Day Trading on Betfair: What's it Like? (3 Pointers)
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- čas přidán 22. 08. 2024
- Is day trading something you aspire to do? In this Q & A Caan addresses a followers question about day trading on Betfair and the top 3 pointers he can offer as advice for somebody who wishes to follow a similar path.
Day trading sports odds isn't quite like other financial types of trading. All are intense without a doubt, but trading the price of your chosen sport is likely to behave differently.
To achieve success you'll need to get a few core points in check. Covered in this day trading video you will hear Caan talk about things like learning, personal outlook and overall perception. But it's deeper than that, be sure to watch it all...
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Caan Berry is a successful Betfair trader featured by Betfair, matchbook, and Betdaq. Specialising in horse racing, tennis on the sports exchange market.
Make sure to stay tuned for Caan’s latest videos on how to trade on the sports exchange market.
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Self control is number one for me, Caan. The other two are in a dead heat for silver.
Good video mate, really enjoy these.
My 8 suggestions:-
1. Types of races to trade. You are looking for reasonably stable markets, not erratic ones. Do not trade maidens, apprentices, nursery, beginners, stakes, NHF or INHF races. Do trade handicaps, group, listed and novices (if horses have a form line of at least 4 races each). Look for favourites with a clear favourite under 4.00. Do not trade if there are joint favourites.
2. Time of race to trade. Trade between 5 and 1 minutes out. Early enough to have time to see opportunities arising when the genuine money pours in but not in the last 60 seconds where the market can lose its shape and you can end up going inplay unhedged. Also, be wary of races after 7.00pm where a lot of punters and traders (liquidity) have packed in for the day.
3. Be defensive. The price 'bobbles' a bit sometimes so monitor open trades very carefully. Make a firm decision where you will cut out for a loss, say 3 ticks, never let losses run and never go inplay unhedged. Start by going for 1 or 2 ticks but, with more experience, let the wins run and cut the losses short.
4. Watch multiple horses. Do not just watch the horse you are trading on, watch the first 3, 4 or 5 horses. Try feel the market opinion. Try see the confidence in the horses by looking at both the Betfair historic graphs and the short term candle charts for each horse. By all means have a look at the form and build an opinion but, be flexible and trade what you see. Sit on your hands until you see a 'highly probable success' trade arise.
5. Consider matched money and current unmatched money. Do not trade erratic markets where small amounts of money (shaded cells on ladder) have been matched over a large price range (e.g 3.0 to 2.0). Try look for something more stable, e.g. large amounts (a grand or 2) has been matched at each price over a tighter range, e.g. 2.50 to 2.75. Make sure there is £100 or more in each price box for it to be reasonably stable, if each price box has about £20 in it, the liquidity is too thin and the market will be erratic.
6. Watch and listen to Betfair's live feed. If a horse plays up, it might drift. If a commentator raves about a horse, it might steam. When a horse moves in price, the others have to move in price to compensate.
7. Staking. Trade with small stakes until profitable and then scale up gradually.
8. Conditions. Be calm and concentrated (focussed). If you have a bad loss, take a break to calm down, do not go onto the next race until you are calm and concentrated again.
Hi Caan, great video on a difficult question. I’ve recently purchased your beginner pack, for me your videos on trading and strategy whist they did make sense, I felt many Ah-ha moments in the guide. I think your question is individual to each person for me continual learning first then habits then self control. I put the biggest development need first. Thank you for the great intro on trading!
Great video Caan. The most important thing to understand in my opinion is to know yourself. Learn a much as you can, and to continually work on improving yourself. I agree that its very wise to come at it as a newbie, assume nothing and show up dumb.
1. Be prepared for the long term, learn.......2 Correct tools......3.Self control ??
1. Continual learning. This has to be the most important. The other two are by products of continual learning. It's the start of the natural progression I suppose and the other two snow ball due to continual learning.
2. Self control.
Self control can't have any real substance until you've gained (learnt) enough experience and knowledge to understand what it is you're doing and looking at.
A degree of competency needs to have been achieved to understand how, why & where self control needs to implemented.
3.correct routine / habit / tools
Goes without saying that tools are essential and should have been squared away at the very beginning. The importance of routine and habit go hand in hand with self control. The importance of them becomes far more apparent once you've reached a level that understands the reasons for self control in the markets.
All in all they all come under continual learning. They are all equally as important as each other as one can't work without the rest. You just have to go threw the process until the importance of each one becomes evident. That's when the hard work truly starts 😁
I have been at this for only 2 months but your post sums up exactly how my experience has been up to now.
Some people never develop self control even if they have the knowledge to be profitable, this is mainly due to being under bankrolled and playing with scared money so any losing trade is seen as a disaster that needs to be recovered from immediately, rather than having any long term plan in place.
I agree Steve but I do believe there's a cycle that you need to go threw first before you can appreciate the reality of self control.
In my opinion the vast majority of people fail because they approach trading from completely the wrong angle. How can the importance of self control be fully understood without going threw all the errors and loses that's down to inexperience. Can progression really happen without understood and reinforced failures. It's so important to make the mistakes, blow a bank or two and chase losses & then fully own & digest the reasons behind them. Its a long and drawn out cycle to experience that feeling in many of the different situations that can cause them. Without experiencing & understanding them then how can you know what to safe guard against if you've never experienced it yourself first hand. All comes back to continual learning, one reinforces the other & back and forth.
That's when bank roll management, confidence and discipline begin to click into place and piece by piece it comes together.
No one wants to lose money but without experiencing it then it's impossible to make it consistently long term.
Understood failure if the base of progression.
Top man Neil, along with Caans videos and your wisdom I think I’m slowly heading down the right path ❤️
👍 Another day...
...another great video 👏
I look at football games mainly focussed on LTD just now. The odds don’t move as quickly as, say, a race. I know my entry and exit points before I’ve even started. Do you think an investment in trading software at this point is worthwhile? And is there a software you’d recommend for trading football exclusively? (Sorry total newbie questions there) great video as always.
talking football,
i had smile the other day.
i have certain criteria when selecting a football match to trade.
it happen to be the England match.
yes it was good to see them win but the trade was against them winning
still did the trade but did cover for scratch if England won.
Personally I'm off the opinion that every market is different, if you go in with the attitude of anything can happen then when is a positive position then great but when it is a negative trade you can't blame yourself, I would maybe set up some automation to open a trade on the favourite 8 mins out in practice mode let every market have two races on each card and hopefully there should be a pattern for the day or is there layers or backers and take it from there,
great video !!!
Habits most important for me.
the number one important thing, in my opinion, is remaining in control after a loss, I reckon everyone knows what its like when a trade goes bad, and how it can lead to a right f@@k up, if reacting to it in a bad and panicky way.
its easier to wont £50 than to need £50.
need can lead to greed and cloud judgement
stoppin makin the silly mistakes, o my i wish i could!
Caan do you make a profit every trade, every day, every week ?
On a busy summers day trading do you plan breaks or trade continuously?
1 green up for profit or loss before race starts don't allow bet to go in running. 2 practice 3 not all races are going to be profitable accept that fact don't, chase the market all over the place.
Horses
Do you still get the odd loosing week or day
nice one