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
"All you need to ask yourself is do you feel lucky? Well do you......Punk!"