Betfair HorseTrading

Betfair Mindset

Trading on betting exchanges requires a different mindset to straight betting. 

If you are new to trading the OLBG betting school article on advanced laying and exchange betting should be your first port of call. 

Once you have the basics you need to face up to the reality that your winning horse racing bet which gave you so much pleasure is diluted if you decide to trade it.

So as a trader who has predominately been a bettor you need to come to terms with this reduction of return.

On the reverse, you have guaranteed yourself a no-lose bet or at least some sort of return, or a much smaller loss.

Your Trading Life

In many cases you can spend part of the day accumulating very small gains from your no-lose trades, only to see those gains decimated or wiped out when a trade goes completely against you.

Very quickly those hard-earned amounts that you seem to have spent forever accumulating are gone, but from these losses you start to learn the essence of trading.

If you believe many of the trading gurus that have sprung up all over the internet they never have a losing trade, all drifts carry on northwards and all backs continue on a downward trajectory.

Most sensible traders realise this is not the case.

If you are going to eke out a daily or weekly profit you need to have a reality check and understand if you can get more successful trades than losing ones you are doing well.

The successful trader stops their losing trades and rides their winners.

How To Make Money On Betfair

To make money on Betfair you need to cut out the amounts you lose. You are going to have losing trades, so always make sure that it is a small amount. 

Just accept that you need to stop your losses quickly, you can always go back in at the new price and try and catch the market again in the way you want.

You can be in and out of markets as many times as you wish, nobody is looking over your shoulder. 

In many cases you will have one or two trades a day that reap the big dividends, this riding of your winners will make or break the day.

You may catch a horse that drifts 10 or 15 points or is backed in to the detriment of all other runners, rejoice at this movement and bank the money when you are happy that the movement has plateaued.

The rest of the day will be spent cutting losses or making very small gains.

Trading is really an accumulation of funds with the least risk to your capital.

If you lose 20 points but gain 60 points on a regular basis then it won't take long for the trading bank to grow. You can then in time trade with bigger funds leading to bigger daily profits.

To check out all the exchanges on offer + which exchange we rate visit the aforementioned laying and exchange guide.