- Joined
- Apr 23, 2017
- Messages
- 25
- Points
- 123
- Age
- 49
Hi Jon,
Sorry for the late reply. I have been on and off with the trading for a couple of months now. Some things I've learned:
1. It is a different animal to MBing as there is risk involved. The principle is that you are opening a bet high or low and then hoping to close it at lower/higher odds, usually one tick apart i.e. bet at 1.5 and lay at 1.6 to bank the difference (you can then hedge that profit, for instance over all horses, so that regardless of the outcome you win something). Primarily your aim is to accomplish this before the event starts, so it takes 'a lot' of practice to avoid going 'in-running'.
2. The time you spend at the computer compared to MBing is entirely dependent on how much you wish to trade. With so many sporting events around the clock you could do it all day long. Personally I have been trading the horses and greyhounds mostly, maybe 3 or 4 afternoons through the week. The horse markets are very volatile (i.e. there is a lot of money trading), so they tend to move quicker for scalping. You can do it a few minutes per evening if you wish, however it will probably take you many hours to get the hang of it as you need to find an 'edge' (this is the bit no trader will tell you about).
3. You will have to lose money in order to learn to scalp. The markets are not always easy to predict and will go against you a lot, until you learn to read the trends and movements.
4. Trading Tennis is good for Swing Trades (large scalps with a greater number of ticks per trade), you have more time to predict a market movement and more info to go on during the game. It's a good place to learn the ladder interface of trading software.
5. The software such as Geeks Toy, Bet Angel or equivalent is essential as you can get better odds and place bets faster than you can on Betfair.
I am at a point now where I can make about £30 a day if I do it all day long. The first few months I was making only pennies per trade, but I have upped my stakes as my confidence has grown.
I would say you can make a living at this, however it does come with risk and you must be prepared mentally to accept the losses while you learn
. Quite a chunk of my MBing profits have been sacrificed in order to learn the process.
That's about all I can think of for now. If there is anything else you wish to know just holler!
Sorry for the late reply. I have been on and off with the trading for a couple of months now. Some things I've learned:
1. It is a different animal to MBing as there is risk involved. The principle is that you are opening a bet high or low and then hoping to close it at lower/higher odds, usually one tick apart i.e. bet at 1.5 and lay at 1.6 to bank the difference (you can then hedge that profit, for instance over all horses, so that regardless of the outcome you win something). Primarily your aim is to accomplish this before the event starts, so it takes 'a lot' of practice to avoid going 'in-running'.
2. The time you spend at the computer compared to MBing is entirely dependent on how much you wish to trade. With so many sporting events around the clock you could do it all day long. Personally I have been trading the horses and greyhounds mostly, maybe 3 or 4 afternoons through the week. The horse markets are very volatile (i.e. there is a lot of money trading), so they tend to move quicker for scalping. You can do it a few minutes per evening if you wish, however it will probably take you many hours to get the hang of it as you need to find an 'edge' (this is the bit no trader will tell you about).
3. You will have to lose money in order to learn to scalp. The markets are not always easy to predict and will go against you a lot, until you learn to read the trends and movements.
4. Trading Tennis is good for Swing Trades (large scalps with a greater number of ticks per trade), you have more time to predict a market movement and more info to go on during the game. It's a good place to learn the ladder interface of trading software.
5. The software such as Geeks Toy, Bet Angel or equivalent is essential as you can get better odds and place bets faster than you can on Betfair.
I am at a point now where I can make about £30 a day if I do it all day long. The first few months I was making only pennies per trade, but I have upped my stakes as my confidence has grown.
I would say you can make a living at this, however it does come with risk and you must be prepared mentally to accept the losses while you learn
. Quite a chunk of my MBing profits have been sacrificed in order to learn the process.That's about all I can think of for now. If there is anything else you wish to know just holler!
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