With the way the economy is there are plenty of people attempting to go full time on Betfair these days. Being a professional sports trader sounds like a pretty fun job since who does not want to make money whilst enjoying their favourite sports?
However, not everyone understands just what it takes to become a Betfair pro. So I have outlined 5 of the biggest challenges you will face if you are attempting to become a profitable sports trader . This is very important to take on board as without understanding the challenges you could end up quitting when you are very close to succeeding!
#1 – Finding A Way To Profit
Many would probably agree that the biggest challenge of all is figuring out how to profit from the markets. These days this is much easier to figure out since there are plenty of good quality and genuinely helpful courses available online. From reading through some of those you should eventually find your “niche” on the Betfair markets which is a sport and a market that suits you the best. This could be as a Tennis Trader, Football Trader or even as an Ice Hockey trader (who knows!). Finding a way to profit will not come quickly and could take from 6-18 months of regular trading to finally find an angle that works for you.
#2 – Finding The Capital
Once a profitable angle is found, the challenge is actually only just beginning. I know many novices struggle with finding the actual capital to trade with on Betfair. Trading on Betfair is not like entering the lottery where a £1 stake could net you millions but plenty seem to think that. I have emails from people who think they can make £1000 per month from a £200 bank which is just ridiculous.
With most forms of trading, you get out what you put in and the bigger your bank is, the bigger your profits are. Depending on the country you live you are probably go to need a 4 figure bank to make anything of any substance profits-wise. The UK is probably the most expensive country in the EU and if you are based in the UK I would suggest a bank of at least £3-4k if you want to make anything of any worth on a monthly basis. For sole income you probably need to have a £6-8k bank to work with.
Finding the money to trade with can be a struggle as not everyone has a spare 4 figure sum to stick in Betfair. You could do it the old fashioned way and just work your way up from whatever bank you have up to a bigger amount. It is certainly possible to do it like that but can obviously take a year or so to increase that.
I would also suggest using Bonus Bagging programs like Profit Maximiser. Follow that course and you will easily add at least £1000 to your trading bank which is a decent start for anyone.
The one thing you definitely should not do is take out a loan or use money that is important to you. This is a big, big mistake and a slippery road to start out on which will definitely not end well for you.
#3 – Finding Time
Finding the time to actually trade can be a huge struggle also. If you are keen to learn the markets but also have a full time job and a family to take care of then time can be limited. There is no doubt that the more time you commit to something, the faster you will become better at it. However, this does not mean it is impossible to learn Betfair trading part-time.
Find the sport you want to trade and make the time every week to trade at least one of the busy periods. Saturday afternoons are great for all sorts of sports and it would not be unreasonable for your family to allow just Saturdays for you to pursue your new hobby. If they understand that this “hobby” could eventually end up being a lucrative business then they will be very encouraging of it. After all, if someone wanted to learn a new skill in order to get a better job they would have to study or take an evening class to do that so this is not that different.
#4 – Combating The Loneliness
Being a sports trader is a pretty lonely job. When I started out there was no Twitter so when you were trading you did not have many people to bounce off and discuss things. Trying to explain the concept to family and friends was met with blank faces and it can lead to feelings of loneliness. If you are planning to do this full-time then there will be many hours of the day when you do not see many other humans or engage in any sort of conversation and things like this can have a negative mental affect.
Humans are social creatures by nature and spending time in solitude can be hard to handle. I actually know of a sports trader who went from full-time back to part time as he needed that regular social interaction that a normal job can bring. This is why I would always advocate keeping Betfair trading as a second income since it is important to have varied interests in life.
#5 – Handling The Social Stigma
Hand in hand with loneliness also comes the social stigma that being a sports trader can present you with. When trying to explain what Sports Trading is to the average individual they will just deduce that you are a “gambler” and start assuming that you have some sort of addiction. There is no doubt that “gambling” has a negative connotation attached to it and no matter how much you try and explain it, people just won’t get it or change their view point.
Combine this with the fact that you are not working the rat race like most “normal” people should be doing then you are setting yourself up for being ostracised by people because of what you do. This can increase the loneliness factor also since most social conversations are usually geared around what we all do for a living.
So this is something you should keep in mind and if in doubt you should take this tip from me. When people ask what I do, I simply tell them I am a “day trader”. They instantly assume I am trading in the City or doing something confusing involving numbers and the conversation usually just moves on from there 😉
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