As a successful Betfair trader with 10 years experience, I thought I’d share my best Betfair trading tips for beginners in a simple post…
Learning to trade can be painful if you’re not careful. But it doesn’t have to be.
Here are my top 15 Betfair trading tips to help you avoid mistakes and follow the path to success…
In no particular order:
#1 Make A Serious Decision, NOW
Even with all the best trading tips for Betfair in the world, this won’t be a get-rich-quick scheme.
The chances of making it pay (on a larger scale) will rely on a longer-term attitude, risk management and determination. The upside is; when it does pay, it’s far more profitable than any other betting system.
A long-term approach is wise. Jumping in straight away, with both feet will end in pain.
Of course, there are simple approaches that lead to steady returns, £10 and £20 here and there. But to make good money it’s best to be realistic when you start, it’s all about the long haul.
When you start with the end in mind, your approach will be more effective.
The next Betfair trading tip is…
#2 The ‘Perfect’ Strategy:
A common pitfall for beginners in Betfair trading is to constantly seek a perfect strategy. Remember, things are always evolving and there’s no one-size-fits-all guarantee. Your role as a trader is to apply different strategies to different markets, tweaking and modifying your approach based on market conditions. Understanding the market conditions and limitations is the most important thing to know – by a long shot.
Record and analyse your results, adjust your approach and implement. It’s a repeating cycle, that’s how you become most efficient. Start doing it now!
#3 At The Heart of All Betfair Trading Tips
Why do prices move? What’s the real reasoning and motivation?
Human behaviour is at the heart of everything we do.
I’ll give you a solid clue; while the form is important, it’s not the golden ticket. The best moves won’t be found through being some kind of form student. All that waffle on the racing channels “the horse’s leg action is great” or “there’s great form at this track”. It’s all hot air, it won’t tell you sod all about when the price is about to crumble.
Don’t waste your time looking…
The best price movements come from human behaviour. After all, the markets are about betting, not how well a horse ran *sigh* or its bloodline *yawn*. Focus on who is behind the money and why it’s going down.
#4 Execution is Profound
In active betting markets, how you execute a trade can be a significant advantage. Traders using software or automation can often make faster, more informed decisions than those using a website. Furthermore, there’s a lot of additional information that makes things clearer.
Betfair scalping is the first strategy that comes to mind here. Execution is a large part of the advantage when using such a strategy. It’s foolish to disregard how important execution is.
#5 Lose For Free, Win for Real…
It’d be rude not to mention it. We can choose when we’re active, which is an advantage, but choosing when we use real money is another.
For the sake of learning, it’s worth using training mode with Betfair trading software like Geeks Toy:
Making mistakes doesn’t have to cost you money. Once you’re seeing some kind of edge and consistency, put real money down – it’s common sense.
You’re not here to gamble, and I’m not going to tell you to.
All of the decent software’s have a training mode function built-in. The downside is; it’s not so realistic when it comes to large stakes. But that explanation will have to come another time.
Onward to our next Betfair trading tips!
#6 Mind Your Trading Psychology:
Understanding the psychology behind trading is crucial in Betfair trading for beginners. Familiarize yourself with how emotions can influence your decisions. Strive to remain objective and be critical. Monitor that internal dialogue that’s often encouraging you to do something…
Is it irrational and spontaneous?
Avoid chasing losses and being reactive to negative situations.
#7 You’re Supposed to Lose:
If you’re transitioning from matched betting to Betfair trading, you need to understand that losses are part of the game. The trick is to select the right market that minimizes your losses and optimizes your profits.
Successful trading means losing, frequently. We’re just playing a game of probabilities. When you have an advantage, the bottom line is in your favour. Don’t get emotional about it!
#8 Good Resources Are Their Own Betfair Trading Tips
Build up a small but reliable resource centre to draw on. There’s a load of BS online, so be sure to avoid that.
Betfair learning directory is another place to take a look. Sure, it’s generally written by Betfair’s marketing team and product salesmen but still, there are some useful bits in there.
#9 Beware of the Beginner’s Cycle:
When you’re just getting started with Betfair trading, it’s essential to avoid the beginner’s cycle. As exciting as it is to get started quickly, haphazardly gathering advice can lead you astray. Especially on Twitter, in the worst-case scenarios, leave you a little poorer.
Now I’d be a fool not to mention it here, but we have an advanced video course here on the site if that’s your thing.
There’s also a useful community forum, access with each purchase.
#10 Plan Your Trades:
Having a clear trading plan is a crucial Betfair trading tip. Know your entry and exit points and understand what scenarios could lead to profit or loss.
This plan serves as a roadmap, reducing the chance of emotionally driven decision-making. It helps you override that internal voice mentioned back at tip 6. Failing to plan is planning to fail and all that good stuff. It’s cliche because it’s true…
#11 Understand the Seasonality of Sports Markets:
Different sports have their different seasons, and understanding these can help improve your trading strategy. Don’t expect uniform results year-round; instead, adjust your strategies to reflect the seasonality of the market.
We can take that one step further by looking at the days racing too. Do you really expect a maiden horse race to trade the same as a handicap?
They’re very different setups, with different motives and one just might be more likely to foster a gamble. Think about that.
#12 Manage Your Money Wisely:
Trading is about making small, consistent gains rather than risking your entire bank on one big win.
“Manage the downside and the upside will come” as they say.
Understand the principles of money management and apply them in your trading activities. Have faith in probability and variance playing out in your favour.
#13 Consistency is King
Little and often soon adds up!
When starting, target smaller, more frequent wins rather than looking for big victories. This approach can help build your confidence and understanding of the market, setting you up for more significant successes down the line.
You’ll find that it’s natural to excel in certain situations that match your trading style. This can also be linked to your personality and that internal dialogue. Some traders prefer swing trading in markets that are highly volatile. Others like those smooth, solid setups that favour a scalp.
#14 Be Equipped for Battle
The Betfair website isn’t exactly trader friendly. You’ll need a half-decent trading tool to use…
As seen above, I use the GeeksToy software. There are others but I find it does all that you’ll need for manual trading. It’s important to make sure you’re happy with the software you use early on, chances are you’ll stick with it.
There are other useful tools online when it comes to making decisions, depending on your approach. There are a couple mentioned here when it comes to back to lay in-running.
Whatever you do, make sure you can rely on the tools you use. It’s best to have a backup connection or an alternative way of placing bets should your software, machine or connection fail.
There’s nothing worse than losing money that you didn’t need to…
#15 Prepare for Initial Failure:
Losing money at the start of your Betfair trading journey is not uncommon. To cushion this blow, consider splitting your trading bank in half. Use one half to learn the ropes and the other half for more serious trading once you’ve got the hang of it. It’s a solid Betfair trading tip that’ll save you a few quid.
Finally, you should remember this – Betfair trading for beginners is about learning and adapting as you go. Stick to the basics, stay disciplined, and you’ll strategically build on progress. The race is only against yourself, comparison is the thief of joy!