So The Journey begins

Hello all, My names' Jay and I've been doing matched betting for a few months now, after getting gubbed with a few of the bigger bookmakers.

I realised that I would need a better way to make a little extra money on side.

I have decided to have a go with betfair trading, I know it requires a lot of dedication and I'll probably lose a little money for the first few months or so, but this blog is designed to keep me sane and on the right track. Looking at the pitfalls and what I can do to improve upon them. Hopefully for any would be traders my blog will help you to avoid common mistakes that new traders make (because I've made them).

So lets take a look at what my current short term plans for this month.

Investigate the market

I've been doing this for a few weeks now, looking at videos from notorious traders such as Peter Webb and Caan Berry. Trying to sop up as much knowledge as is physically possible from such legends is a good start. When looking at their videos and tutorials I'm asking myself. What tools do they use? What knowledge do they have on the current market. What has made them place that trade or scratch that trade.

Investigate available BF trading tools

This one took me a while, there's lots of great tools available, initially I wanted something that would work with my Chromebook so that I can trade anywhere, so I took a look at Traderline. Unfortunately its not very stable on Chromebook (crashes or closes frequently) as its designed for android so I scratched that Idea (yes the terminology is seeping into normal life).

Geek Toy, Lots of great features, I'm not going to write a review on it as there are loads of great ones out there. This was up there as my favourite choice, however as someone just starting out it has a steep learning curve. A help document does open up, but lets be honest, who wants to read a giant wall of text (ahem).

Bet Angel is similar to geek toy and looks just as complicated, however this came with a whole bunch of videos on how to change the settings, set up charts and use different features. So to get off the ground quickly, I chose this piece of kit, however I do want to go back and try geek toy again when my general knowledge of the ladder interface and the basic principles of trading have been honed. Bet Angel comes with a lot of features that you wont find in the competition, the price is a little steep though.

Watch watch and re-watch videos on trading

Can't stress this enough. With the littlen' not past six months old, I can't afford to throw too much money at this. I know I will lose money initially, but watching and re watching videos will hopefully lessen my losses, watching how the market moves and how the traders respond to that will hopefully get me up to speed quickly.

Apply the knowledge

Not going to use practice mode too much here, though of course it is recommended, I'm going to go in with as minimal stakes a possible (£2.00) and see if I can get some green even if its just 1p, 2p, whatever. 
The reason I wont be  exclusively using practice mode is simple really. From reading and watching the videos and doing the research I've noticed that you can get blacklisted on betfair and have trade data to your account delayed by up to 60 seconds if you just use training mode. On top of this, reading peoples' experience, they tend to trade crazy amounts of cash and are not as risk averse, so I think mixing real money (applying knowledge) with practice money (creating knowledge) is probably the right way to go.

Record the trades

Caan mentioned this one and it makes so much sense to do, by recording all your trades you can analyse what went right and what went wrong. I think this is going to be one of the key learning assets to trading on Betfair. I will be sharing notable trades with my opinion on how things went on my blog, so stay tuned.


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