Something that is often mentioned on blogs and forums that discuss Betfair trading is the need for a “big bank” in order to be successful. I am not sure how big a big bank is but I would assume we are talking about a 4 or 5 figure bank. Is this really right though? Do you really only need a big bank in order to become profitable on Betfair?
Well, firstly, if you have a big bank but you are not a profitable trader then it will make no difference. If you are losing with a £100 bank then you will lose with a £1000 or £10,000 bank also. Just because you have more money in the Betfair account does not suddenly entitle you to profits. So if you are a person who needs a “big bank” in order to succeed then at least ensure you are profitable with a small bank first. On Betfair it is just a matter of scaling up as much as the liquidity can handle. So if you are winning with a £100 bank then you should be able to win with a £1000 or £10k bank, liquidity permitting.
Despite this there are still many who argue that a big bank is needed if they are to start making consistent money on Betfair. One thing I can understand about traders saying they need a “big bank” in order to succeed is the confidence a sizeable bank can give you. If you are someone who is attempting to make a living from trading Betfair then having 5 figures in reserve can make you feel a lot more comfortable about your trading then you previously might have felt. This can make you become a better trader just through feeling more free with your trades. Depending where you live in the world then making £1500-2000 per month on average can be all you need to have a comfortable living. If you have a £10k bank then it is only a 20% return of your bank per month that you are looking for and that is a not unrealistic target.
Trying to make £2000 per month from a £2k bank is a 100% return every month and would be very hard to maintain in the long term. Therefore, it would be understandable if pressures got to you and affected your trading. So therefore, having a big bank behind you that can potentially handle negative swings can actually improve your trading.
So while I can see the positives that having a big bank can provide I must also warn that it is not the answer to everything. Going back to the first point, a big bank does not automatically make you successful. A good strategy makes you successful. If your strategy is profitable in the long term with a £100 bank then it should be the same with a £10k bank but do not think that the reason you keep losing with a small bank is because you need a bigger one. Become profitable, then scale it up. Either by compounding your bank to make it bigger and bigger or by getting outside help like an investor.
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