My Betfair History
For those who are completely new to Betfair or one of the other exchanges please visit our betting school, the article titled - laying and exchange advice should be especially helpful.
Everyone Makes Mistakes
You will make plenty of poor decisions on a betting exchange. Gradually cut those poor decisions out and you are on your way to making a profit.
Remember this is a Betfair tips guide to using the Exchange and not the Betfair Sportsbook.
The Betfair Exchange Trading Guidelines
- Every time you watch a Betfair Exchange market you are banking that information in your brain, that gleaned information can help you in the future. Do not think of it as wasted time.
- Do not think you need to trade every Betfair betting market, only trade markets you fully understand, and have followed over a period of time.
- Do not try and compare your Betfair trading figures with others, they may well have started with a bigger bank, and their success has no influence or relevance on yours.
- Specialise in 1 sport and read and learn as much as you can.
- Understand how Betfair markets work, especially in the market you are trading on and in.
- Get organised and be free of distractions.
- Never risk more than a small percentage of your overall funds or Betfair bank, the market can turn quickly, especially these days where big players and institutions can have a huge influence on the figures in front of you.
- Listen to what the betting market is saying, you may have entered the market with conviction on a trade, however, if the market is signalling the opposite then take heed.
- Markets are efficient and all the information available is displayed via the prices.
- Beware spoof money, this is money posted to lull you into believing that the selection is going to perform well or badly.
- Look at the average prices, and the highs and lows the selection has traded at. This will give you a snapshot of its Betfair trading range.
- Do not worry about losing, losses help you learn and teach you to be cautious. If you are only risking a small percentage then your Betfair bank can handle this.
- Compare and contrast prices from all the Betfair selections, not just the 1 you are interested in. You may have an event where plenty of selections are seeing support, you need to know this.
- Remember you are not looking for the winner, you are looking for a selection to move in your favour.
15. Look at the worst-case scenario before you trade and have a Betfair exit strategy:
- Your internet connection may go down.
- A horse may bolt to the start.
- A player may get injured in the warm-up.
- A manager may say we are putting out a weakened team.
You need to know this as it will affect Betfair prices.
- Enter the Betfair betting market when you are ready, in the sport or event that you have studied.
- If the market goes against you cut your losses, do not let losing trades run, there will be another trade along shortly.
18. Make sure your Betfair trades are:
- Small Wins
- Big Wins
- Small Losses
You need to avoid big losses at all times. No one knows about your wins or losses, so no one should care except you, you need to care passionately.
- Imagine if you entered the market with the mindset of not losing as opposing to winning, would you be more cautious? I suspect you would have that NO LOSE mindset at all times.
- Find your edge where you can profit from your research, and then enjoy winning on Betfair.
Following the above Betfair tips will hopefully help you avoid many of the trading and betting mistakes I have made.