5 Easy Steps to Becoming a Profitable Betfair Trader

Are you ready to turn your passion for sports and trading into a profitable venture? In this episode of "Betfair Trading Community," host Martin unveils the 5 essential steps to becoming a successful Betfair trader. Whether you're a complete beginner or looking to refine your trading strategies, this episode is packed with actionable insights to help you navigate the Betfair platform with confidence and precision.

What You'll Learn:

1. Educate Yourself: Understand the fundamentals of Betfair and the unique dynamics of betting exchanges.
2. Develop a Trading Strategy: Discover various trading strategies like scalping and swing trading to find what suits your style.
3. Money Management & Risk Control: Learn how to protect your capital with effective money management techniques and risk mitigation strategies.
4. Leverage Trading Tools: Explore the best software and tools to enhance your trading efficiency and execution.
5. Continuous Learning: Embrace the mindset of ongoing education and adaptability to stay ahead in the ever-evolving betting markets.

Why Listen?
Transform your trading approach with proven methods that can lead to consistent profitability. Gain expert tips, avoid common pitfalls, and build a solid foundation for long-term success on Betfair. Whether you're aiming to make trading a side hustle or a full-time income, this episode provides the roadmap you need to achieve your financial goals.

Join Us:
Tune in now and take the first step towards mastering Betfair trading. Don’t forget to subscribe, leave a review, and visit https://betfairtradingcommunity.com/en/  for additional resources and exclusive content. Let’s embark on this journey to financial freedom together!

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Transcript

0:00: Welcome back to Winning Trades and the Betfair trading Community podcast where we dive deep into the strategies and secrets behind successful trading. 
 0:09: I'm your host, Martin, and today we're exploring a topic that's been gaining a lot of attention in the Betfair trading community, and that is this, how to become a profitable bet fair trader. 
 0:20: 5 easy steps. 
 0:22: Because whether you're a seasoned trader looking to diversify your portfolio or a complete beginner eager to dive into the world of betting exchanges, this episode is packed with actionable insights to help you achieve profitability on Betfair. 
 0:37: And at the end of the day, isn't that what we're all here for? 
 0:41: So grab your notepad, don't be afraid to pause where you need to and make some notes. 
 0:46: And let's get started cause we seriously want to get you to become a profitable bet fair trader. 
 0:52: Got 5 steps, they're really important. 
 0:55: Follow them all. 
 0:56: Number 1, educate yourself and understand the Betfair platform. 
 1:02: Well, first off, I'd like to say congratulations for listening to this podcast. 
 1:06: This is a massive step in the right direction of educating yourself as a Betfair trader. 
 1:12: But also understand the Betfair trading platform and we're gonna get into this in a bit more depth. 
 1:17: So first and perhaps the most crucial step in becoming a profitable Betfair trader is education. 
 1:25: Before you place your first bet, it's essential to understand how Betfair operates. 
 1:30: Unlike traditional betting, Betfair is an exchange, a betting exchange where you can both back and lay bets, giving you the flexibility to trade positions much like you would in a stock market. 
 1:44: That's why often you will hear Betfair trading referred to as the stock market of sports, because it's the same kind of thing. 
 1:53: Start by familiarizing yourself with the Betfair interface, the terminology used. 
 1:58: Obviously learning using podcasts like this will help you learn more about those things. 
 2:03: And the various types of bets you can place. 
 2:06: There are plenty of resources available. 
 2:09: Remember, we've got lots of tutorials here at Betfair Trading Community.com. 
 2:13: You can go to the website, you can go to the podcast, you can go to the YouTube channel. 
 2:19: OK, there's so many places you can get help. 
 2:21: We've obviously got online forums and trading courses. 
 2:25: Understanding the basics will provide a solid foundation upon which you can build more advanced strategies. 
 2:32: And that's always gonna be the first place to step. 
 2:34: Educate yourself and understand the Betfair platform. 
 2:39: OK. 
 2:40: #2, develop a robust trading strategy. 
 2:45: Once you're comfortable with the Betfair platform, the next step is to develop a trading strategy. 
 2:51: There are numerous strategies you can adapt and adopt, such as scalping, swing trading or using automated trading bots. 
 3:00: So if you don't know, scalping is basically often this will happen before the event. 
 3:06: And you're trying to monitor where the prices are going to move, and then getting in and out really quickly, maybe only for like 12 tick profit, small profits each time. 
 3:17: The idea being that you're scalping off the top, you know, so hence the term scalping. 
 3:21: , swing trading is where you're backing or laying, but you want the odds to move a fair bit before you green up. 
 3:30: So swing trading would be what you might have heard to refer to as back to lay or lay to back. 
 3:37: , you know, dobbing is a good example of swing trading where you might back a horse. 
 3:42: , I don't know, say 10 on Betfair and green up when it hits 5.0 to make a profit each way. 
 3:51: That's essentially what we're doing. 
 3:52: We're looking for the price to move a fair amount in the direction we want it to. 
 3:57: A lot of swing trading is going to happen in play. 
 4:00: So on say on football, you might back your team in football, and if they score you green up, well, that's a swing trade because you've backed a team at higher odds and you've laid them off shorter odds to guarantee a profit on both sides of the market. 
 4:13: Now using automated trading bots, of course,, is something that's become very popular. 
 4:18: You can set these up,, and you can use actually the strategies from Betfair trading community in bots, which is cool. 
 4:25: , but yeah, a lot of, a lot of popular ones there's BF Bot Manager, that's a popular one that I've used a fair bit. 
 4:31: , so yeah, automated trading bots, they place the bets for you, you have to tell it what you want it to do. 
 4:37: , but you know, you can set them up and leave your house and it'll do it for you if you leave your computer turned on or if you've got a VPS and a VPN. 
 4:46: So that's kind of an explanation of what these things are,, but the key is to find a strategy that aligns with risk tolerance, time commitment and trading style. 
 4:57: You know, how much risk do you wanna take? 
 4:58: Scalping very low risk, swing trading, a bit more risky, automated bots, kind of risky, but the thing with those is that. 
 5:07: You're not gonna get them mentally challenged because you know a robot doesn't have feelings. 
 5:11: So if you're someone who can't handle your emotions with trading, well, maybe automated bots will be for you. 
 5:17: That's something you're gonna have to think about and work out what's right for you and work out where you are at specifically. 
 5:23: , and think about your time commitment. 
 5:25: If if you haven't got any time, trading bots are great. 
 5:27: If you've got a bit of time, swing trading can work, scalping can work. 
 5:32: That's kind of what you've got to think about there. 
 5:34: It is advisable to start with a simple strategy and gradually incorporate more complexity as you gain experience. 
 5:41: We often talk about simple strategies and starting with one strategy as a bet fair trader and building from there. 
 5:47: And that's the reason is that as you gain more experience, you will be able to add more things in and create more complex strategies, but until you do, it's madness to try and do one because you're not, you're not ready. 
 6:00: Remember consistency is vital, so choose a strategy you can stick with over the long term. 
 6:04: Don't pick something that if it has a little bit of a bad run, you're just gonna give up on it straight away because you're never gonna get anywhere. 
 6:10: There's gotta be something you're willing to stick with for a little while at least to see that it works. 
 6:15: Now if you're not sure how to create a strategy, you want to create a strategy, one of the greatest things you can do is go to Betfair Tradingcommunity.com, sign up for a membership, and the football strategies, we've got example strategies there. 
 6:27: We've got a forum full of strategies that people have used over the years and people have shared and, and have done well with, and we've also got the ability to create your own strategy. 
 6:36: So you could create a strategy. 
 6:39: We've got lots of criteria you can choose from. 
 6:41: You can save the strategy, it will give you your selections each day. 
 6:44: One of my favorite parts of the day now is going straight into Betfair trading community, pretty much when I wake up and downloading my selections for the day instantly, because all my strategies are set up and they will give me selections. 
 6:57: I don't have to spend hours and hours researching anymore and yeah, it's just, it's a game changer in the industry. 
 7:03: , so if you're ever stuck on building a strategy or creating a strategy. 
 7:08: Betfair tradingcommunity.com, it's the place that will will help you, you know, and that is so important in this. 
 7:14: OK, let's get on to number 3. 
 7:17: We need to implement effective money management and risk control. 
 7:22: No strategy, no trading strategy is complete without proper money management and risk control. 
 7:28: This step is about safeguarding your money and ensuring that a single bad trade doesn't wipe you out. 
 7:34: Set clear roles, roles rules for how much you're willing to risk on each trade, typically a small percentage of your total bankroll, and this will. 
 7:44: Vary depending on what you're doing. 
 7:46: If you're scalping, perhaps you could use 10%, 20% of your bankroll in a trade because you're getting in and out very quickly and you're never really risking that 10 or 20%, you're only ever maybe risking 1 or 2%. 
 7:59: Swing trading, you need to be more careful. 
 8:01: I'd I'd advise. 
 8:03: 2 to 5% on a trade. 
 8:06: If you're letting it runs, which means if you're not taking a loss if it doesn't go your way, I'd reduce that to at least 2%, maybe less. 
 8:14: , and with trading bots, I'd go, you know, small stake again because you want, you know, one of the advantages of using bots is that you can place multiple bets. 
 8:24: There's no point spreading your not spreading your liability. 
 8:27: An increasing risk by staking too much on each selection. 
 8:32: So, like I say, you've got to find something that fits your risk tolerance, and I said that earlier. 
 8:37: , additionally, you can use tools that help you make stop loss orders. 
 8:43: So, you know, I've talked a little bit about being able to book manager, something you could do to do that. 
 8:48: Betangel, things like that, do that. 
 8:50: Anything that helps you place your bets on Betfair,, should be able to do that pretty well and automatically exit your trades. 
 8:57: When it moves against you beyond a certain point, and this is really important because if you are looking to trade, well you need to trade out for a loss if it doesn't go your way. 
 9:07: You can't just go, well, I'm only ever going to take a profit if it goes my way, and then I'm not just gonna take, I'm not even gonna take a loss if it doesn't, I'll take the full loss. 
 9:15: You know, because it's not, that's that's just such a difficult thing to do. 
 9:19: Now, if you're backing at high odds, maybe it's possible, but you know most people don't. 
 9:23: Most people enter trades, you know, around evens, 2.0, 3.0, maybe odds on. 
 9:29: In those situations, if you let your bet run and it loses, you're gonna be, well, you've lost 100% of your stake. 
 9:36: Now, if you back something evens and it goes into 1.5, well if you green up on both sides, you're not gonna make anywhere near 100% profit on your stake. 
 9:44: In fact, even if you let it run and it one, that's the only way you can make a 100% profit backing at 2.0. 
 9:50: So something to think about because it does matter. 
 9:53: So think about how you're gonna do this, do it properly, diversify your trades, avoid overexposure, as we've talked about on a single market. 
 10:02: So you can mitigate risk, discipline in following your money management roles, rules, why do I keep saying roles for rules? 
 10:08: It's crucial for long-term profitability. 
 10:11: I've got a great article you can read on this, just Google bankroll and bet staking on Betfair, and it will come up. 
 10:17: And you'll be able to read exactly how I suggest people trade based on how much money they've got to trade with and based on the kinds of strategies, the kind of style of trading they want to pursue. 
 10:30: OK,#4, leverage tools and software for enhanced trading. 
 10:37: In the digital age, leveraging the right tools and software can significantly enhance your trading efficiency and effectiveness. 
 10:45: , so Betfair has a third party app directory you can actually go to and view some of the API apps that they use. 
 10:55: , obviously you've got something like Betfair trading Community. 
 10:59: Which doesn't place bets for you or anything like that. 
 11:02: Betfair trading community is a software that helps you create strategies and then gives you your selections each day. 
 11:09: So you can use that actually in conjunction with something like, say, which many people do, Betangel, Geeks Toy, you know, Bettrader, whatever software you use for trading,, because these platforms can help you execute trades faster, analyze market trends, and even automate your trading. 
 11:27: Now, with Betfair trading Community.com, you're gonna have access to an incredible amount of data. 
 11:33: And that's really important when you're looking at football statistics, you're creating a strategy, you want something you can build on. 
 11:39: Data's gonna be key. 
 11:41: You want the historical data, you want to know, well, what has this team done in the last few matches, what has the other team done? 
 11:47: Being able to look at all that stuff instantly, set your own criteria, have it automatically tell you which games fit that criteria, it's just amazing. 
 11:56: It made such a difference to my own personal trading, and it's made such a difference to thousands of traders over the years. 
 12:02: So, you know, obviously I strongly recommend going and checking out Betfair trading Community.com if you haven't already, because you are missing out and you're hindering yourself as a football trader. 
 12:12: , and a lot of people realize that, you know, we have a lot of people actually that. 
 12:16: You know, say they fall on hard times, they can't afford a membership, something like that, and they're gutted and they you know they come back later and they say, you know, I'm so glad to be back. 
 12:24: I don't know why I left, or it's the greatest thing I've done. 
 12:27: And I feel like that is how you'll feel when you give yourself a leg up in this industry because it's difficult to make money if you don't. 
 12:34: You know, if you're just going straight into Betfair trying to place bets willy-nilly, good luck. 
 12:39: That's all I'll say. 
 12:40: But if you use software, if you use something that helps enhance and give you an edge, that will, that is what will essentially make you a good bet fair trader in the long run and give you an advantage over the market. 
 12:51: So that's number 4, really important, use software, OK? 
 12:56: And like I say, you might say, I don't want to use Betfair trading community. 
 12:59: OK, fine. 
 13:00: Use what you like, but the important thing is I want you to try and use something because I feel like people who don't, you know, it's a it's an incredibly small number of Betfair traders who are going to be successful, who don't use software. 
 13:13: It's as simple as that. 
 13:14: I don't know any,, you know, there might be one or two out there. 
 13:18: I'd be amazed if they didn't use software on the side, even if they say they don't. 
 13:23: But anyway, that's my opinion. 
 13:26: OK, number 5, commit to continuous learning and adaptation, and once again, give yourself a pat on the back for listening to this podcast. 
 13:34: You know, we've got podcasts coming out every week, we've got videos coming out every week. 
 13:38: You can do professional development, you can do continuous learning and really strong adaptation to the Betfair trading markets, you can find out the latest trends, what's popular, what stars of betting have become popular, what markets are popular to trade on. 
 13:53: You know, this is a really important step. 
 13:56: It's the final step, but it's a really important one. 
 13:58: commit to continuous learning and adaptation. 
 14:01: The betting markets are dynamic, they're influenced by a myriad of factors like team performance, injury, weather conditions, even public sentiment. 
 14:10: You know, odds are determined. 
 14:12: And by what the public thinks ultimately. 
 14:14: And if the public thinks the team's going to win, that price is going to come in if people keep lumping money on. 
 14:18: That's just how the system works. 
 14:20: So staying up updated with the latest news and trends is essential. 
 14:24: You know, if you're trading a football match, go and check the team news. 
 14:27: Hey, is that the usual team, those usual players if you know the teams? 
 14:31: You know, if you're back in goals and you know it's the top scorer for both teams is not playing. 
 14:37: You've got trouble there, you've got a problem, that's something you want to be aware of. 
 14:41: , join trading communities. 
 14:43: Look, Betfair tradingcommunity.com has a forum. 
 14:46: It's fantastic. 
 14:47: Join that community, come and talk with other like-minded people like yourself. 
 14:52: We're gonna be running football competitions actually to see like who can come up with good strategies, who can come up with good selections,, because I know a lot of people, you know, they come, they come to Betfair trading and they struggle with creating a strategy. 
 15:06: Where do I start? 
 15:07: How do I start? 
 15:08: So these challenges actually really help you work out where to start because you can look at what other people are having success with. 
 15:15: The other thing you can do is you can use some of the preset strategies in the software and adapt them and go, yeah, I like that style of trainer, I'm gonna try and make it fit what I want to do. 
 15:25: You know, now these aren't strategies we're saying go and just back them and you'll make money. 
 15:29: They're saying these are the kinds of strategies people develop and this is how you can develop a strategy. 
 15:34: So they're brilliant examples of how to do that, and that's really important. 
 15:38: Reflect on your trades, you know, at the end of the day think did I trade well or did I not? 
 15:43: You know, and you probably have had that feeling, right? 
 15:46: We've all had that feeling. 
 15:47: I've I've had a feeling, you know, if I go to a job interview and they're like. 
 15:51: I get a good feeling when I come out of it. 
 15:53: I feel like I nailed the questions, yes. 
 15:55: And then I could go to another job interview and I come out of it going, do you know what, I didn't give great answers there, OK? 
 16:01: We know how to reflect on ourselves, we just have to be willing to do it and not be afraid to criticize ourselves, you know, look, we might not like other people saying things about us that we don't want to hear, but we should be able to take it from ourselves and learn from ourselves that, hey, if we haven't actually done this the right way. 
 16:18: We need to think about what can I change, you know, if, if I didn't trade well today, why didn't I? 
 16:24: Is this a common pattern? 
 16:25: Am I making the same mistakes? 
 16:26: Am I making mistakes? 
 16:28: It could just be bad luck, but you need to analyze it to figure that out. 
 16:32: The most profitable traders are those who remain adaptable and continuously seek to improve their skills. 
 16:40: So don't stop listening, you know, I've had people and they say, oh, I listened to the podcast for a while, then I left it for ages, now I've come back to it and you know, suddenly my bet fair trading's getting better. 
 16:50: Well, I wonder why. 
 16:51: Like, I know it's easy to sit there and go, I don't really want to do the work, I don't really want to listen to podcasts, I don't really want to watch videos, but at the end of the day. 
 17:00: You know, there's a reason companies spend thousands of pounds sending their staff on training courses, and it's not so they can waste money. 
 17:08: It's so that they can get their staff trained up to be the best they can be. 
 17:12: Well, to do that in Betfair trading, no one's gonna pay for you to do it. 
 17:15: No one's gonna do that, OK, you have to invest in yourself by getting memberships to something like Betfair Trading Community.com. 
 17:22: You have to invest some time, you have to go and listen to podcasts and watch videos, and again, perhaps I'm preaching to the converted here cos you're, if you're listening to this podcast, you're already doing the right steps. 
 17:32: But I will say that some people drop off and then they come back later and they end up wishing they hadn't wasted that time because at the end of the day, you know, you can listen to a podcast while you're doing the washing up. 
 17:41: You that's what I do. 
 17:43: I listen to all this stuff when I'm doing my chores at home, and that's a great time to do it. 
 17:47: So, let's go through the 5 points one more time. 
 17:51: 5, because there you have it. 
 17:53: We have just gone through 5 easy steps, they're all easy to implement to becoming a profitable trader on Betfair, profitable betfair trader. 
 18:02: Let's recap,#1, educate yourself and understand the Betfair platform. 
 18:08: Really important. 
 18:09: Educate yourself, learn the game and understand the platform you're betting on. 
 18:14: Number 2, develop a robust trading strategy, and if you're stuck with that, head over to Betfair Tradingcommunity.com, we will help you. 
 18:22: Number 3, implement effective money management and risk control. 
 18:27: Now, really important to, we have to protect our money, protect our investments. 
 18:31: If you want advice on how to do that, just Google Bankroll and bet staking, and it will come up with the article I wrote about this and it's well worth a read because this is the kind of thing that will make a big difference. 
 18:42: Number 4. 
 18:43: Leverage tools and software for advanced enhanced trading. 
 18:47: There's a reason, you know, we've got Betfair trading Community.com members, and we've got people who join BetAngel as well. 
 18:53: These things complement each other. 
 18:55: You want to be trying to use software to give you a massive advantage on the market. 
 18:59: And number 5, commit to continuous learning and adaptation. 
 19:03: If you're not willing to learn or adapt, you're gonna struggle in this game long term. 
 19:07: And I've known successful traders who just refuse to adapt. 
 19:10: Oh, the strategy I've been doing for 10 years has stopped working,, but I'm still gonna keep with it, even though it clearly doesn't work anymore. 
 19:17: No, just do a new one. 
 19:19: There's so many out there, there's so many options, you know, and you've got time, you've got, I mean the advantage of if you've already done well is you've got, you've got credit in the bank, literally, right? 
 19:29: , so yeah, I mean this stuff's really important, but remember, Really, you know, note this down, listen to this twice if you need to get this into your head. 
 19:39: Profitability and trading doesn't happen overnight. 
 19:42: It requires dedication, discipline and a willingness to learn from both successes and setbacks. 
 19:48: By following these steps, you'll be well on your way to becoming a successful bet fair trader. 
 19:53: And I'll say the first part again, profitability and trading doesn't happen overnight. 
 19:59: Give it time. 
 20:00: If you're serious and you wanna get good at betfair trading. 
 20:03: You should put 2 years aside, and you should say, I'm gonna, I'll keep working, keep doing my job, in my some of my spare time I'm gonna dedicate to learning Betfair trading, and if it takes me 2 years, it takes me 2 years. 
 20:14: But I'm gonna give myself at least 2 years to really have a good crack at it. 
 20:18: Cos if this is what you want, if you really want this, then you're gonna have to make a sacrifice to do it, and that is the sac and it's not a major sacrifice, is it? 
 20:26: I mean, it's not exactly biblical, oh, you might have to give some of your spare time for a couple of years. 
 20:31: If this is what you want, if you really want to become good at Betfair trading, then that's what you should do. 
 20:36: None of this I'll try it for a month, I'll join Betfair trading community. 
 20:40: Useless, pointless. 
 20:42: Joining someone for a month, what does it do? 
 20:43: What does it achieve? 
 20:45: You're not likely to be profitable in your first month of trading. 
 20:47: That's Betfair trading, you're learning the game, you know. 
 20:50: If I said, oh, I'm gonna become a doctor, and then I went and trained for a month and then went, right, OK, show me the surgery, I'm gonna do a surgery, and they go, are you kidding me? 
 20:59: You've got years left yet. 
 21:01: And I go, oh, I thought I could do it in a month. 
 21:04: How ridiculous would that be? 
 21:05: But that's what people do in this industry, and, and, you know, it's just, it makes no sense because a lot of you guys who might do well on Betfair trading. 
 21:13: You're throwing your opportunity away, you're wasting what could be a golden opportunity for you to make some extra money, you know, maybe a side income, maybe a second income. 
 21:23: Most successful traders have other things, business interests, you know, I have other business interests, I have other work interests, so does Ryan, so does Adam, so does everyone I know. 
 21:32: Really in the Betfair trading and the only one I don't know who has other business interests is Richard Futler, who is just the god of cricket trading, and that's because he's retired. 
 21:43: So, you know,, OK, to be fair to him, he didn't have any interest before that for a few years. 
 21:49: But the point is, there's nothing wrong. 
 21:52: With doing this stuff sensibly, don't just think, well, I want to be a profitable trader in one month, and if I don't make 20 next month, I'm quitting. 
 22:00: And don't think I'm gonna be able to quit my job in a month. 
 22:03: Look, like I say, the dream scenario for a lot of people, and I don't think this is a bad thing for anyone, even if you're a really good Betfair trader is. 
 22:10: Try and get some work, reduce your work, try and work part-time, so that you've got that steady income coming from work each month, so you've got, no matter what, you're gonna have that base level. 
 22:22: And then your Betfair trading money becomes a bonus, it becomes spending money, it becomes paying the bills if your part-time work doesn't cover the whole bills, it becomes extra money for holidays. 
 22:33: All these wondrous things you can do with it if you do it the right way. 
 22:38: And so many people take the wrong approach and you really want to make sure that you are not one of them. 
 22:44: OK, I hope this, this podcast helped you. 
 22:46: These are 5 easy steps to becoming a profitable Betfair trader. 
 22:50: Thank you for tuning into Betfair trading community. 
 22:53: If you've found today's episode helpful, be sure to subscribe, leave us a review, and for more great insights and more great training, visit our website at Betfair tradingcommunity.com. 
 23:05: Until next time, happy trading.