Looking to start making money from your Betfair Trading in 2023?
In this article we are going to take a look at the key things you need to know in order to succeed with your trading.
It’s good to learn from your mistakes. It’s better to learn from other people’s mistake – Warren Buffet
Betfair Trading Key Advice – Learn From Others
Making mistakes in your Betfair trading will ultimately lead to you losing money. The Warren Buffet quote makes a solid point.
Wouldn’t you rather learn from those that have already lost money rather then lose your own money to find out the same thing?
Luckily when it comes to Betfair trading there are some very accomplished professional traders that have put out a lot of great information.
Caan Berry for example has been a professional Betfair trader from a number of years. Through his blog and also Youtube channel you can learn a lot about how to approach Betfair trading in 2023 with the correct approach.
Whether you are looking to trade Horse Racing, Tennis or Football. Caan has a lot of excellent information on what to look for in the betting markets.
Here is an example of a very good horse racing strategy to look at for beginners who want to profit from the horse racing markets.
The second piece of key information if your looking to improve your Betfair trading in 2022 is?
Specialize In One Sport
Find the sport you want to focus on and become a specialist.
There are thousands of markets on Betfair and it can be easy to jump around from one to the other.
Trade the horses in the morning, jump on a tennis game after your lunch. Hop over to a cricket market a few hours later, then spend the rest of the night watching and trading Serbian basketball.
The Betfair markets in general are too competitive for you to jump around different sports and be able to profit long term.
The majority of successful traders that I know focus on one sport. They spend time gaining a deep knowledge of that sport and develop successful strategies.
For example Paulo Rebelo is a very successful Portuguese Betfair trader that focuses solely on football. Psychoff is another well known trader who again specializes in football.
Both Rebelo and Psychoff have been able to make big profit by solely focusing on football trading.
Other notable names in Betfair trading are Mark Iverson who focuses on cricket. Along with Dan Weston who made his name trading tennis.
These are experts in there chosen sports and are able to make a living from their Betfair trading.
Sure spend a few weeks looking at different markets and sports. However find the one that you want to specialize in and really delve into how the markets react to different situations.
Then work on developing strategies that you think could be profitable.
Test Your Betfair Trading Strategies
Don’t do what I did, when I first started trading on Betfair!
There are some great videos available on youtube from the likes of Caan Berry and others. However don’t watch them and think that you will immediately be able to replicate exactly what they are doing.
You really have to build an understanding of the markets and understand the right situations for each strategy.
For example when I first started I would watch a video about scalping. Then immediately go and test it out on the next horse market that was starting. This would inevitably go very wrong as I didn’t have the understanding of the horse markets that I needed to.
This is why it is really important to test out your strategies. Using very small stakes.
What this does, is enable you to build your experience and knowledge of the betting markets you want to take on. Then eventually start to generate an income from your Betfair trading.
Becoming Profitable Takes Time
Pre event trading, in-play trading, scalping, swing trading, lay the server, back the server. There are so many different approaches that you can try with each individual sport.
However one key thing to keep in mind is that becoming profitable will take time.
Many people go into Betfair trading after they spent some time sports betting or have been involved with matched betting. Perhaps thinking that it is going to be a relatively easy way to make some extra money.
This isn’t true, the markets are competitive and becoming profitable will likely take some time.
Even the best Betfair traders had to start somewhere.
Make sure you give yourself time to learn the markets. Don’t pressure yourself with an unrealistic goal of making thousands of pounds profit within a month or two.
Betfair Trading In 2023 – Conclusion
Overall the betting exchange markets offer a lot of opportunity, if you are willing to put some work into them.
In 2022 Betfair trading is still a very viable way of making money online. Within this article we have looked at 4 key pieces of advice that can really help you get started.
If you want learn more about Betfair trading a good starting place is Caan Berry’s website which has a free beginners trading course.