Sports trading is about betting whether the odds of a competitor at a sports event will climb or fall. Most trades take place at the leading betting exchange, Betfair, where liquidity and volatility create new investing opportunities literally by the second. Betfair trading either before the start of the event or during play – also known as live trading, live betting or in-play trading – follow 3 simple rules. Each sports trader must complete the following 3 steps to make money in sports trading.
Profitable trading systems
How to predict how the odds move? The million dollar question, isn’t it? There is no definite answer to that. You must find a way to make you comfortable when predicting odds fluctuations before begin trading. I myself have used market depth and technical analysis of Betfair graphs and have become quite popular for that trading method. However it’s not the only trading strategy that can make money, or it doesn’t mean that will work for anyone. Traders should develop their own personal trading system which will help them predict odds movements more efficiently.
Money management in trading
Because of the odds increments in online betting, sports traders need to apply proper money management to preserve and protect their capital at all times. Setting stop loss levels and profit targets will prove invaluable tools in Betfair trading, never forgeting about commission. Risking a small portion of the bankroll in each trade and not jeopardizing the whole betting account will make sure that you stay in the game for a long time. Most newbies at trading lay or back without planning beforehand what their exit strategy will be. They soon find unsure of their trading decision, ready to risk even more money to win miniscule profits. Managing your money is like avoiding unemployment. If you are out of money, you are fired.
Essential trading software
You got a proven winning trading system and have given serious thoughts about money management. You have a plan and are ready to pull the trigger. What about order execution speed? How about automating the trading system? How much time will you spend sitting in front of the computer? Is there any piece of trading software or betting tools that can make a trader’s life easier? Fortunately, yes.
I have used quite a few pieces of trading software and platforms on Betfair. I even aided in developing some of them, back when I was regarded as one of the Betfair expert traders! My favorite has always been Bet Angel Professional. As of lately, Peter Webb’s team has increased the software’s potential significantly by introducing In-Play trader and Virtual Private Server edition of Bet Angel, VPS in short. Of course you may still opt to trade using the Betfair interface via a web browser, but you’ll let yourself into a disadvantageous position against the opposition. Trading without software is even harder when scalping is the favorite way of trading. Profitable scalping depends so much on speed, that I wouldn’t even think of trying to scalp the odds without Bet Angel or any other platform that features quick refresh times and one-click bet submission. A reliable and fast broadband connection to Internet is very important as well.
While my first trading experience was in sports betting and Betfair, I have moved on to stock trading. Access to worldwide stock markets allows more investing opportunities to take advantage of. Forex trading is also becoming extremely popular during recent years with more than a Trillion dollars being traded in the foreign exchange. Investors, buying stocks in the US stock market and investing in US dollar against the Euro currency during the European financial crisis, have been proven excellent investments.