/ / The 4 Characteristics Of People Who Succeed On Betfair

The 4 Characteristics Of People Who Succeed On Betfair

successful betfair traderOver 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!

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8 Comments

  1. Jane Giles says:

    I do find your articles very interesting,and being a fairly newcomer to betting,I am learning a great deal,but I find laying a bit of a minefield. One thing I find difficult to understand is often one is just advised to lay a football team,does one then obviously back the other,or can one just lay the one being advised? I.e. Can one just lay a team without backing the other.Can you back and lay the match on Betfair,without using a bookie?
    I hope I have explained what I mean,I am sure it is very simple to you,I am afraid to try ,and lose my money,would appreciate your help.
    Jane

    1. Sports Trading Life says:

      Hi Jane

      If you lay a team you are saying that team WON’T win. So then there is no need to back any other teams, at least when you are a beginner anyway.

      Try a lay with a small £2 stake, pick a team you do not think will win, lay them, if they do not win then you will win!

      We all have to start somewhere!:)

  2. Merv Hughes says:

    Hi, Great article, and from experience I totally agree with the points raised. I would add one other, this being persistence. Been trading for 3-years now:
    1st year: Was all about learning and execution.
    2nd year: Devoted to building a trading-bank via compounding / consolidation.
    3rd year: Plan my day, execute my plan, reap the rewards and accept the losses with the same good grace.

    Above all else, ENJOY what you do !!

    1. Sports Trading Life says:

      Hi Merv,

      Yes persistence is very, very true. The average person would never get involved if they thought it might take them 3 years to get there but that is the same with most well paid jobs i.e getting a degree etc

      Thanks for dropping by!

  3. Hi, I live in australia and trade the horses. I would like to trade other sports but am unable to because of Australian regulations. I am looking for areas you can trade when i am travelling, eg international waters, countries that allow sports trading, I have not found anyone who will give me an honest answer, even some people who run trading courses cannot give me an answer, betfair wont either, can anyone help me, thanks Bernd

    1. Sports Trading Life says:

      Hi Bernd

      Sorry for the late reply.

      Not sure if I understand your question, are you just looking for countries that allow you to trade Betfair legally?

      If so I am sure Betfair can supply you with a list as it is always ever changing.

      Most of Europe can access Betfair if you fancy travelling over there!

  4. Hi,

    Having read a lot of articles on the site recently there is one glaring question that sticks out to me in respect of making the jump from part time to professional Betfair trader.

    Some advice on the site seems to suggest that you should be showing a year or more of being profitable from trading before considering going full time. However, it strikes me that in order to be a succesful trader you need to have time to do plenty of research on the markets you are wanting to enter, analyse trades before and after entering/exiting and most importantly watch the matches in which you trade. It would therefore seem to be close to impossible to be successful unless you were full time and particularly if you have a 9-5 regular job.

    For example in tennis trading the majority of the European season would be impossible to follow and trade live and it would be pretty difficult to place well researced trades on even the US Hard Court season with matches commencing at say 4pm GMT. You certainly couldn’t get a feel for the entire tournament and have time to review previous rounds and matchups etc.

    So put simply I question whether or not it is possible to be a successful trader part time as I believe the lack of time would lead to poor decisions being made. It may be possible to place well researched trades in certain markets but I feel like the number of these would be minimal therefore not really enough to go on to determine how successful or unsuccessful you really could be.

    1. Sports Trading Life says:

      Hi Mark

      Thanks for the comment.

      When you put it like that I can see how you think it can be a bit of a paradox.

      However, what I think most of the advice is suggesting is that you should at least be successful on some level, albeit a small one, before considering going full time. Going full time would be a choice you make in order to maximise the potential profits you can make.

      There are many that actually do this part time and as a second income only trading evenings and weekends. Most of those are football traders since as you pointed out, tennis trading is usually a more day time sport.

      However, there are still chances to trade tennis on evenings and weekends throughout the year and with tennis trading the pre-match research is not as important as actually watching the match live and trading it.

      I hope this has helped a bit, the main summary is that there should still be enough time to practice trading even if you work but you obviously have to make a few sacrifices to get there.

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