A Betfair Trading Strategy
Trading in Betfair is also another version of internet brokerage in the hopes of making huge profits is simply all about the trend or fade. When we’re talking about trading on the betting exchange, you either buy the bets in the hopes that the momentum will move upward and sell your bets whenever there is a price reversal.
That is pretty much it. However, in real life, it is just not as cut-and-dry as you’ve initially thought. There are so many factors to consider when trading on the betting exchange like Betfair, so you have to have certain strategies in play for you to earn money.
Remember that coming up with your own plan means that you have to be flexible enough to adapt to different market conditions. You have to treat Betfair not as a static market, but something that is fluid that it constantly changes. Each and every day gives you a different chance of success, so you have to keep that in mind.
Treat this strategic planning as a process because if you’re the type of person who is treating this as something that is set in stone, then you’re doomed to fail whenever the market shifts.
Some of the errors that people make are:
- Being late to trade. Therefore, they lose the entry that might give them the chance of winning big.
- Lifting your limits because you feel “lucky”
- Placing a bet on the wrong horse
- Not initiating a trade whenever something favorable comes (because you want to always get only the biggest trades and nothing else).
I am pretty sure that all of us are guilty with some (or even all) of these errors. But do not worry! It is actually human nature to commit mistakes. But, you have to have that mindset to not commit the same errors over and over again.
The “One” Strategy that Works
So, given our propensity to commit trading errors, what is the one strategy that works? To be honest, there is NO strategy that works for everyone. If you’ve read my introduction, the clue is in there actually.
I said earlier that you have to be flexible because betting on the exchange always involves that risk factor due to the nature and volatility of this kind of market.
The one strategy that works is by creating your own plan and refining it until it works for you. But, do not refine it each and every time you commit a mistake; only refine it if you’ve lost a couple of times using that plan of action.
Just like seeing muscle gains when you go to the gym, you have to use a certain strategy for some time until you find that it really doesn’t work.
So in summary, the one trading strategy that works is refinement, but only when your original plan fails to net you some profits after using it for quite some time.