ON or OFF?
This week one follower reached out to me on Facebook and asked a pretty valid question:
“I’m just getting started out on my Betfair journey and wonder what’s best? Should I aim to get into automation or manual trading more? what would bring the best returns do you think?”
This kind of questions is always difficult to answer. In truth, there is no right answer. Everyone coming into Betfair trading has different strengths and weaknesses. To truly succeed, it’s often best to do what many don’t!
By this I mean focus heavily on your strengths and say ‘fuck it’ to your weaknesses. I don’t mean completely forget about them of course. But what’s the point in wasting your time trying to improve on something you’re not great at? Surely you’d be better off focusing on something you already have some kind of strength or level of success at, no?
So I guess what I’m trying to say in answer to the question is:
If your strengths are in excel, programming, data harvesting and building a heavily structured plan – then automation is probably likely to be your best route.
If your strengths are in intuition, reactions, quick decision-making and going with change – then manual trading is probably likely to be a better one.
Don’t get me wrong, having strengths in both is going to be ideal. But if you’re hopeless with excel and linking programs up and refining data then it’s likely to prove a little more difficult. And probably a hell of a lot more stressful!
I’ve spent plenty of time in the past looking at improving the area’s I’m not so good at. When I think about it, a lot of that was a waste of time. I keep certain spreadsheets and notifications for when certain horses run now, which is helpful. But focusing on my strengths is what brings more income in.
A similar question I get is: what race’s are best to trade?
Again, the same answer applies. If you’re good at trading low quality events then why focus on all the other races in the day? It’s good to trade them all, and small profits add up fast. By pinpointing your strengths on a day trading it often pays off considerably more.
Sport’s you trade is pretty much the same, with the exception of pre-race trading to a degree. But even then a bit of extra sporting knowledge will help. No point trying to trade the Tennis day in day out if the racing on the other channel excites you more. Which brings me on to something else, if you’re doing something you love, there’s far more chance of success.
Related: Beginners School – Check it out…