If you are considering trading football on Betfair (or another betting exchange) then you are going to need plenty of tools in your armoury if you are to be successful.
To start with you will need plenty of patience and discipline. You will also need a decent football trading system or strategy, as well as a good staking plan.
Not all trading strategies and staking plans are the same. But certain fundamental rules will apply to almost any strategy you are attempting to use.
Below I have listed some football trading tips and fundamental rules I have picked up. Usually the hard way - the hard way at times - over the years.
If you don't like the look of anything, then don't have a bet - You may have a football trading strategy that involves having a bet every day or maybe every week (for example). Sometimes though, it may simply be the case that you don't place a bet at all.
Just because the sun comes up in the morning doesn't mean you have to have a bet. Some days I find a bet or a trade jumps off the page at me - while some days they don't. On the days a bet doesn't jump out at me, it's sometimes better not to have a bet at all.
Obviously this involves a lot of patience and discipline, but surely it's better to delay your trading strategy by a day or so, than place a losing bet. A losing bet could set you back a lot more than just not having a bet at all. If you don't like the look of anything, then don't have a bet!
Don't Be Greedy - If you fancy a game to have Over 2.5 goals in it, then don't back Over 3.5 goals because it pays out more money. If you have a sensible staking plan then a modest win (I'd say a modest win is around Even money) most days should be good enough to win you enough money to execute your staking plan successfully.
If you are trading a match in play, and you have an exit point, then stick too it. Staying in the trade longer to win more money will almost inevitably be more risky (otherwise your strategy would advise you to stay in longer).
Stick To Your Staking Plan If Losing - If the plan advises you to exit the plan at a certain point when a trade or bet is losing, then you should exit at that point.
When you or someone else have gone to the trouble of creating an exit point, and have tried and tested it over a period of time to make sure that the system works in the long run...... then why on earth would you want to ignore it?
Basically, in order for the plan to work in the long run, you need to exit at that point. You may get lucky cutting corners on one or two occasions, but over time you will almost certainly lose. The strategy backs up that theory, because otherwise it would advise you to stay in the trade longer.
Think Things Through Before Placing A Bet - One thing I keep telling myself to do - and failing miserably at - is before placing a bet, have a long hard to think for reasons why I shouldn't place the bet.
If you can think of a couple of good reasons why the bet looks quite risky, then don't place it.
Before placing your next bet or trade, why not write down a series of questions that you can ask yourself while you are assessing the possible risks involved with the bet.
For example, with my pre match trading of the Over/Under 2.5 Goals market I need to ask myself questions like Does this price look like it can drift any further? Or, Are either of these two teams likely to rest a key striker? (the second is the sort of question I need to ask myself if I am looking to trade a match like Man Utd at home to a team at the bottom of the league the weekend before a big Champions league fixture)
Try and eliminate the matches with the most risks, if writing down a series of relevant questions can help with this process, then why not give it a go.
Patience And Discipline - You will need plenty of this. If you suffer a set back one day, try and keep calm and don't do anything reckless. If you try and win your money back on the day, you are effectively chasing and in a lot of cases, you will end up making the damage far worse.
You need to keep focused and think of your long term goals. You can't achieve your trading objectives in a day, but can you place a large hole in them (in a day) by doing something stupid and indisciplined in an attempt to win back a trading loss.
If you have a sensible strategy and staking plan, you should have a long term goal. So don't go wrecking that long term goal by doing something stupid. No matter what set back you suffer, if you stick to the plan you should eventually achieve your aims.
And finally......in my opinion, the best betting exchange to trade football on is currently Betfair. It is not perfect, and it has its issues, but when it comes to liquidity, Betfair is miles ahead. To open a Betfair account and receive a free bet, please click here...