Over time I have had the opportunity of meeting many people who have succeeded at profiting from Betfair trading in the long term. Many still trade today whilst some have moved on to pastures new. On the flipside, running this blog has also given me the chance to meet many people who have failed at Betfair trading. This has made it easy for me to identify which types of people are likely to succeed at Betfair trading and much of it comes down to the characteristics of the person.
Here are 4 common characteristics of people who succeed on Betfair. Do you possess any of these?
They Are Positive
All the successful Betfair traders I have met are all positive people in general. You might argue that they are positive because they are successful but you will often find the two go hand in hand. You will struggle to get anywhere with your sports trading if you have a negative mindset. I am sure you might have seen the odd negative mindset on Twitter or a forum. They are the type to accuse anyone of making a profit as being a “scammer” or “fake” and they probably look at a useful website such as this and call it “a load of rubbish”. I know it happens because every now and then I will get a comment on an article calling it a “load of rubbish” without actually giving reason why.
Being positive is not just about your attitude to Betfair but your attitude to life in general. Is your cup half-empty or half-full? For successful Betfair traders their cups are always half-full!
They Are Long Term Thinkers
Those who do well on Betfair come into this knowing that this is a marathon and not a sprint. You simply can not expect to start making long term profits from this within a matter of weeks or months. Most professionals took much longer to get where they are. These days, you can progress quicker due to so many top quality courses and services now available but even then you should not expect to have “cracked it” before you have even done 6 months. This article on “How long does it take to become a professional on Betfair” is a useful one to help you manage your expectations.
I do get many emails from people who tell me they have been at it for a few months and made no progress but I tell them this is all part of the learning curve. However, you often see many just panic, get frustrated and then give up.
It is best to come into this thinking about learning a skill that you will probably only really reap the benefits of in a years time. Do not rush anything as this just leads to frustration which often leads to failure.
They Are Disciplined
It is important to remember that when you are trading on Betfair you are essentially self-employed. You only have to answer to yourself. Some people do well in this situation whereas some do not.
To work for yourself requires a huge amount of discipline and also sacrifice. You need to be able to get up on time, plan the day ahead and everything else all by yourself. I have noticed many people find it hard to work unless they have someone giving them instructions of what to do. In this case, you will have to be working of your own accord which also means you will have to motivate yourself on days when you might not be in the mood for another session on the markets.
This also means you have to be disciplined with your staking. Lots of novice traders go wrong in their early days as they over-stake which often leads to an “all in” situation and an inevitable blowing of the bank. Can you be disciplined enough not to up the stakes when the going gets tough?
They are Organised
You really need to be organised person if you want to succeed at most things in life, let alone Betfair. The most successful traders I know are all incredibly organised people. Are you the type of person that is always late for things? Do you often leave things till the last minute or sometimes forget about doing things completely? Then you are going to struggle on Betfair and it is important you work on your organisational skills immediately. As has been mentioned on this blog before, keeping a trading diary is very important yet I think probably only about 10% of the readers have done it!