If you are treading water as a Betfair trader or not turning a profit yet then there are things you can do to push yourself that little bit extra that will help you improve massively. There are some things that those who are successful do that the others simply do not want to do but that can be the difference.
Here are 5 ways you can seriously improve as a Betfair trader starting today!
Watch More Markets
The more markets you watch the better understanding you will have of sports trading overall and this can also help you to spot opportunities. This could be the fringe markets within a football match or simply just watching how the markets move in another sport. You may find that you click much quicker with trading another sport. I have lost count of the people who have “cracked it” at Tennis Trading however they spent many years trying to crack football first but to no avail. The more markets you watch, the more market knowledge and experience you will have which is vital if you want to get an edge.
Watch More Sport
When you are developing as a trader you can really improve yourself simply by immersing yourself in the sport you trade.
This can mean watching more football matches, more tennis matches or more horses racing. Also, this does not strictly mean the live matches as you can immerse yourself in other ways. Watching Sky Sports News, listening to Talk Sport and reading the press are all good ways to keep up to date with the sport you are trading. You will be surprised at how much the unconscious mind can absorb and an interesting fact you may have heard during the week might just return to you near action time and might give you an opportunity. Just by watching so many matches you simply “know” when team X is likely to score, or a certain tennis player will crack under the pressure as you have developed a gut instinct for it.
Once again, nothing beats experience.
Personally, I had a dip in my own trading productivity at the back end of the 2012-13 season and I put it down to the fact I was not immersing myself in the sport quite as much. The Premier League title race was over by March that year and with no World Cup to look forward to so I took my foot off the gas. I watched less matches and did not follow the sport as closely in the final months and I definitely paid the price for it.
If you want to start improving as a Betfair trader then you should also read more. This could be reading Betfair Trading blogs to get ideas and inspiration or buying a few strategy guides to get the same thing. There are two types of people who frown upon buying strategy guides, the ignorant who do not believe you will ever learn anything from them yet they are struggling to make profit themselves. And those who are already successful who learned via their own trial and error and, perhaps, feel a bit threatened that someone could read a guide and learn in a week, something that took them 2-3 years.
Personally, I love reading strategy guides and seeing how other people like to trade and approach things. The standard of these guides has really shot up in recent years and I always find a good nugget or two within most I read and I am quite experienced. If you want to get better you need more knowledge, it is as simple as that!
Keep a Diary
On this very site we have covered the benefits of keeping a Betfair Trading Diary. So we will not dwell on this point for too long but, the simple fact is, you need to learn from your mistakes. Only by keeping notes and then analysing your performance will you improve.
It is very hard to find a way to beat the markets with a “system”. You need a STRATEGY but you also need to use your own filtering techniques and discretion when entering the markets. By keeping a diary you can analyse your trades during a quiet moment and this will help you realise where you are going wrong.
Very often it is not the strategy that is the problem but the person using it!
Test More Strategies
You should also keep testing new strategies and also new selection methods for certain strategies. For example, Lay The Draw is a strategy but this strategy is only as good as your selection method. Why not try a different way of making the picks or a different entry/exit point?
I do not know one successful trader that is still using the same precise methods as they were a few years ago. This is not because their methods of a few years ago no longer work but usually because they managed to IMPROVE on their previous methods.
Also, it is important to develop a portfolio of different strategies. There is not one successful trader out there who is making bank from just ONE method alone. When you feel you have worked to the point where you can trade one strategy almost in your sleep then it is time to start adding to it.
If you want to seriously improve as a Betfair trader then start doing some of the above things. I guarantee you will feel the benefits and this might be want you need to make the jump from average break even punter to PROFITABLE punter!