Okay, so it’s day one, week one, and you’ve just sat down to put on your trading shoes for the first time.
Having looked about you’ve realised the amount of potential on offer. Although all the talk of cross matching, overrounds, and premium charges is quite overwhelming.
If I were to give you just one piece of advice, something simple and easy, clear for you as a learner to build upon, it would be this…
The Fastest Path:
The quickest and most efficient route to success within the markets is to cut away all the fat. Taking away the silly mistakes and emotional reactions.
But of course this is easy to say, because how do you know if you’re making a silly mistake, particularly when you’ve just started out?
In fact, it’s quite logical to point out that you don’t, but I also want to highlight this is a matter of choice. Only an idiot would continue to attempt to trade within the markets without understanding what is actually happening.
If that’s you, I’m sorry, but it’s very true…
On a slightly more positive note, you can change this. I would advise the first thing that you should do is reverse engineer the betting market. This applies to all sports in all markets, because within each market there will be different patterns repeated over and over.
It’s just a case of finding out what causes those cycles of behaviour. I’m telling you quite clearly; on your first day of trading, you should forget about placing a single bet.
Take a pen and paper if you have to, sit down, look at the ebb and flow within the market, the time frames around which activity increases and decreases, where the spikes typically are.
What external factors contribute to the situation? or at least what do you think contributes to the situation? when it’s likely to happen most?
Furthermore, how does it happen? Once you have a decent answer to those questions – it’s time to formulate a short list of things you think possible to exploit that given situation.
Absorbing every bit of information you possibly can en route. Document as much as possible.
Route to Winning…
Now at this point I’m sure there’s heaps of readers rolling their eyes, thinking that they were gonna get one magical golden system within this post. I’m sorry to break it to you, but that’s just not how successful trading works.
The reality is, many new traders skip this kind of information. They don’t reverse engineer the market activity, and proceed anyway, only to then find out two months later that they’ve been thrashing around without any real reason …and then have to take this approach anyway.
I know that this is something that I certainly did many years ago, and so I’d urge you to take the quicker route.
Take a little time out first to plan things thoroughly. Look at the markets logically. Try to understand why certain things happen, and when you can fit in around them.
Above all, build as much knowledge as you possibly can. After all, the more you know, the less confusing things become. Making a more informed decisions, with clearer judgement, free from emotional response. The most efficient way to suck a profit out of the markets, by far.
Related: Video Pack Course (22 Modules)
I have a question Caan….I am at the 3rd reading of the new book and I am dreaming of trading and being in the green. Is that a good sign or is just your fault?
Hi Francesco, is this a real question or just a case of the troll’s finding their way from fake accounts on twitter to the blog? …your email, IP & name don’t match?
If it’s serious; everyone has dreams and aspirations. Personally I wouldn’t ever put the dampers on somebodies dream. Some are obviously not very realistic, but trading sports odds certainly is. I couldn’t possibly take any responsibility in it being my ‘fault’ as you are a fully grown adult, in charge of your own behaviour and life. Having read it 3 times is certainly better than not having read it at all, information is the shortest path to succeeding in anything.
Most of the way through the video course. Learning a lot but very aware that I have just scratched the surface.
Spent a couple of days just watching markets to see if I could see what you see. ( a little )
So I am setting out to take it really slow. Concentrating on technique and execution and above all learning how to avoid/minimise losses.
Watched 22 markets on Wednesday. Got involved in 13 of them. Lost in 3, scratched in 2, profit in 8.
A fantastic £5.17 profit overall. Back and lay stakes varied from £10 to £35 in £5 increments.
Sat with a notebook and scribbled comments (mostly unrepeatable in polite company) to review my performance in the cold light of day. My opinion? Seen the cross matching and the resistance points but overall my reactions were slow and execution poor. But on the right track.
Last race traded was 7.20 Ripon. Comment reads “had the right idea but f***ed up the execution”
Stopped at that point. Took a break and went cycling.
Thank you for sharing your knowledge.