When someone decides they want to get into this mad world of football trading it is initially exciting! However, an inexperienced trader soon finds out that trading is excruciatingly difficult and he or she needs help.
The most frequent question I get asked is, "What do I do to get started?"
The very best answer I can give is, "Do nothing".
That may seem strange. After all, if you do nothing you learn nothing. But what I mean by 'do nothing' is do not start by getting into trades immediately.
You will be treading into a world you know very little about and there is nothing more certain than you will lose money.
The smartest thing I ever did was to take a year out from my trading and spend that time just watching the markets. Seeing how and when the odds move put me in a much better position for making sound decisions - and the rest is history.
Trading is all about making enough good decisions to see you profitable in the long term. So yes, do nothing except watch the markets. That is where you will be working and you need to know everything about them.
Spending time just watching the Betfair markets will give you a much better understanding of how they work, how they are all inter-related and which markets you can play off against each other.
I know that you're itching to get going, but would you drive a car without a few months learning how to drive first? Of course you wouldn’t, though virtually everyone gets straight into trading without knowing the first thing about it.
Spend time learning the markets where you will be playing and I can guarantee you will be far better equipped to make a success of it. Also, it means you won't have lost a penny in the meantime.
Of course you can paper trade if you wish so that you get some experience, but don’t use real money right away.
- You need to know what will happen to the Match Odds market if the favourite goes ahead inside 10 minutes, otherwise how can you take advantage of the odds movement?
- You need to know what happens in the Match Odds if the favourite goes behind after 40 minutes, otherwise how can you take advantage of the odds movement?
- You need to know what will happen in the Over/Under market if there is no goal in the first half, otherwise how can you take advantage of the odds movement?
- You need to know what will happen in the Next Goal market if the underdog score first, otherwise how can you take advantage of the odds movement?
- You need to know what will happen to the Correct Score market if the underdog goes ahead in the second half, otherwise how can you take advantage of the odds movement?
These scenarios - and hundreds more like them - are questions you need to know the answer to before you start trading. Being able to answer such questions will make your job so much less difficult.
So... "what do I do to get started?"
You learn how the market moves, how one market affects another, which way the market moves once a goal is scored or how will moves with time decay if no goal is scored. The market gives you clues as to what is most likely to happen in games, you just need to be able to read the signs.
I know full well it is not what newbies want to hear, but learn before you earn.