By Sam Chim

Are you sick of losing your money on Betfair?

Over 80% Betfair Members LOSE money, are you one of them? If you are then I’ve got some good news for you. I’m going to share my top 3 Betfair Trading Secrets with you for free.

Before I share my secrets with you, I want to make sure that you are familiar with the term “Betfair Trading”. This is when we do not just back or lay bets, we trade them……to GUARANTEE a profit. All you need to do is back at a high price and lay at a lower price on the same outcome in an event. If you want to learn more about this method, I recommend you to take a look at my website (provided below).

Now that I’ve got that out of the way, I’m assuming you know how to trade on Betfair now. Here are My Top 3 Betfair Trading Secrets:

Tip 1:

Study the market you are going to trade and stick with it until you completely “master” it. For example, I specialise in Horse Race Trading, I would not move onto Football Trading before I make consistent profits from the Horse Racing market. From experience, I find that if I diversify too early, I end up making more mistakes and find it harder to focus. Every market is different so I think it’s a good idea to devote all your effort into one market to master it before you jump into another.

Some of the things you should be asking yourself when studying a market are – “what variables in this market makes the price move?” and “What can I do to profit from this knowledge?”

Tip 2:

Make a plan. This is one of the most important things to do when starting your trading “career”. You must write down your trading strategy and stick to it. You must be able to justify why you backed a particular horse at a certain price and why you layed it at a certain price. I find that making a plan helps me to simplify my trading and, therefore, reduces confusion and costly mistakes. After I have a successful plan, all I have to do is stick to it and the money will come in.

Test your strategy either on paper or with small amounts of money to make sure it is successful. This testing procedure will reduce the chance of losing large amounts of money. I find that I learn best when there is a small amount of money on the line.

Tip 3:

Don’t get greedy. I find that most of the successful traders I’ve spoken to have all had experiences of becoming “too greedy” which caused them to lose large amounts of money in the early stages of their trading career. I asked them, “What piece of advice would you give to a beginner to prevent them from this experience?” They told me that the most important thing was “not to get too greedy. Stick to your plan and obey it at all times.”

They also revealed a technique that I still use today. That technique is to withdraw your winnings every week from Betfair so that you are only left with the amount you need to trade. This will give you the psychological effect of starting back at the bottom again at the start of every week. It also prevents you from losing more than what’s in your Betfair account and preserve your winnings

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