Whether you’ve got aspirations to trade Betfair full time or just build a steady side income, you have to start somewhere. Hence the title of this article.
Making £10 per day is achievable by virtually anyone, regardless of current betting knowledge or experience.
In this article we’re going to answer 4 of the most common concerns and questions aspiring Betfair traders ask. For anyone that’s not familiar with exchange trading, I’ve written a thorough explanation of sports trading here.
- How Much Bankroll Do You Need?
- How Many Trades Per Day?
- What Strategy Should I Use?
- Should I Stop At £10 Profit?
Bankroll & Staking Strategy: How Much Do You Need?
Everybody’s starting situation is different. But the minimum bankroll required to trade betting odds, pre-race, starts at around £200. In the early stages it’s not uncommon for new traders to make the a big mistake, burning the lot. For this reason I’d advise you don’t load up the balance straight away.
When I started trading, I used banks £400-£600. To give you an idea of what’s possible; on a Saturday afternoon, it’s quite possible to turn a £400 bank into a £500. The key requirement being your skill set. It’s a common misconception to think that having a large bank is an advantage. In some cases it can be, but it’s only an advantage once you know how to use it properly!
A question that often runs parallel to the bank question is; what kind of stakes should be using in the early days?
The answer’s easy – between £2-£5, maximum. What’s the point in risking money before you have to? Just about all of the trading software’s out there offer a training mode where you can use ‘pretend’ money anyway. When you think about it, it’s logical – you just want to be racking up consistent profits before cranking the stakes.
Trading doesn’t get any easier when using larger stakes. In fact, it’s quite likely to be the opposite. Because the larger you stake, the more you erode your advantage over the rest of the market. In some cases, opportunities may not be so frequent on enhanced stakes either.
However, that’s not to say it’s destined to be a struggle, certainly not. Opportunity is everywhere on the betting exchanges. You just need to find it and then behave accordingly – the toughest part.
How Many Trades Per Day?
Again, like many of these questions everybody just wants an arbitrary figure.
But successful trading isn’t like that, because opportunities are always changing – and with varying results. A traders job is to adapt, getting maximum returns from each situation.
However, I realise that readers will still be looking for a ‘number’ or trades to make that £10 figure.
To do this, I would suggest it’s quite reasonable to achieve £10 in two to three trades, or maybe even one if you find the right situation (on stakes of like £35-£70).
The downside as I already suggested is, you don’t always know when those great opportunities are going to crop up. In most cases you can only speculate.
Regardless of the opportunity on offer though, there’s an important point to remember: quality is always better than quantity.
What Trading Strategies To Use?
Again this is massively variable depending on your own personal interest. For example, if you’re trading pre-race, horse racing markets, you may want to focus on trading the live shows within the last ten minutes before each horse race. Skimming and scalping out very small tick increments within the betting market.
However, if you just haven’t got time to just be sat in front of the screen, you may want to look at taking one or two morning to afternoon trades. Something that is often referred to as swing trading.
To be quite honest, scalping and swing trading are the two most talked about strategic approaches. And for very good reason – they’re complete opposites. Both can be extremely successful although they’re highly dependent on various factors, such as:
- risk appetite
- screen time
- personal discipline
- overall aspirations
Hopefully this will help you see why the answer to this question is unique to you.
To take things one step further, if you’re not even looking to trade the horse racing markets, and you’re looking to focus upon football trading, your approach is likely to be very different…
You may want to focus on the last 15 minutes before a match, when the market activity increases and team sheets are released. Or even trade the match at half-time and in play, focusing on specific situations such as corners. The opportunities and different strategic approaches are endless.
Should You Stop After £10 Profit?
To me, in many ways, this is just a ridiculous question. If you’re succeeding on any kind of level, why would you stop?
Unless of course the opportunity disappears. To my mind, profitability is a direct reflection of opportunity and concise execution. Stopping early just because you’re £10 ahead already is just as foolish as closing a trade because you’re five ticks in profit. I mean, what the hell has that figure got to do with overall potential?
This leads me into a point that goes hand in hand with this question; Can traders really even judge themselves on a daily basis?
It’s an easy one to answer, because there probably are a handful of people that have an extremely risk averse strategy, that can assess themselves over a short term period. But the reality is, trading is built around probability and variance. Varying results are normal. If you’re judging yourself over an extremely short sample, it’s highly likely that you’ll get stressed out and beat yourself up about some results which are just a by-product of probability.
Thus the majority of traders should never assess and judge their own trading behaviour over a very short period of time. Situations do alter from time to time. You’ll need to accept this and adapt adjust where necessary. By judging yourself over the short term is highly likely you’ll become frustrated and emotional leading you in to making foolish mistakes. Much like people who go on the chase when gambling. It’s just not logical and it certainly won’t help your overall profitability.
Read Next: Can You Make A Living Betting On Sports?