Tips to Help You Win in Trades on Betfair or Matchbook
In the betting exchange market, a lot of people follow many different strategies and although some of them are effective, it might be too esoteric for the common bettor.
Today, I am going to talk about some simple tips that will help you win trades on either Betfair or Matchbook, so be sure to read along as I go through them one by one.
1. Create Your Own Opinion
Many people on the exchange market especially if its involved currency exchange trading typically give some ill advice about “not having” an opinion. It is “best” that you just follow the trade price action. And to be honest, that is just absurdity in its finest.
You see, we are not robots and even though people say that you cannot really influence the market with your opinion, in actuality, you can.
Whatever you do on the exchange will have an implicit impact on the market’s movements, at least, to some degree.
It is just to see that many, many people are working like mindless robots on Betfair, for example. They follow blindly some advice that did work before, but it is not really applicable nowadays.
Do remember that whenever you trade on the betting exchange, you will not reap the benefits of it for now, but it will invariably make a difference in the future.
So, you will always have an opinion and it will always affect the betting exchange somewhat. Don’t be afraid to form your own opinion.
2. Opinions are Not Always Correct Until It is Proven
Although I’ve said that you can create your own opinions and it may have an impact, it will not be proven correct until the market agrees with you.
Even though your opinion is ultimately correct, but the price action is not suitable to fit your opinion, then that really doesn’t impact anything at all.
Remember, on the betting exchange, it is filled with many financial analysts that know their stuff. Mainly creating an opinion based on arbitrary notions is just, well, utterly useless.
Until the market agrees with you based on the price action, your opinions will not hold any bearing on the market at all.
3. Learn to Manage Your Trade
Trading and winning big is actually all about managing your risk. Remember, the market is volatile and anything can happen. This means that you can either lose some or earn some depending on the things that you do and also on your decision-making skills.
Do note that when you put two traders together who know how the market performs, they will most certainly earn some money, even though they are on the opposite positions.
However, the same cannot be said for novice traders who do not know how to manage their risks. They do not put money stops, they do not put limits, and they just trade without actually following a set structure.
To be honest, trading is all about how you manage your risk. So learn to look at the variables and make decisions then.