Basics Of Trading

[SharpeShooter]

To anyone who doesn't already know, trading is gambling. The only difference is we try to limit our losses but in doing so reduce our rewards. The essence is to back a result we may think is likely and then trade out that position by laying at lower odds to lock in a profit, or alternatively to lay a result we think is unlikely and then trade out by backing at higher odds.

When trading never risk more than you can afford to lose. Never chase your losses and always have a stop loss or get out point. If I place an intial back of £50 or a lay with a £50 liability, I will usually trade out for a £25 loss if nothing has happened to move the odds in my favour, so before I begin I know I am only risking £25. I also know where I want to trade out for a profit, so when the odds move in my favour I don't sit and hope they'll move even further, I take the profit and move on. Once you have set this point, be disciplined and don't let anything change your mind. If you placed your initial bet intending to trade it then there should ALWAYS be a second bet. NEVER just let the bet ride assuming it will go on to win.

You may be watching the game and thinking to yourself "There's got to be a goal soon" but we all know it doesn't always happen. Trading takes great discipline and we look at the big picture. Don't look at how much you are making from a single game, look at what you make per week or per month. If you find you're not making an overall profit, your trading may need a little tweak. If you consistently fail to make a profit trading may not be for you. Before deciding to have a go, decide how much you are prepared to lose trying !

Think of Betfair as the stock market for sports results. You want to buy shares (back an outcome) when the price is low (Longer odds) and sell (Lay) when the price is high (Shorter odds). Not everyone can be a successful trader, otherwise everyone would do it. Many people on the other hand make a living from it and a few make a fortune from it

[Mr anonymous]

great post, i had no idea what trading was.

[Admin]

great post, i had no idea what trading was.

Agreed. Sound advice shooter. I'm sure there will be many ideas and strategies that follow on from this but everyone would do well to remember this first post

[hughsie]

Steve, Is there a way that you can place back bets at 1.01 before the event. I know that you would wonder why you would wont to do that ! But when odds get down to 1.01 its and almost certanty that the back bet will win. I understand the risks but if I could back be at 1.01 on every event (and double up winnings from perhaps the event before) i will slowly make some cash. Yes there will be the occasions where a bet gets accepted at 1.01 to go on and acutally lose but I would like to give this a try. Is there a way you can set a 1.01 back bet without BF immediately accepting the best current odds ?

[SharpeShooter]

I'm pretty sure there isn't. Lot's of people do the opposite and lay 1.01 Doing this you can win hundreds for a very small outlay. The favourite markets are horse racing as odds come right in and play and sometimes the horse loses. Also your horse may win the race but then be disqualified making your lay a winner.

[jethro]

A good one is in the "next goal market" if you can get the odds lay no goal in competative games, sometimes you can get 1.03, 1.02, on 87,88,89, mins. when there is lots of injury time. Man u are a good one, just look at how many injury time goals are scored in prem, but its got to be a game where a team is pushing for aresult ie equaliser, or winner. Saying that, everyone's at it now.