It is quite important to be able to objectively understand just what level you are at with your own Sports Trading. Some people kid themselves that they know everything there is to know about trading on Betfair, using strategies etc however they are not actually making a profit themselves.
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On the flipside, I have met full time professionals who modestly claim they are “still learning”.
This is a harsh but true look at the different levels of Betfair trading. Decide which level you are at and work out how to get to the next one!
You can be considered a total newbie to Betfair Trading when you are still getting your head around “greening up”. These are the days when Betfair is fresh and might seem like an amazing world full of possibilities. You probably haven’t even begun to think about strategies yet as you are still trying to learn the concept of actually locking in a profit. If you are at this stage then you just need to practise the trading concept. This stage is probably the easiest to progress from, especially with software doing your greening up for you automatically these days. Personally, I can not remember the last time I greened up manually on Betfair!
I would say you are an advanced newbie once you reach the stage when you know how to exit trades, how to green up, how to red up and you are now in the process of learning some strategies. You have probably tried a few strategies but you are still making regular newbie mistakes such as overstaking, greening up too quickly and also giving up on strategies really quickly if they do not bring instant rewards. You are still far from being profitable at this point. At this point you must work on learning the markets inside out and learning from your early mistakes. This is probably the ideal stage to check out some trading manuals and courses as you will be ready to start taking your trading to the next level.
The Break Even Trader
Now you have learned from your mistakes, you know the markets well and you feel that you have a pretty reasonable knowledge of Betfair trading. This knowledge might now be enough for you to begin to create your own strategies in search of something that can work well with. At this stage you are not really losing money but you are also not really making money either.
At this point you often see people go one of two ways.
Some will work hard and move on to the next stage which is the semi-professional level whilst some will remain at the break even level for a very long time and eventually grow disillusioned with it all. The jump from break even to semi-pro is probably the hardest jump to make so I am not surprised this happens.
Those who grow disillusioned will either give up or will be found on forums or in blog comments making negative comments about the scene in general. Those who have the spirit will work hard to get out of this break even stage which is the light at the end of the tunnel for anyone on their Betfair trading journey.
This is when you have finally found a method that is making reasonable returns for you and you are making consistent profits but probably not quite enough to make you go full time with it all just yet. You are probably still a little bit nervous that your profits might just be a flash in the pan and so you are not getting excited just yet, which is always a good attitude to have.
The semi-pro will usually keep their day job alongside the trading which is very sensible and the semi-pro will still be open minded about learning new methods. So they will still follow blogs, buy strategy guides and test new things in order to increase their portfolio.
Some will be happy at this semi-pro level as not everyone wants to do this full time. I know plenty that just want to make extra money from it every month but have no desire to go full time with it. Whilst there are some who want to push ahead and go full time and they will move to the professional level.
At this stage you are now making the equivalent of a full time living from your punting and this income can potentially replace your employment income. Some will make the jump and go full time whilst some will keep the safety net of their job.
Once you reach this stage with your trading you are no longer on the search for new strategies and you will very rarely buy any material now. You are probably more likely to produce your own guides and courses to supplement your income and give you something else to do more then anything. Especially once you start paying the premium charge.
This is the level most aspire to when they start out on the Betfair journey. Just having the opportunity to replace your income with money made from home and become your own boss is a dream for many but as this article is showing it is not something that will happen over night.
This spot is reserved for the few super star traders that we get within the Betting exchange scene. The likes of Peter Webb and Adam Heathcote who make astronomical sums with their trading. The likes of which make you feel it can not be true. Not many ever make it to legendary status but then again not everyone really wants to broadcast their huge profits when they make them.
There you have it, WHICH LEVEL ARE YOU AT??
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