For most punters, trading on Betfair for a living is just a dream. But why?
The concept is simple; back high and lay low (or vice versa). It shouldn’t be that hard at all, and it really isn’t for those who have mastered it.
But there’s plenty more to it if you’re to end up trading on Betfair for a living. I’ve been through it all myself…
The good news is it’s absolutely worth it on the other side!
In this post, I’ll take you through the five stages every successful trader has to go through. Making money on Betfair without progressing through them is almost impossible, let us know what stage you’re at with a comment at the end.
Not sure how Betfair trading works? see this article first.
5 Stages: Trading on Betfair For A Living
If you’ve just stumbled upon this post in the early stages of learning to trade it’s likely to be a real gem. Referring back to the post from time to time as well as reading books like “trading in the zone” by Mark Douglas will accelerate your progression. Although not usually in the way you’d expect…
Trading on Betfair for a living can be tough. Especially if you’re not looking at the opportunity in the right way, which leads me nicely into the first stage.
Stage 1: Obviously Inefficient
So you hear about people trading on Betfair for a living, sounds too good to be true at first, doesn’t it?
But it’s not…
You might have seen a YouTube video or two, or even have a friend that’s making some money doing it. How hard can it be? You download some software, and load up you’re account before quickly realising it isn’t quite as simple as you thought. You dive in and place a few trades, some win, others lose – it’s not so bad.
And then you up the stakes, foolishly you think you’ve cracked it already…
Suddenly everything seems to be going against you, every trade you enter seems to turn in the opposite direction…
Some don’t but you manage to somehow turn them into a loss anyway! What’s that all about?
The early successes have made matters worse, and so you take more and more risks. You attempt to turn your losses around by doubling up or even worse; going in-play. Occasionally you’ll get away with it but over the longer term, you end up battered and bruised for your efforts.
You’re behaving irrationally, completely inefficient and incompetent. The worst bit is that you’re quite oblivious to what’s going on within your own trading game.
For most people, this stage only lasts a few weeks or so, those that might have come from matched betting or arbitrage it’s likely to be somewhat shorter. They’ve usually already made these mistakes before. Already knowing how to make money on Betfair is an advantage here, even if it’s via other methods.
2: Inexperienced and Suddenly Aware
The cold hand of reality slaps you square in the face. Your hap-hazard approach just isn’t going to work out over the long term.
You realise that a bit more understanding and knowledge is needed. You haven’t yet acquired the skills to generate a consistent profit. Responsibly, you accept there’s a bit more work ahead but it’s okay as the light at the end of the tunnel still shines bright. Trading Betfair for a living is still an option, but it’s not going to be this week…
You start to trawl online forums and blogs, much like this one for every nugget of information you can find. Some bear useful information while others are utterly useless. Clearly, you’re not alone in your quest for Betfair riches. The main trouble is that you jump from one method to another without giving them enough time, without trying to optimize each one… and of course the most important thing of all – you’re own personal involvement.
Support and resistance, long-term trends, morning trading, picking top and bottom, backing to lay, you’ll try them all. Different analytics sites the lot! Trying to find the exact point of entry and exit and the magic formula to print money. At some point you’ll think you are 100% right and add to trades, again and again, only to end with burnt fingers.
But it doesn’t stop there…
You’ll find yourself on various software forums asking question after question, some that, over time you’ll look back at and think was daft. Eventually, you’ll start to think that other posters are lying about their profits and Premium Charges. After all, they can’t be making so much money because you’ve looked everywhere! you know many of the things that have been said, but still, you’re making next to nothing.
But here’s the reality – most of the successful traders read the forums but don’t actually post. They’ve been through these stages too! and they know a large part of the answer doesn’t lie there in the forum although it may have been mentioned many times before.
In truth, this stage can last an eternity if you let it. I myself must have dwelt here for around 6 months or so at least, in that time banks will be blown and immense frustration experienced. You’ll look to everyone else and spend plenty of time blaming the market, posters on forums and the like. It’s the stage where many give up…
But of course, the market does not care for blame. It’s cold, hard and going to do what it likes. The sooner you realise this, and accept responsibility for 100% of your own actions you’re doomed. No amount of forum posting can make this happen either, others can tell you till they’re blue in the face, but until you decide on yourself things will remain extremely tough!
At last, you reach the point where enough is enough. It’s do-or-die time, you take responsibility for your over-trading and erratic behaviour. You know you need to build consistently on those market ‘edges’ and make this thing work.
It’s in your blood, you want this! And so, in a split second, something changes – stage 3. The light-bulb effect…
3: Making a Living on Betfair: EUREKA!
Before the penny drops, you begin to realise it’s not just the ‘edge’ that’s important. There’s something else that’s making a huge difference.
But what is it?
Of course, it’s you! You’re behaviour, discipline, mindset, mentality – whatever you want to call it. You begin to realise this line you hear throughout all the forums on the web:
“let a profit run, close a loss fast”
It is actually true, and quite possible too. Half the time it was there staring you right in the face. You are a large part of the edge. How you execute your trades, when you choose to play and of course when you don’t!
You spend more and more time focusing on both the market edges you have, as well as how you actually use them. Trading psychology has a whole new meaning all of a sudden. The light bulb begins to burn bright like never before…
This moment of clarity means you now start to see things differently. You realise that you and all the others trading on Betfair for a living can’t predict where the market will go half the time, let alone all of it. You double down on just one or two strategies that you know have potential, developing your own preferred way of trading. It’s important because we’re all unique and some methods suit your trading personality than others. Things are going well, confidence begins to grow. Now it’s time to cultivate it.
Each time the market shows you an opportunity you take it. When it doesn’t, you do nothing… why would you?
You have an edge and you’re comfortable with it. When the market turns against your edge you don’t get frustrated or angry, you close it out for the loss without a problem. After all, you know you’re going to win in the long run. Trading isn’t personal anymore, which prevents you from making further mistakes!
The best part…
You’ve realised that if you’re to be trading on Betfair for a living then only one thing matters; consistency.
It’s ironic as you will have read about things like this, in articles like this. Except now you look back at them with a dirty great grin on your face. You weren’t ready the first time you read it, but you are now!
All that success was cemented in your mind during that split-second in which you took full responsibility, rather than just paying lip service to it.
4: Mindful of Your Growing Skill Set
Taking the losses in your stride you begin to excel, trading only when the time is right. Winners run to their full conclusion knowing the risk/reward payoff involved. The best part is that losing is no longer painful, it’s just part of the game. Like a business has expenses.
You’re now at the stage where you break even at worst. Maybe not making a fortune, but it’s steady money at the least. You’re well aware of your growing skillset… friends are becoming increasingly interested when they see the fruits of your newfound success. Be wary of that by the way…
If you weren’t before, you’re hungry for more. You’ve tasted a slice of the dream, it’s real and the more you taste the more you want. It’s quite addictive.
You’ve begun to understand your own strengths and weaknesses, and so you can build on the good and eradicate the bad. As time goes on you begin to profit more and more, it’s almost as easy as you’d imagined when you first started out!
Sure you have some ‘blips’ on the way but life is good… this tends to go on for a number of months 4-6 maybe.
5: Unaware of Your Competence (in the zone)
We’re cooking on gas now…
You begin to trade without thinking so much. You’re ‘in the zone’.
Focusing on the bigger trades becomes a priority, it’s all about maximum efficiency. Having mastered yourself, how you feel in the moment and how that sits with your edge is key. You know this, you do it instinctively.
The balance is booming and people around you are starting to wonder ‘What’s this Betfair thing all about’ instead of telling you you’re crazy.
You take a peek at the forums from time to time. Seeing your past self in other questions, occasionally you’ll post but realise it’ll probably be taken far too lightly.
Trading has become less exciting, like anything you master in life. Winning gets boring…
One of the best pieces of advice I ever got was:
“get your kicks from spending the money, not earning it” – on the GeeksToy Forum (User: Millionaire Fund)
He made some good posts before disappearing if you care to look them up…
Trading on Betfair for a living brings its own problems too though, although admittedly some are nice problems to have:
- You’re financially free but instead of worrying about paying bills, you’re worried about reducing commission charges.
- Not that you’ll need it, but banks and lenders simply won’t believe how you make your money – even if they can see that Betfair deposits £10,000 into your account each month. Madness I know!
- Outsiders, spouses etc. generally the thing you don’t do anything and are available to complete tasks for them (particularly trading from home).
- And of course, the most dangerous; the boost in income can attract the wrong crowd… the urge is to tell everyone about your new-found success. Be careful!
On the upside though, and probably the most enjoyable success is to know: You made it!
…and of course; telling the naysayers that you trade Betfair for a living now.
Next Read: 3 Simple Horse Racing Trading Strategies
Making Money on Betfair For a Living – Conclusion
In summary, to make money money on Betfair you MUST do two things. First, suck up every bit of knowledge that is available. Build up a small list of ‘edges’ to deploy when the time is right, understand that each of them has their place. However, the Betfair markets dictate when you will be able to use them.
Second, look inward and spend some time on yourself. It sounds counter-intuitive, but it’s not. By understanding your own psychology and feelings whilst you trade, you put yourself in the best frame of mind for trading. Decisions shouldn’t be forced or stressful, by knowing how you react to various situations, making money on Betfair becomes easier.
Lastly, always take responsibilty. Failing to do-so is failing to look inward, which is the toughest challenge we all face when trading for a living.
89 thoughts on “5 Stages To Trading on Betfair For A Living (Speeding Them Up)”
I think I’m still at the first stage and have a lot of learning to do. I know one of my problems is trading out for a small loss when the market goes against me. I keep thinking it will come back and I can salvage something and of course I lose more as its too late to get out. I think I need to tell myself to get out for a small loss and start afresh. As you’ve stated before Caan, it’s the overall picture to look at not just one trade. As long as you win more than you lose. Thanks for the posts they’re really informative.
No problem Nigel. Controlling your losses is key, having a consistent set of circumstances where you implement yourself is also important
After a whole year of trading I think I am between 2 and 3 now. Extremely good post. This is exactly how I would describe my journey. And I see the light in the tunnel more bright now.
Yes, it’s frustrating Tom as you don’t know how far off you are from that split second… so many give up when the reality is it could only be a day or so away 🙂
stage 3 creeping forward but don’t like the losing trades. Still got a lot to learn about closing out for a small lose instead of turning it into a bigger one.
Good Blog mate a cracking read
Thanks Danny. At least you know you’re only half way 🙂
I think I am nearly there,especially after my purchase of the video pack,I am at 4 I would say ,so sticking with it ,you really are the real deal ,every one of your articles are worth studying ,( any new videos coming to the video pack ??)
Hi Billy, yes lots of progression to come there with the videos. Thanks, I do like to make an effort from time to time with the posts 🙂
Caan this is one of the best articles you wrote. As you said, people will take your advice to lightly but those who will make it will understand. Keep up with good work !
Thanks Ziga, it’s sad but true… I did that same many years ago!
I’m at the ‘given up’ stage 🙁
Sorry to hear that Jon…. still, you haven’t given up yet!
So so true,
Bedding through stage 3 lol
Great news Chris, probably the most exciting stage to be at!
So good to see that even the top traders like yourself have gone through what others and myself are going through at our novice level. Great article. Think I’m midway through no. 3 and looking forward to completing it and now knowing what to look for when I’m at step 4 and 5. Thanks for the heads up especially the tips about others. Reading trading in the zone and it’s slowly putting mindset pieces together. It’s basically what you already know…..risk managemnt is real people! Cheers again Caan and keep up the great helpful articles.
Thanks Helen. We all have to go through it im afraid. It sucks but it’s just how it is… glad your progressing!
Stage 3 I’d say Caan. Slowly becoming comfortable of taking losses and aware of impact of mindset on Trading actions, and knowing when I’m not feeling right. Bank is still small and get the occasional drawdown. Working on consistency. Feels a long way off still and get times when I wonder if wasting my energy
You are describing me! lol! I find one positive about social media, I would of given up if it wasn’t for other peoples support so keep going Kodiac!
It certainly can be testing… take a step back, chances are if you’ve done well before its just your mindset.
hi caan i purchased your both trading guide and video pack..through them i acquired so much knowledge about trading and iam making few dollars consistantly every day ..and also iam fearing because i didnt know is this legal in india or not, because betdaq is not accessable from india,,but betfair has no issues,,pls help me on this that i have any alternative because iam earning great profits through football daily like more than 300 to 400 dollars
When I read this blog I felt someone was spying on me…It’s me down to a T……But now that I know more about myself, I am going to slow down and be very wary of the mistakes Ive made in the past….Thank you so much for this blog very helpful eye opener…
Have to say Caan that if it wasn’t for you I wouldn’t be trading, it’s been a very long and expensive journey but now starting to turn regular profits, had my first three figure win only yesterday, beats me why more people don’t try it?
Hey Caan, could you make a post (or do you have a post) about this “friends are becomingly increasingly interested when they see the fruits of your new-found success. Be wary of that by the way…” and this “the urge is to tell everyone about your new-found success. Be careful!” I definitely have those urges constantly, what are the cons of doing it? If people ask what you do, how do you deal with it?
Hi David,
I don’t have a post on this no…. although maybe I should 🙂
Caan
Great post. Been trading on and off part time across mainly football, done ok, mastered a few strategies. Made redundant and now have big bank and going full time. At stage 4 been through other stages and back again! Confident the psychology side is there – discipline. Wait….wait….wait….then pounce! If it tuns against you I will be jacking my ass outta the market quick! Hers to my new future!
Thanks very much Caan. This isn’t my first time at giving trading a crack. This article is very helpful and I can relate to large parts of it. I think that I am in the transitional period between stages 2 and 3. This hasn’t been easy, even this time around, but things feel different this time, don’t feel as demoralised. Things feel as though they’re starting fall into place and I feel as though I am spotting a lot of patterns (obviously room for improvement). Discipline has been lacking and I have made stupid errors, but I am continuing to work on that side of my game including re-reading chunks of “Trading in the Zone” etc. It is all good fun and a nice challenge to get my teeth into at the moment. I hope to join you all…..one day
Thanks again Caan, all of your articles and blogs are much appreciated
All the best
Michael
No problems Michael, thanks for taking the time to post and give me some feedback. Hopefully I hear youve made it further down the line and are trading on Betfair for a living!
Thanks Caan, it’s a long way off at the moment, but I will get there….or fail numerous times in the process lol.
Caan can not log in to the blog help there. Thanks
Hi Caan your so right I have recently started trading it’s not easy and so much to learn at the moment nothing is going right I have tried Australian market on horses no luck but I feel the market there is so out of line it is hard to call so I believe I need to stick to British events and build up my knowledge and stop going from one strategy to another and look at trades differently I find it hard to read the market but I feel I have jumped feet first if this makes sense your so true in what your are saying I need to keep it simple and take little wins and build my experience up problem I find in trades is that I seem to let the winning period slip through me in trades maybe I trade to much on a race any advice you could give me would be brilliant I have studied so many videos from you it looks easy but it’s not as simple and easy as you make it look do I need to look at the graphs more or give myself more time pressure race as I belive sometimes I trade 5 minutes or less before a trade and maybe jumping in to nearly??thanks again
ANTHONY
I am fluctuating between stage 1 and 4 and can’t break the cycle! I can make steady profit but fall for the old trading problem of staying in too long on the trades when they start going pear shaped hoping that the price will come back!
The odd thing for me is for the first half of my trading day (daytime horse racing meetings only) I am very disciplined and can walk away from a losing trade as I know there is plenty of time left to get it back. But it’s when I have say 13/13 green trades I do whatever it takes not to have a red one…..so I stick with losing trades too long with the liabilities getting bigger.
I am so close to cracking it but need to iron out this “perfectionist flaw” I have when on a decent run! Maybe stopping at a certain profit amount might do it, but it’s hard to do that when it’s all going right!
you just described every step I’ve been though so far. I made a profit on almost every trade at first and was tempted to hand in my notice. It seemed the more I learned, the worse I got.
“It seemed the more I learned, the worse I got”. Really interesting stuff.
cheers buddy, i’ll give this a read.
This is just perfect, It describes most of my ongoing journey, The best thing Ive read about trading.
10 out of 10 Caan. I have your book and Video Pack, but this tells the whole journey not just the edge an how to implement them. Great. Regards, Max.
No problems Max 🙂 glad to have helped.
i am definitely stage 2 tried trading lost some money so stopped I think I have learnt not to chase a loss luckily
made my bank back up with match betting just because its the safer way but this trading bug has never left me so after reading various blogs and scouring the net for tips I decided to give trading another go, buying the pre race guide and now the video tutorials hopefully should give me some kind of help
I was so glad I read the 5 stages thread it actually helps put your head right as sometimes I was thinking I should be better than this etc etc but on reading this I really am on stage 2…..but trying to break through into stage 3 is harder than I thought but at least I am on the up. I also found Leytons comments to be true and the more I learnt the harder it seemed to profit. I will have some party when I break into stage 3!!!!
By the way Caan just as a quick question. With all your knowledge and experience in pre race trading if you were having to use £50 stakes how much would you expect to make daily and to make that profit how many races would you expect to trade. I realise its a taboo thing about daily earnings etc but just a rough guess will do.
Do you find trading the greyhounds beneficial (if you do actually trade them with volume so low)
Thanks
P
Hi Caan,
thank you very much. Amazing article!
I think I am on stage 3 and good to know I am on the right track.
Now I just have to train myself to have the right mind set and discipline and follow it.
Thanks again.
No Problem Ruslan. Its a work in progress…
Caan,
I’ve got to say mate, this is one of the best articles for an introduction to Sports Trading I have read over my many years of dipping in and out of using all of the platforms.
I’ve still not mastered it, and with time constraints it’s been a long learning path, but the whole reason for me joining your site is because I now feel I have learnt to completely discipline myself after going through the gung-ho approach in the past, winning a grand one day, then blowing it the next. A pure gamblers attitude.
Turning a profit is my main aim (duh obvs!!), and feel that now I’ve learnt the self-control part I am fully prepared to listen and take onboard any advice from someone that talks straight!
I will not give up!
I cannot recommend this article highly enough, and will be scanning this site from page to page absorbing as much information as I can.
Cheers, Blip
Thanks for the kind words Blip 🙂 It’s a useful article for sure.
I’m gonna start reading these blogs, never bothered before. I’m still at stage 2 after a year of trying. Great to know it’s not just me that’s Mr. Erratic, chasing losses, refusing to take a loss. Thanks Caan.
No problems Paul. I think many go through that early on.
Nobody makes consistent profits on Betfair, except Betfair itself. The whole thing is an urban myth built on a mathematical absurdity. Sooner or later the combination of low odds plus spread plus commission will always defeat anybody.
Hilarious.
Hi caan can’t thank you enough for all the guidance you have shown me in the last 9 months of my journey ,I read the book trading in the zone and it’s well worth a read ,I have experienced the times of giving up like most but I kept on it and now I am consistently making good money and thinking of going full time next year !your a inspiration and a real source of wisdom and advice !not many of you about .I believe I am close to the last stage but still have lots to learn and will keep doing so !
No problem Anthony, mentality is a huge part of winning… it takes some time for many to see it.
Being aware is a real head-start in itself.
Is it possible to earn money with a short amount of time daily, such as 2 hours or is this a full time job. I’ve made some money matched betting but after a couple of gubbs I’m looking at this.
Hi, sure it’s possible. But most people don’t make money straight away no. Trading isn’t matched betting at all, it’s different. I wouldn’t want to mislead you, have a look about – too many think they are the same 🙂
You’ll soon see you can make way more trading on Betfair (for a living or not). But it’s not as easy to master as matched betting.
As usual a good article and always helpful . I trade in play on the horses and have recently started making good money but I always feel as if there is something round the corner to break the winning cycle and cant believe that I am at last making good profits. I have been through all the stages before as you have and nearly given up a few times but always persisted cos I knew somehow there was a way to make money from Betfair . I think the ideal Betfair trader has to have certain qualities which are developed over time and the main ones are self discipline and judgement..
All the best for the future Caan
I read this post before but such a good post I’ve just gone through it again,
About June time I lost my bank making silly decisions which even at the time I knew was wrong,
I stopped trading totally for a month but instead went through all the notes I’d wrote and blogs and videos I’d read and watched and wrote myself a set of rules, I now stick to them and seen to be seeing everything much clearer,
Being in the right state of mind is just as important as reading the market,
I’m now steadily building up my bank and with the tennis season coming to a close I’m looking forward to the break then a positive 2018,
Thanks for all the YouTube videos, blogs, etc caan,
Cheers
Scott
Hi Scott
Can I know the rules you have made .I’m too in the learning process.thankd
Brilliant article for newbies and pros.
Good article relating the stages of competence to sports trading. I’m still trading on training mode so I guess I haven’ t entered the ring yet. My journey has yet to begin. However I have been a pro poker player for 10 years so see the comparisons in the stages to profitability its gonna be good experiencing those again.
I’m between stage 1 & 2. went back to play money as blew a couple of accounts. £500 bank today and got a return of £9 and was using fairly big stakes. but I still suck at this. not giving up! I think this is a good read & your all doing great!…thanks for the video pack & book caan 🙂 also for Christmas I got that book (trading in the zone) not read yet but hopefully I will improve. 🙂
Thanks Caan,
Great post. I’m breaking even at the moment, handling the loss of profit and being knocked back to where you were 2 weeks ago is not a problem for me now. I think I’m at the lightbulb stage. Now I analyse everydays trades and am automatically able to see the value and feel a trade. The discipline and understanding is there so it’s a case of slowly letting the profit compound. The best thing is I really enjoy it!
Hi Brian, thinking longer term and realising these stages exist and are normal is a benefit in itself. So many are guilty of short term thinking and total lack of awareness.
I’m making a good living with matched betting, a bit of gambling and a part time job. I realise that matched betting runs out after a while and want to start trading. My question, where to start? (Great article btw – especially like the quote you’ve used about enjoying spending the money not winning it!)
Hey Craig, Sure… funny you should ask this! See the recent blog: https://caanberry.com/betfair-trading-made-simple/
Hi Caan,
This is a great article . I think im somwhere in stage 3 trading .Not making anything yet but knowing the problem is me .Believing in what Im doing so the light bulb has come on on a few times and starting to see consistency in some trading sessions when I sit down for few hours .
nice post the other day aswell (80 maybe trades/20 good )
Thanks, Timmy :).
Great article. I started full time trading about 3 months ago. After years of recreational trading with big ups and downs, I knew it was possible. I am almost at stage 5 now. Making money, not worrying about small losses, backs and lays almost becoming automatic. At first I was over-trading. shedding my red early and not letting a profit run. There is a lightbulb which pings in your head!
After 2 weeks I feel I may be at stage 2, correct me if I am wrong. I have watch many of your YouTube videos, read your book, read the pre-race guide, got the first 3 months with geeks toy, playing completely in training mode, and everything is just in-consistent. I win some, I lose some, the stuff I’ve watched and read tell me to accept losses, so I do, but I feel I’m losing more than I am winning, I even manage to blow banks on £5 stakes (though I really know not to let things go in play), I feel my biggest weakness is chasing the losses but also I am just not understanding. I can’t seem to read the market, most actions I take always seem to go in the opposite direction, I tried going against myself and even then it flipped on me. Do you think I might be trying to hard, rushing too much, just still young in the game or the time that I try to practice (I can really only do this between 12 hour shifts and usually at night due to having a kid about), I tend to go after the American/Australian horse racing since that is all that is really available to me at those times. Or I am I just going through the frustration phase right now? I ask because right now I feel like I am.
By the way, if I am in stage 2, I don’t dis-believe that this works, I know I myself am the issue but quite unsure on what exactly my issue is. Apologies for the long comment, I have a bad habit of going on a bit.
Thanks
Hi Mark, thanks for leaving a comment…
It sounds like you could well be at stage 2. You need to accept losses, so long as you’re making judgements in line with your edge. Chasing losses is a problem for many, it varies on person but it’s not a negotiable thing. You need to not do it at all if you’re to succeed, the markets are ruthless, they will just take your money as and when you falter – someone elses edge.
Kind Regards,
Caan
Hi Caan! It is possible to start with a very little amount, such as 100 €?. The thing is that I wanna adquire the behavior. I went trhough for the first two steps, and now I want to disciplined myself. thanks.
Yes it certainly is, although it may be a little slower going at the start… don’t let it phase you 🙂
Hi Caan, Would I be wasting money buying your Pre- Race Trading Guide, as I intend to buy your video course next week.
Thanks Paul
No not at all, Paul. The video course is more thorough though.
I’ve totally changed my style these last few weeks . Instead of trying to trade a maybe I wait for the perfect opportunity , sure you lose a few but if you know when it comes good it wipes out the small losses then you have an edge , I like what you say in your post on this subject paticularly getting out of losing trades fast, letting profits run and looking for big trades. I am pretty sure you more or less have a strategy for most races where as wait for the moment is the right way for us mortals
Been trading for about a year. Looking back on the first 8 months or so I see that I was pretty much just gambling. Seem to be consistent now though even though stakes are extremely small. Always disheartens me when people post ‘only people making profit are betfair’ etc. Makes me doubt that i’ll ever make significant progress, and at the same time wonder if these people have failed/given up and then blamed everyone but themselves.
Having read this post I can see I’m pretty fluid through the stages. 80% of the time I’m stage 3 yet fall through to stage 2 and, brutally, into stage 1 when I’m pretty sure I’ve got it nailed!
I have trading in the zone on audiobook and am on my second run through on my commute to work. The first few chapters I found myself seeing myself in every word. When he discusses what’s logical against what’s required. I can also see that I’m definitely my own worst enemy on this.
I’ve been football trading/mainly gambling for about 4 years. At times I’ve made very good money, and managed that for several months at a time, but then I fall apart and as such the P/L reads accordingly.
But it’s reassuring to know that whether I’m successful or not is down to me, and not that market that is out to get me. For me and my changing mindset I know that taking 100% responsibility for my actions and results is what will be the key. I now look forward to the journey rather than be wary of it.
Honestly it hasn’t entered my head this could be a career. I think for me and my plans that’s a good thing presently. I’m hoping to have a hobby I enjoy, feel like a hero sometimes (in my own head at least!) and maybe have some extra money for my family.
Here’s to the journey, and best of luck to all!
Hi I,m right at the very beginning,lots to learn so much to take in i have to re read over sometimes,but hay,i’ve just ordered your book can’t wait, I,m so interested in Greyhounds,spending my time at henlow, but i’ve got time and patience lots of patience,thanks
Henlow… haha, a very ‘ethical’ track right :D. I can see why you might be interested!
Great post Caan , just like to say Book, Video pack and the forum have been a massive help. Knowing that we are all on the same path but at different stages reinforces the hunger.
hi i have started stage 5 packed in my day job 8 month ago to start trading before i made the plunge i watched all your vids on you tube over and over and over again. i put 6 month of money away to cover rent bills and so on . it has being an expensive 8 month but i never give up i feel like a teenager again just starting out on a 3 year apprenticeship course. thanks all the great vids and advice i would not of got past stage 1 . i have never being more contented or happy with life as i am now. just wish i started this 20 years ago. i am now starting to love life . go on holidays be my own man. my friends said i can not do it. they are gamblers and failed i was a gambler but try telling them that am not gambling they dont understand my family dont understand it. but i do and am loveing every day of it cheers caan
great stuff
Hi Caan,I’ve come from a matched betting background and have taken the leap into trading after purchasing both your book and pre-race guide, next stop is the video course.
The help I have had so far from both has been invaluable and I think the video course will only enhance this, I am a regular viewer of your videos on youtube.
One question I had was about trading in-play – I have developed an intentional in-play strategy which has a very high success rate (it is not perfect and requires some fine tuning), I often read about this being one of the worst mistakes a trader can make. By this do you mean both intentional and unintentional in-play trading? Do you avoid both at all costs?
Hi Traulsy,
No, if it’s intentional and you have an edge – knock yourself out!
Many people however, use it as a means to bail themselves out of a poor position. I don’t agree with that.
Cheers,
Caan
First of all, thank you for all information that you provide us on the blog and YouTube channel. I know that this takes a lot of your time.
About the article, I think that I’ve reached the #4 step. Unfortunately I know how to trade only football and my best results are with the classic „LayTheDraw” strategy, slightly upgraded by me. At this moment I do not believe in full-time trading, at least for me. Hope to be wrong about this. Do you have some advice for me? Can you offer me more knowledge so I can progress in trading? I’m interested in football trading, because I don’t want to start from beginning with horse trading.
Great blog Caan. Much appreciated.
I trade on Australia and UK racing markets so managing focus across time zones is a continual issue. Would i be dreaming if i thought automating my trading and backing strategies 100% is possible? What trade off in profit/bank growth should i expect.
Well that was a brilliant read. I read that and smiled a lot, coz last night I got the “AHA” and the “WTF are you doing, you gobshite” moments. I want to be in the “you can’t tell if I’ve won or lost” zone – where you’re confident in regaining a profit another day. I record all my losses even if it hurts to see the red numbers but when they change to black,,,,, awh so nice.
Thank you Caan (think I’ll be saying that a lot).
I’ve written to the Pope and told him I’m worshipping a new God 🙂
Thanks a lot Caan for your help to sports lovers who wants to make real money.
Hi Caan. Great post as usual. I started trading a couple of years ago and had varied success in that time. Wins and losses but nothing consistent. So I really started to look for an edge to help. Then bingo I found it and haven’t looked back since. I know you say don’t trade in-play but this is where the edge was. I have always used BetAngel as my preferred software. But now they have teamed up with TPD I find that I can now place trades with about 20- 10 % of the race left, providing the criteria I set is met, and so far, touch wood, I have not had a losing trade in the last 3 months. I know I will take a hit one day but when I do it will only be down to my error. Shame I cannot automate it but it does need a hands on approach. Only do 10 trades per day on average, maybe a couple more at weekends but making enough now that I quit my job. Mates thought I was mad until I showed them my consistent winnings. I do disagree with that post regarding it’s the betting that is exciting and not the winnings. For me it’s looking into my bank account every week and seeing twice as much in there as there was when I was doing a 44 hour week. Happy days 🙂
Good stuff, great to hear. Be careful with that data as I’ve heard it’s not always correct. A few people have lost a packet using it.
Great article Caan. Feeling like between 3 and 4. Used to trade for the buzz, inplay, overs, unders, late goals trying all sorts. Now happy to take some small losses to save the bank and never let a trade go inplay. Happy to take ticks now, even with a few hundred quid it can be £10 per day nicely.
Thanks for sharing, Alex. You’ll know for sure if you’ve surpassed #3. Trading on Betfair for a living is great once you get past that point. Steady and consistent is the way forward every time in my opinion. Good luck!
chester the jester
You are either joking or you know nothing
I have made many thousands from Betfair
Eh…. that was a very strange piece to read!
Where you in my head for the last 3 years?
I reached the light bulb stage in Sept 2024 – took me years but I wasnt at it full time, only attempting when I was between relationships 🙂
This time I started again after blowing my bank by depositing just 10 euros and setting myself a goal of 1% compounded profit daily.
I promised myself that if I can’t do this for one year without blowing the bank, I will never be able to do it.
The “green eyed monster” inside ME has pushed me into inplay, betting the bank and chasing a loss….but the “get a grip gamer” inside ME fights back and gets out fast, saying “it’s just a game” ….”you’re just playing a video game but with a return in green”.
The small green amounts which are less than a quid are the little victories.
The balance after thousands of trades, is 80 quid. It’s just a game to me and I hope I can keep winning. I hope I can keep being disciplined and make the ‘gamer’ happy.
BTW, I bought your racing videos a few years ago but I still cant figure out why the market moves and I never will.
Thanks Caan