The 5 Stages To Betfair Trading

[trinityman]

The stages are brutal.

I have been trading for about four months and have never lost my bank or done it any serious damage. What I do is try and win a fixed amount of money, usually 4 euro a race. if I lose I simply head over to exchange games and lay a hand of turbo poker. 75% of the time this refunds my losing bet.

When it doesn't work I simply top up my bank by the amount I have lost and pretend that I didn't to myself.

So from my original bank of 200 I now have 400 which is 100% pure profit*

(less the top-ups including one today for 500)

[itwasme2]

i love the original post. its funny to think that we all fall into the same stages. but how many can actually make it work out for thereself in the long run? Belief had played a huge part in my own story.

[maskanisawa]

Kind like goal setting, knowing psychologically when to quit if on a loosing streak and stop when winnings are rolling in.

[sm542]

Original post has made me realise that this is going to be a long, slow process. Think if you have some discipline and a good trading plan you can make it work.

[hoggyracer]

this is a great post, im currently at step one learning how to use it. with a bit of luck ill get the hang of this

Cheers for the post

[RetinhaC]

Hey, I am a complete newbie, I hope I can move into step 3 Eureka soon! i'm giving my first steps withs low risk bets!

[AngieRey]

I can say, I learned something useful today. Will, definitely try to be more patient in betting. I now it will be a slow yet a rewarding process

[muskatjer]

Very good reading, thank you for that. Can not await to be among the best

[chr1st0]

I'm heading towards step three but not quite there yet, but am sure i will get there.

[chr1st0]

Well?

[chr1st0]

Is there a geeks toy version for Betdaq?

[chr1st0]

It will take time and lot's of mistakes along the way. It is taking losses and staying disciplined enough to keep them small and not to chase your losses that's hard. Never let an open trade go in play (Get Out!) for a small loss then try to win it back later.It is the only way to protect your betting bank. I have fallen foul to this many times and i have had to learn the hard way.

[george9]

im at step 1 of this trading lark, my god its not easy is it, ive been betting, backing and laying for many a year, but judging market movement is a minefield, if i could put in reverse what im doing id be quids in, but of course when you try that it still goes against you. one things for sure, all the videos out there are pretty much pointless apart from showing the main principles of trading, reality is no one is going to know which way the price is going to go, finding your own niche and then sticking to it with a stop loss in place is the only way i think, its finding that niche or edge which is the tricky bit of course, good luck to all my fellow newbies, we are going to need it.

[stemoz]

I started with £20 on Saturday and by 8 o clock last night I had a bank of £48. Then I had a couple go against me so my discipline went right out of the window, F****ng stupid I am.

[psychoff]

There must be more than 6 steps of trading...

I'm climbing, climbing, climbing, but still too far away from the top.

[MalcolmSm1th]

Originally Posted by stemoz

I started with £20 on Saturday and by 8 o clock last night I had a bank of £48. Then I had a couple go against me so my discipline went right out of the window, F****ng stupid I am.

That's being human not stupid.

The fact that you stood up and said as much means that you learned from your mistake, that you weren't disciplined.

All you have to do now (which is the bit where I am falling down at the moment) is learn to spot the same situation (that's easy) but not to repeat it (that's not).

Good fun this, though.

[george9]

its hard to spot your mistake if you dont really know what youve done wrong, the bloody price moves in ways that are so unpredictable that im no nearer to sussing this out than i was 2 weeks ago, at least with the stop loss employed and small stakes its not causing my bank to much pain.

[savrad]

Originally Posted by george9

its hard to spot your mistake if you dont really know what youve done wrong, the bloody price moves in ways that are so unpredictable that im no nearer to sussing this out than i was 2 weeks ago, at least with the stop loss employed and small stakes its not causing my bank to much pain.

Which is one of the basic principles of trading! Preserve your capital

[Fearthainn]

I remember coming across this info a long time ago. I just came across it again by accident, but I am happy to report that I am now in step 5, having started trading on BF around 3 years ago.

3 years, yep - it takes a long time. Start small, I am happy I was sensible enough not to go in with 500 Euros when starting. But you must still expect to invest before you see the returns. Invest money, time, mental sanity... Most of this time was spent trying to reach step 3 by the way. When you get there, the final two will come inevitably, because discipline and good management is the key. It's very rewarding when you finally realise you're "there".

And it does get boring, sometimes I wish I was back to step 1

I'm not a Betfair forum star though

[milivoje]

i cannot say for my self in which step i am..now i have been consistent for 3 months, started with 20euros now am around 180..ofcouse little ups little downs, i can say sometimes i have a feeling of great power when i make nice money, and when ilose some i feel like a noob hehe but i know this is just one more step in the way. i feel like i am somewhere at number 4 But i can say sometimes it feels like its the easiest thing to do and sometimes like its the hardest It takes nerves of steel, but i think i am on my way to nice profits, well see