Where do I start.

[Jeremy17]

Hi guys great site and a fantastic bit of software.

I am totally new to the concept of trading and at the risk of asking a stupid question : can someone explaine the concept of trading to me, is it essentially "buy at a high and selling on the low".
How can I start trading in the pre race markets???? any guidence would be fantastic....once again am really sorry if this is abit basic but I am trying to get my head around the pre race markets and how i guarantee profits. I plan to run an initial bank of £500....

jeremy

[SomersetDan]

You've got it just about right Jeremy. Good place to start is to look through the Trading exchange threads here or at the Racing traders forum. There's lots of different strategies discussed in both places. You need to have a damned good idea of which way the price is going to move to do swing trading and a strict exit strategy if it goes against you. But if you do scalping, you just need to get in and out of the market quickly with hopefully, a profit.

[nigelbleddfa]

Hi guys great site and a fantastic bit of software.

I am totally new to the concept of trading and at the risk of asking a stupid question : can someone explaine the concept of trading to me, is it essentially "buy at a high and selling on the low".
How can I start trading in the pre race markets???? any guidence would be fantastic....once again am really sorry if this is abit basic but I am trying to get my head around the pre race markets and how i guarantee profits. I plan to run an initial bank of £500....

jeremy

Take a look at the videos in the support section. Keep your £500 safe in your pocket until you know what you are doing. £20 is more than enough to start with.

[neeeel]

Jeremy, first of all, be prepared for a long long looooooooooooooooooooooooooooooooooooooooooooooooo ooooooooooooooooooooooooooong haul to making it work. Some people pick it up in months, but most people take years to get to where they are profitable, me included.

DONT:
1) think its easy
2) use anything more than minimum stakes( £2) when you are starting.
3) get discouraged when you realise how hard it is. and it is very very hard, even though it seems simple
4) make a big deposit. You can get away with probably £50 or less to start with, using minimum stakes. if
you have more money in your account, you will lose it.
5) aim to make money, when you start out, just aim to lose as little as possible
6) Go on any trading courses, or buy any E-books, keep your money for better things

DO:
1) experiment, mess around, trade almost at random, it helps you see what the markets do, and you will
learn a lot just putting in trades wherever and whenever you feel like it( minimum stakes obviously)
2) read trading books. Trading in the Zone by Mark Douglas is a good one.
3) read the forum (obviously), theres tons of good stuff in here.
4) read any and every trading blog you can find, theres millions out there. They wont give away their
trading secrets, but you will learn a lot about all the different facets of trading.
5)record your trading sessions with screen recording software when you start out, and review them every evening or next morning, this
will help you see where you should have cut out, where you should have held on for more profits, etc
6) keep a record, even if its just of your daily PnL.It helps chart your progress and encourages you with
your successes

finally, cut your losses and let your profits run!!

[neeeel]

Oh and never ever ever EVER GO IN PLAY!!!!

[neeeel]

this is a good post that gives you an idea of what to expect, and what stages you might go through
The 5 Stages of Betfair Trading

[Jeremy17]

Thanks for the advice guys .............. theres alot to learn and am looking forward to gaining the knowledge to make this effective

[bazbaz]

Like Neeel said only use minimum £2 stakes now, anyone new to this would be highly likely to lose the 500 pretty quickly. Watch the videos that are out there to give yourself an idea of what its all about and I think a good idea for anyone is to make some videos of their own, not of them trading as such, just of the markets on a ladder setup as you would trade them, and watch the videos over and over to try to get an idea of whats going on

[Jeremy17]

Guys just did my first trade, god so exciting..........16.25 at Ary on the no 2 horse......took all the advice and read loads over the last few days.......manage to green up and ended with a 96p profit....

Now all I have to do is get to grips with the software.......am using the grid rather than the ladder, just cant get to grip with that as yet, any advice glading welcome......I heard of a traders cafe in Docklands has anyone visted it yet.....???

[The Joker]

Guys just did my first trade, god so exciting..........16.25 at Ary on the no 2 horse......took all the advice and read loads over the last few days.......manage to green up and ended with a 96p profit....

Now all I have to do is get to grips with the software.......am using the grid rather than the ladder, just cant get to grip with that as yet, any advice glading welcome......I heard of a traders cafe in Docklands has anyone visted it yet.....???

Mate when your trading the grid turn your monitor on its side and you'll get to grips with the ladder in not time!!! LOL

[nigelbleddfa]

Mate when your trading the grid turn your monitor on its side and you'll get to grips with the ladder in not time!!! LOL

I find it easier to lie down along the keyboard.

[ron]

Mate when your trading the grid turn your monitor on its side and you'll get to grips with the ladder in not time!!! LOL

lol lol

[The Joker]

I find it easier to lie down along the keyboard.

that guy from "my left foot" plays football like that !

[taxbreaks]

Use a bank you can lose and follow the Five rules of Trading

1 Never go in play

2 Never go in play

3 Never go in play

4 Never go in play

5 Never go in play

[AlexPre]

That's some great advice and for someone who just recently started doing it there were definitely some "new" things that I didn't consider. Hopefully it will just take a couple of months to become profitable.

[westerner]

Start a blog....it will give you discipline and allow you to record your thoughts which will prove invaluable in the long run.

[XenoMorph]

thanks a lot guys for all these advices... I'm starting too, and I'll try to read as much as possible

[Temujin]

Hi guys great site and a fantastic bit of software.

I am totally new to the concept of trading and at the risk of asking a stupid question : can someone explaine the concept of trading to me, is it essentially "buy at a high and selling on the low".
How can I start trading in the pre race markets???? any guidence would be fantastic....once again am really sorry if this is abit basic but I am trying to get my head around the pre race markets and how i guarantee profits. I plan to run an initial bank of £500....

jeremy

At the risk of being a know it all, or at least somebody that just skimmed through the responses and missed somebody pointing this out, I would just like to point out that amongst all the people giving advice here, nobody pointed out the obvious answer to the initial question.....

is it essentially "buy at a high and selling on the low".

Pretty sure you should be actually buying on the low, and selling at a high. Won't make anything buying something at 2.00 and selling it to somebody else for 1.50.

There is a trading lesson for you. Sometimes even the most obvious things are missed due to not paying attention.

[t4twit]

Hi. I'm also fairly new at this game and wondered if anyone could tell me if you can open several accounts on Betfair using only one debit card/bank account. Just something I'm thinking about. Would appreciate any advice on this one. Many thanks

[ron]

Hi. I'm also fairly new at this game and wondered if anyone could tell me if you can open several accounts on Betfair using only one debit card/bank account. Just something I'm thinking about. Would appreciate any advice on this one. Many thanks

you can open as many accounts as you wish with BF but only with seperate ways of funding, as each debit/card is registered with each account and cannot be used on another.
i have 2 one with my bank/debit card and the other with paypal.