When you go to a betting exchange like Betfair on online brokerage account, there are many sports you can choose from. There are plenty of markets and it is best that you start trading on the sports that you really like.
One of the sports that really has a high number of traders is the horserace. It is very easy to bet on and, given the right conditions, you can easily win and make huge profits. And, when you come with a solid trading strategy, you will be wealthy in a few months’ time.
Do note that just like the stock market, the betting exchange is a market that is also known for its volatility. In other words, when you trade on the betting exchange, expect that the prices are erratic and it doesn’t come in linear fashion. This gives it an element of randomness which provides fun and nervousness at the same time.
So, how can you trade better on Betfair? Here are some tips:
1. Focus on One Sport
There are many sports markets you can choose from on Betfair and although it is quite tempting to choose as many of them as you please, it is best that you focus only one. The reason is really simple: it is because for you to win, you need to be closely monitoring all of the details so that you can lay or back a bet accordingly. And, if you focus on only one thing, it will be much easier for you to hedge your profits as well.
I highly recommend that you choose a sport that you really love. This is so that other than you can look at the different conditions so you can place your ideal bets, you will also enjoy the time you spend as well.
2. Know Your Risk Threshold
All of us are different and this is also evident on the exchange floor. Different people have different risk thresholds. What I mean is that how much are you willing to risk so that you can potentially win bigger rewards?
For beginners, it is best that you start risking small. You could start with a $10 stop so that in the event that you see a trade on which you bet on and you lost, at least you will only lose a small portion of your capital.
3. Get a Good Program
Most of the traders that you see on Betfair make use of automated systems that allow them to place bets automatically. I highly suggest that you take a gander and look for a program that suits your needs.
Winning on Betfair is pretty easy. Gone are the days where you have to do things manually as there are already automated platforms that you can use. So long as you focus on only one market and know your risk threshold, everything else will be much easier to handle.