It is a harsh fact of life that not everyone will succeed with Betfair trading and any sort of gambling or investing in general. I have listed a few reasons below about why people fail at Betfair trading and if any of these sound familiar to you then you either have the opportunity to change it or to just give up now and save time. If you have any single ONE of these personality traits then you need to change!
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Here are the 4 main reasons why you are failing at becoming a profitable Betfair Trader.
You Are Negative
Negativity is something I notice so much in the world of investing. This could be trading on Betfair, sports betting or even other forms of investing such as Forex. I read forums and comments on blogs from people who seem to have a negative mindset right from the beginning sometimes before they have even tried something. Recently, I put up a review of Profit Maximiser which is probably the best way to make decent money from betting with the very least risk. Yet, I still managed to receive negative comments which were not very constructive at all, the usual “sounds too good to be true….” and “if it worked he would not sell it”. If that is your belief then you should just give up now as you will get nowhere in life with a negative outlook on things. I am not saying you should believe everything you read but it is important to be open minded about any and every investment opportunity that comes your way.
You Are Impatient
Those who are new to this often give up long before they can establish whether anything works in the long term. If you are the type of person that only wants to test a strategy for a month, or even a weekend, in some cases before moving on to try another strategy then you will definitely fail and fail very quickly. It never fails to amaze me how people can try a strategy and give up on it as soon as a losing run happens. They then say it doesn’t work and try something else before ending up in a never ending circle of failure. If you have the patience then you will definitely do well in this game. There is nothing stopping you from paper trialling lots of different strategies before eventually sticking to what is working for you in the long term. If it takes a year or two to find something profitable then it is worth it, however it seems some punters want to find something within the next WEEK or two with, probably, the view of quitting their job at the end of the month and living off gambling profits. Not going to happen overnight!
You Are Greedy
We all want to make money and we all want to make as much money as possible. However, if you are greedy and out to try make the big money without first learning the ropes then you will not do well and you will fail. It baffles me when I get asked what size bank is needed to make £1k per week on Betfair. This is obviously hugely dependent on your strike rate, the amount of sports you trade and your risk-reward ratio. If you do not already have an idea of this then you are probably just starting out which means that you should not even be thinking about how much you can be making just yet as your main priority should be to, firstly, become profitable on the markets.
You Are Lazy
There are plenty of newbies who seem to be after some sort of “push button and make money” strategy that requires little thought or effort.
This is not going to happen.
If you want to do well on Betfair you need a strategy but you also need to take time to learn the markets and also learn more about the events that you are trading. It is no coincidence that those who trade the best on Betfair usually take a year or two to become profitable. This is because experience is everything, especially when trading in-play, and it takes hours of being infront of the screen to gain this experience.
It may be a cliché, but there is “No substitute for experience”. If you are not the lazy type then start spending time studying the markets and actually researching an event before getting involved.
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