I really enjoyed doing the recent interview with Greek Investor Jim Makos. The best thing about doing these interviews are the little gems of information that can be learned from them. I often read interviews a few times to try and “read between the lines” to see what else can be revealed. There were a few things that almost everyone can take from the article.
Make Money While You Can!
I think the most interesting thing that we can take from that interview is that once you find an edge you should exploit it as much as possible while it is still there. There is a saying which goes, “Make hay while the sun shines” and its very applicable in trading. The more you trade on Betfair and the more markets you experience just means you will get closer and closer to finding an edge in the markets. Jim obviously found a huge edge in the market if it allowed him to make that much money in such a short space of time and so once you do you need to rinse it for all its worth.
You Never Know How You Will Find Your Edge
This interview shows that buying systems and strategies does have its place since most will normally show you new angles and ways to trade that you might not have previously thought about. Jim mentioned he discovered his own strategy after watching some trading videos from a service back in 2004 and so it just shows that checking out some of the systems that are on the market is never a waste of money since you simply never know what you might discover.
Be Real With Your Self
We also learnt that its much harder to make big money on Betfair today but its still not impossible. Jim admitted that he still knows traders that make €6k a month from the Horse Racing Trading but he simply cant make it work for himself anymore. I think that is quite commendable as being able to admit you no longer have an edge must be an incredibly hard thing to do. You only have to look around and read some blogs and forums to hear about people who USED to make good money on Betfair but are now struggling. Most will convince themselves that its just because of a bad run or other reasons, when the reality could be that they no longer have an edge on the market.
So all in all, it was a really good read and an enjoyable interview to do. Its certainly something worth reading over and over and you can read it again here.
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