video in the ‘Market Awareness: Situations and Market Dynamics’ module in Caan Berry’s Advanced Video Pack that this will concern anyone in the market who is looking to back the horse to win the race and as such it is therefore likely to drift in price.
Action: You lay the horse and hedge up for a profit after it drifts for a few ticks.
Example of an Edge Through a Learned Trading Skill (Ability to Stop Yourself from Overtrading):
Situation: You’ve done your research on the Over/Under 2.5 Goals market on this weekend’s football. You find 9 potential trades which fit your criteria. However, you decide to trade only the very best 5 of these as you’ve realised as a trader that quality of trades is more important than quantity of trades.
Action: You only focus on the 5 best potential trades and come away happy with your weekend’s work.
Example of an Edge Through Using a Sports Trading Tool (Goal Profits):
Situation: You’ve done your research on potential Lay the Draw trades in this weekend’s upcoming football games using the Team Stats Software on Goal Profits Football Trading Community. You’ve found 4 potentially excellent opportunities due to the ‘Teams Likely to go 2 Goals Ahead’ criteria filter that the Goal Profits’ Team Stats software has provided.
Action: You lay the draw in the 4 games that you have researched and hedge up for a profit if/when the odds have gone in your favour.
A Trader’s Edge Is Not One Single, Magical Thing
- Having utilised and educated themselves through the best learning resources and tools
- Use of Betfair Trading software
- Using a tool, or tools, to help inform their trading decisions
- Doing in-depth research of potential trades
- Implementing a staking plan
- Showing restraint and having the ability to not overtrade
- Shown consistent profitability over a large number of trades
Last month (Sept 2017) I made the decision that I needed to write a new Sports Trading Email Course for the website and replace the original version – despite only having launched the previous course when STT started in August 2017. Some of you may be wondering why I’ve done this, so I wanted to give my reasoning and also let you in on some details of the course and the cracking competition I’ve launched it with!
The New Email Course – ‘Sports Trading for Beginners’
First, let’s start with an overview of the new course.
‘Sports Trading for Beginners’ takes the subscriber on a 12 Lesson journey of life as beginner sports trader. It follows from my own frustrating first year experience in which I wasted too much time, energy and money because the year I spent learning had absolutely no direction.
This course is not a ‘How to Trade Betfair’ course because I am not a professional sports trader and have never claimed to be (although it is one of my personal goals to reach that level someday!)
However, the key reason I set up this site was for it to be a one-stop hub for aspiring traders to find their feet in sports trading as quickly as possible. If I can be of benefit to these people by sharing knowledge from my own, and other newbies, sports trading learning experiences then that’s part of the goal achieved.
So, more about the actual content of the course. As you can see below, these are the 12 lessons included in the email course:
- Preview: Top tips when starting out – such as not setting financial goals and also limiting stake sizes
- Lesson 1: Information about sports trading, what it is and how it works
- Lesson 2: The best places to begin
- Lesson 3: What computer setups are needed to trade (Covering both Windows and Mac)
- Lesson 4: An Overview of Betfair Trading Software
- Lesson 5: An Overview of One Day Trading Courses
- Lesson 6: What a trading ‘edge’ is and how to start on the path to defining your own
- Lesson 7: Bankrolling your trading (money management) and the use of practice mode
- Lesson 8: How to choose which sport to trade
- Lesson 9: An overview of the best resources for Pre-Race Horse Racing Trading
- Lesson 10: Football Trading
- Lesson 11: Common mistakes new traders make and how to avoid them (planning ahead and seeing which obstacles 99% of new traders need to overcome)
- Lesson 12: Setting expectations for your journey
- Further Lessons: After the initial 12 Lessons I’ll be sharing more knowledge in the form of blogs, tips and other information I’ve found along the way of my journey
Throughout the course, I’ve also sourced some exclusive discounts for the best tools around. I wanted to do this to help new traders get their hands on what are generally regarded as the best learning resources.
This’ll help them save a few quid when starting out as we all know tools and learning resources can be a bit of an expense. But hey, you need to invest a little bit if you’re going to learn, right?
These discounts are only to be found in the Email Course and aren’t even on this website – so if you want to get your hands on them you can sign-up to the course via the competition page.[/vc_column_text][vc_btn title=”Sign-Up to the Free Email Course” style=”3d” color=”warning” size=”lg” align=”center” i_align=”right” i_icon_fontawesome=”fa fa-book” add_icon=”true” link=”url:http%3A%2F%2Fwww.sportstradingtools.co.uk%2FSportsTradingforBeginnersCompetition||target:%20_blank|”][vc_column_text]
Why a New Course So Early On?
Quite simply the course I had on here at launch (Sports Trading: 8 Steps to Discovering Yoru Edge’) wasn’t good enough. It had no direction and pretty much was just a scattergun of emails that I thought some people might find useful. When I read back on them I had to
When I read back on them I had to ask myself “If I was someone completely new to trading, would this information help me?” and to be honest, it wouldn’t. It would have made the whole process more confusing.
So with this new course I wanted to do a few things:
- Add more basic information such as the advantages of trading over betting, trading setups and how Betfair trading software works,
- Give the course a sense of direction. This included 1) providing a starting base anyone could get started with, 2) showing them a path to find out what style of trading or sports suited them and 3) giving them a platform for going forward
- Provide information on only the finest tools and learning resources around
- Give exclusive discounts so people can save that little bit when investing their hard earned money into learning resources and tools
I think i’ve achieved these things with this course, but i’m always happy for suggestions as to how I could improve it. If you have an idea, contact me through this page.[/vc_column_text][vc_column_text]
To launch this new course i’ve set up a cracking competition with over £500’s worth of sports trading prizes. Anyone can enter and you’re more than welcome to do so – get your name in the hat by clicking here. The competition ends on Wednesday 25th of October 2017 and 2 winners will be chosen.
These are the prizes on offer:[/vc_column_text][vc_single_image image=”2716″ img_size=”full” alignment=”center” style=”vc_box_border” onclick=”link_image”][vc_column_text](I’d like to thank @101Trader on Twitter, who, in a very generous random act of kindness, donated a lot of the books that are in the competition – there are some absolute corkers in there. So here’s a shout out to him for being so very kind to donate them to me for use in promoting the website!)
So that’s it, guys! If you have any questions about the course or the competition then feel free to get in touch with me via Twitter. I hope you enjoy the course when you sign-up to it!
Neal[/vc_column_text][vc_btn title=”Sign-Up to the Free Email Course” style=”3d” color=”warning” size=”lg” align=”center” i_align=”right” i_icon_fontawesome=”fa fa-book” add_icon=”true” link=”url:http%3A%2F%2Fwww.sportstradingtools.co.uk%2FSportsTradingforBeginnersCompetition||target:%20_blank|”][/vc_column][/vc_row]
These are 2 of the best reads to get you started on your Betfair Sports Trading journey. They all cover the basics of what you need to know when starting out and will help you familiarise yourself with the terminology used by traders. Without doubt, these provide new traders with good grounding for going forward.
Mastering Betfair: How to Make Serious Money Trading Betting Exchanges – Pete Nordsted
Essential reading for anyone serious about making money from Sports Trading. Taking you through low-risk strategies that can be used by anyone to profit from the markets, Pete Nordsted also teaches about the discipline needed to be a successful trader.
This book first takes you through the basics such as the hardware and software requirements, then the trading process, then money management, managing risk, trading psychology and finally a few strategies. Whereas Wayne Bailey’s book (discussed below) only touches on the psychology of trading, Pete Nordsted has a whole section of the book dedicated to it. Remember, trading is 80% psychology and 20% the actual skill of trading.
‘Mastering Betfair’ is for the aspiring trader who wants to keep a level head in and amongst the rush of the markets. Informative and methodical in its approach to teaching the reader the basics of mastering betting exchanges, it is a must-read for those just starting out on their journey.[/vc_column_text][vc_single_image image=”1586″ img_size=”medium” add_caption=”yes” alignment=”center” style=”vc_box_border” onclick=”custom_link” img_link_target=”_blank” link=”http://amzn.to/2weZwvg”][ult_dualbutton btn_border_style=”solid” button1_text=”Buy from Amazon” icon_link=”url:http%3A%2F%2Famzn.to%2F2weZwvg||target:%20_blank|” btn1_background_color=”#eaca7a” btn1_bghovercolor=”#eabd4b” icon=”Defaults-shopping-cart” icon_align=”right” button2_text=”Buy from iBooks” btn_icon_link=”url:https%3A%2F%2Fgeo.itunes.apple.com%2Fgb%2Fbook%2Fmastering-betfair%2Fid388624679%3Fmt%3D11||target:%20_blank|” btn2_background_color=”#ffffff” btn2_bghovercolor=”#f1eafc” btn_icon=”Defaults-book” divider_text=”Or” btn_border_radius=”1″][vc_column_text]
Sports Trading on Betfair: Profitable Betting Exchange Systems for Trading on Betfair and Betdaq – Wayne Bailey
Perfect for those new to Sports Trading, Wayne Bailey’s ‘Sports Trading on Betfair’ provides the reader with an overview of the dynamics of a Betting Exchange such as odds movement and how and why the prices move. Included are some strategies Wayne uses to profit from the Football and Horse Racing markets himself.
As the first book on Sports Trading I ever purchased this gave me a good grounding in understanding just how Betting Exchanges like Betfair worked. I bought it in 2014 just as I was dipping my toe into matched betting as I became obsessed with the idea of making a second income from the online betting industry.
I had only actually started gambling, as a mug punter, 3 months before happening upon matched betting but the idea of sports trading intrigued me. Wayne Bailey’s book gives a good understanding about what it takes to become a professional sports trader and is written in a way so that anyone new to the exchanges will understand it easily, despite it being full of related terminology that may be new to some.
This book laid the ground for a lot of the knowledge I now know about trading and is a great beginners guide for an introduction to life in the markets. Terminology and the varying aspects of trading are all explained very clearly and in a straightforward manner. Put simply, this is a must-read for anyone new to sports trading and will give you the edge over anyone trying to figure it out for themselves.[/vc_column_text][vc_single_image image=”1584″ img_size=”medium” add_caption=”yes” alignment=”center” style=”vc_box_border” onclick=”custom_link” img_link_target=”_blank” link=”http://amzn.to/2wsxXxU”][ult_dualbutton btn_border_style=”solid” button1_text=”Buy from Amazon” icon_link=”url:http%3A%2F%2Famzn.to%2F2wsxXxU||target:%20_blank|” btn1_background_color=”#eaca7a” btn1_bghovercolor=”#eabd4b” icon=”Defaults-shopping-cart” icon_align=”right” button2_text=”Buy from iBooks” btn_icon_link=”url:https%3A%2F%2Fgeo.itunes.apple.com%2Fgb%2Fbook%2Fsports-trading-on-betfair%2Fid1031894743%3Fmt%3D11%26at%3D1000lybC||target:%20_blank|” btn2_background_color=”#ffffff” btn2_bghovercolor=”#f1eafc” btn_icon=”Defaults-book” divider_text=”Or” btn_border_radius=”1″][/vc_column][vc_column width=”1/3″][vc_widget_sidebar sidebar_id=”gp-horse-racing-sidebar”][/vc_column][/vc_row]
If you plan on trading horse racing then it’s as simple as this: you need live TV pictures. If you don’t have pictures you will be at a serious disadvantage to everyone else in the Betfair markets. Having live pictures is an edge within itself.
At The Races vs Racing UK
At The Races and Racing UK are the two main horse racing broadcasters – so is it ok to just have access to one or do you need both?
The short answer is that you don’t really need to subscribe to either, but they do have their benefits. You can just use Betfair’s own live videos feed to stream but there are a few disadvantages to this.
Disadvantages of Using Betfair for Your Live Pictures
- You must bet or put a trade on each race before you can access the pictures to that particular race – this is £5 minimum. I found this a bit of a nuisance as I’d often be concerned with getting £5 matched on both sides at no loss. Even if it was an 11p red it still had a psychological effect on me that I was already in the red before I’d even begun thinking about trading the race
- Leading on from the point above: I felt I couldn’t properly assess how to trade the race before I got the pictures from Betfair on which meant I had no rhythm to my trading
- For courses that Racing UK have the broadcast rights to you will see the race build-up from that TV channel. But for the races that At The Races have the rights to then you won’t have build up (however there is much less of a transmission delay than watching it on the actual ATR TV channel where there is anything between 10-30 seconds delay in coverage). Why is this important? Because the signal for potential moves in the market can be heard in the build up by the pundits – such as a pundit alerting you to the fact that a horse is keen to post/is playing up/is sweating
- You rely on Betfair having no trouble with their feed. It’s happened a couple of times where they’ve had issues – which is rather unsurprising
One reason why you need access to both channels is because they have exclusive broadcast rights to certain racecourses. You can see the full lists by clicking on the accordions below.[/vc_column_text][vc_column_text]
Exclusive Racecourse Rights[/vc_column_text][vc_tta_accordion color=”turquoise” active_section=”0″ collapsible_all=”true”][vc_tta_section i_icon_fontawesome=”fa fa-info-circle” add_icon=”true” title=”At The Races” tab_id=”1498247490102-5af29374-a1a6″][vc_message]UK Racecourses:
Bath, Brighton, Chelmsford, Chepstow, Doncaster, Fakenham, FFos Las, Fontwell, Hereford, Hexham, Leicester, Lingfield, Newcastle, Newton Abbot, Plumpton, Ripon, Sedgefield, Southwell, Stratford, Taunton, Towcester, Uttoxeter, Windsor, Wolverhampton, Worcester and Yarmouth.
Ballinrobe, Bellewstown, Clonmel, Cork, Curragh, Down Royal, Downpatrick, Dundalk, Fairyhouse, Galway, Gowran, Kilbeggan, Killarney, Laytown, Leopardstown, Limerick, Listowel, Naas, Navan, Punchestown, Roscommon, Sligo, Thurles, Tipperary, Tramore and Wexford.
(Information correct as of April 2017)[/vc_message][/vc_tta_section][vc_tta_section i_icon_fontawesome=”fa fa-info-circle” add_icon=”true” title=”Racing UK” tab_id=”1498247490189-0afa8131-9aca”][vc_message]UK Racecourses:
Aintree, Ascot, Ayr, Bangor-On-Dee, Beverley, Carlisle, Cartmel, Catterick Bridge, Cheltenham, Chester, Epsom Downs, Exeter, Goodwood, Hamilton Park, Haydock Park, Huntingdon, Kelso, Kempton Park, Ludlow, Market Rasen, Musselburgh, Newbury, Newmarket, Nottingham, Pontefract, Perth, Redcar, Salisbury, Sandown Park, Thirsk, Warwick, Wetherby, Wincanton and York.
No Irish racecourses.
(Information correct as of April 2017)[/vc_message][/vc_tta_section][/vc_tta_accordion][vc_column_text]
ATR vs RUK: Positives and Negatives[/vc_column_text][vc_row_inner][vc_column_inner width=”1/2″][vc_column_text]
At The Races[/vc_column_text][/vc_column_inner][vc_column_inner width=”1/2″][vc_column_text]
Positives[/vc_column_text][vc_separator border_width=”2″ el_width=”30″][/vc_column_inner][/vc_row_inner][vc_row_inner][vc_column_inner width=”1/2″][vc_column_text]
- £9.99 monthly cost for online subscriptions which can be cancelled at any time. Other options are available via cable and satellite TV – I’m pretty sure it’s free with Sky
- Horse Racing Tracker – Make a note about a horse and get email notifications when it next runs
- Little delay in pictures – between 2-5 seconds usually
- Broadcasts most of the higher quality racecourses and events
- No adverts
- In-depth racing analysis
- All profits go back into the racecourses and Horse Racing itself, plus you get free access days to attend over 30 race days per year
Negatives[/vc_column_text][vc_separator border_width=”2″ el_width=”30″][/vc_column_inner][/vc_row_inner][vc_row_inner][vc_column_inner width=”1/2″][vc_column_text]
- Major issues with delays. Can be anywhere between 10-30 seconds which is a serious inconvenience for traders. You’re almost just better off using the Betfair live feed for these races
- So many adverts that it’s known as ‘At The Adverts’ by professional traders. You know those PPI adverts? Yeh, well you better get used to hearing them about 872 times a day
- Matt Chapman. Like Marmite, you either love him or hate him. I’m the latter, unfortunately
- Costs £24.99 with a minimum 12-month subscription if subscribing online. Other options are available via cable and satellite TV
- No broadcast rights to any Irish courses
Comparison Table[/vc_column_text][vc_table vc_table_theme=”simple_blue”],[align-center]At%20The%20Races,[align-center]Racing%20UK|Price%20(Online),%C2%A39.99%20per%20month.%20Can%20be%20cancelled%20at%20any%20time,%C2%A324.99%20per%20month.%20Comes%20with%20a%20minimum%2012-month%20contract|Delays,10-30%20seconds.%20Bad%20news%20for%20traders,2-5%20seconds%20maximum.%20Perfectly%20fine%20for%20trading|Adverts,Lots%20of%20them.%20Lots%20for%20PPI.%20Lots%20for%20Stannah%20Stairlifts.%20You%E2%80%99ll%20know%20the%20word%20to%20each%20advert%20by%20the%20end%20of%20your%20first%20month,None.%20Hooray!|Broadcasting%20Rights,Has%20Irish%20racing,Has%20most%20of%20the%20major%20racecourses%20and%20therefore%20broadcasts%20the%20major%20festivals|Other%20Benefits,ATR%20Horse%20Tracker.%20Make%20a%20note%20and%20get%20emails%20when%20that%20horse%20next%20runs,All%20profits%20go%20back%20into%20racing.%20Free%20access%20to%2030%20race%20days%20throughout%20the%20year[/vc_table][vc_column_text]
My Recommendation[/vc_column_text][vc_column_text]If you’re just starting out I would recommend just using the Betfair live feed. This is because of 2 reasons:
- If you’re subscribing to Racing UK online you must take out a minimum 12-month contract at £24.99 per month.
- At The Races is so delayed it’s practically useless
However, if you’re serious about tackling pre-race horse racing then Racing UK is the nailed on one to subscribe to, but I can take or leave
At The Adverts…. I mean At The Races.
However, it is best to Betfair’s live feed ready to load up in all circumstances – this is particularly easy to do through Geeks Toy which has a module where you can pull up the Betfair video.[/vc_column_text][ultimate_heading main_heading=”Related Content” spacer=”line_with_icon” spacer_position=”bottom” line_height=”1″ icon=”Defaults-file-text-o” icon_size=”32″][/ultimate_heading][vc_empty_space height=”20px”][vc_row_inner][vc_column_inner width=”1/2″][interactive_banner banner_title=”Geeks Toy Software Review” banner_image=”id^1502|url^http://www.sportstradingtools.co.uk/wp-content/uploads/2017/06/Geeks-Toy-Ladder-Europa-League-Trade-Fully-Hedged.jpg|caption^null|alt^Geeks Toy Ladder – Europa League Trade, Fully Hedged|title^Geeks Toy Ladder – Europa League Trade, Fully Hedged|description^Geeks Toy Ladder – Europa League Trade, Fully Hedged” banner_height=”ult-banner-block-custom-height” banner_height_val=”200″ link_opts=”more” banner_link=”url:http%3A%2F%2Fwww.sportstradingtools.co.uk%2Fgeeks-toy%2F|||” banner_link_text=”Read the Review” banner_overlay_bg_color=”#4aa8c3″][/vc_column_inner][vc_column_inner width=”1/2″][interactive_banner banner_title=”Bet Trader Software Review” banner_image=”id^1837|url^http://www.sportstradingtools.co.uk/wp-content/uploads/BetTrader-Pre-Race-Horse-Racing-Ladder-Screenshot.jpg|caption^BetTrader Pre-Race Horse Racing, Ladder Screenshot|alt^BetTrader Pre-Race Horse Racing, Ladder Screenshot|title^BetTrader Pre-Race Horse Racing, Ladder Screenshot|description^BetTrader Pre-Race Horse Racing, Ladder Screenshot” banner_height=”ult-banner-block-custom-height” banner_height_val=”200″ link_opts=”more” banner_link=”url:http%3A%2F%2Fwww.sportstradingtools.co.uk%2Fbettrader%2F|||” banner_link_text=”Read the Review” banner_overlay_bg_color=”#4aa8c3″][/vc_column_inner][/vc_row_inner][/vc_column][vc_column width=”1/3″][vc_widget_sidebar sidebar_id=”gp-horse-racing-sidebar”][/vc_column][/vc_row]
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Use your company’s blog posts to opine on current industry topics, humanize your company, and show how your products and services can help people.