There isn’t much in the way of Betfair trading books (specifically I mean).
Probably because it’s such a small niche. Obviously there’s the trading guide, but other than that it becomes tricky.
There’s plenty of books outside of betting exchanges to read though. Many of them will still really help progress and getting you thinking down the right routes.
Here’s 5 trading books that I found useful:
#1 – Trading In The Zone
It had to be number 1, didn’t it?
I would go as far as to say, this book was life-changing for me. Especially after I had read it a couple of times. It’s more about your own mindset, attitude and interactions with trading than anything else, the important part.
You’ll find useful angles to think about that can be used directly in the market inside, but it focuses mainly on your mentality. For me this was a massive turning point. As I learnt to embrace the fact that consistent results are largely, a product of my behaviour, progress accelerated. Understanding myself also gave me a lot more confidence in what I was doing.
This book will help anyones Betfair trading and comes with a very high recommendation from me, no matter what level you’re at.
#2 – Thinking Fast and Slow
As one of the reviews said…
Buy it fast, read it slowly. It will change the way you think
I’d agree with that. The only thing that really separates those that really succeed and don’t is the way they think. Daniel Kahneman has one of those minds, not surprising he’s a Nobel Prize winner.
This book is all about perception, how the human mind works and the decision-taking processes taken.
In a nutshell, what are the pro’s and con’s of fast intuitive and emotional decisions v’s the slower, logical, deliberate approach?
Seeing the biases that exist in human decision-making could even lead to finding your next edge. There’s a thought…
It’s easy to see why, although this isn’t a Betfair trading book it’s an ideal place to learn from. I’m sure it could, and has, been of great use to many traders regardless of medium.
#3 – Zen and the Art of Poker
What’s trading got to do with poker? or zen?
You’d be surprised how well they all link together. Poker requires the same discipline and self-control you see in trading.
I’ve known of quite a few poker players to find success on the exchanges too, you may have seen this article where one of the large traders come from a poker background. As far as Betfair trading books go this is packed with wisdom and discipline that’ll relate directly to the markets. How you feel and what you do…
The book was suggested to me by Matt P last year at a Betdaq function. My only regret is not finding it earlier!
If you’ve any kind of interest in poker too, it makes it a no-brainer.
#4 – Reminiscences of a Stock Operator
The most famous book on my list?
This trading book is a fictionalised account of Jesse Livermore, a famous securities trader. It’s an older book that’s been re-written several times but will always offer a great insight to aspiring traders. I thoroughly enjoyed it, it’s rammed with trading wisdom and straight to the point.
Personally I like to focus on those that have ‘been there and done it’. This is one of those books as Livermore started out in the bucket shops working his way up the ladder (no pun intended). Eventually he ended up making markets, manipulating them and working on Wall Street. On the way he managed to see the boom and bust cycle through several times making and losing everything he had before making it again…
A cracker to reflect on and think about how similar situations work out in Betfair’s markets.
#5 – Market Wizards: Interviews with Top Traders
A little different to the rest, as the name suggests.
I’ve read a couple of the Market Wizards books although this was the most interesting for me. Understanding these top traders, how their minds operate, what’s important to them and how they perceive things is both useful and interesting. One of the most interesting being Jessy Livermore (see previous book) an extremely successful trader.
Within the book there’s also some good stories and inspirational quotes. If you’re serious about trading then it’s a good one.
For me I found a lot of value through some of the massive success stories coming back from the brink of failure. It shows how one of the key attributes to winning longer-term is to never give up…
I’ve read quite a few others too if you’ve been through these already, however these seem to be a cut above the rest. As I said there aren’t any Betfair trading books or real interest out there just now, with it being such a small segment of betting online it’s not surprising. In any case, most of the mind-blowing stories come out well after… just look at Flash Boys.
If you’re setting out on your Betfair mission just now though the advice is to read them all, maybe more than once. I know the second and third times I read trading in the zone I walked away with a lot more.
I’ve no doubt this post will be an asset to anyone learning, if you agree feel free to share it around using the buttons below!