Welcome to the betting revolution! New Posts Today's Posts. Last Jump to page: Results 1 to 20 of Yeah well you have no margins here PC excluded, many threads on that , so you can enter and exit the market as many times as you want and you only pay commission on your profits should you make any.
There are pitfalls of course, and only really the principal is the same, buy low sell high and all, so as you know all that and the mechanics I guess you just have to now learn how to read the markets well. But you can of course do that on the cheap here with little downside early on in your journey. Good luck with it Tem - You can learn Forex on the cheap too - there are plenty of places that offer play money accounts of course, they want to you to make millions in play money, get hooked and then blow all your real money!
You can also using tiny stakes literally pennies. Before I start to trade I have to know why I will succeed. This is not for every particular trade, but the way I approach trading knowledge I have, software I use, internet connection speed and so on. The most important part of this for me is to know my limitations.
These can be psychological during the trading session, but here I mean the methodology. How is the approach I take going to succeed against these people? What am I doing to enable me to beat or avoid these traders in the scenarios in which I trade?
You have to know why you will succeed by understanding your limitations. Do you trade Forex yourself Eggman? If so whats your experience of it? I am having on-going conversations with an FX trader about it. It's a funny thing, really. I've been trading FX ok for a few years now but profits don't flow as easily as with Betfair. I cannot say the same for FX. With BF , the opps are really obvious whether trading at half time or in-game, scalping in and out in seconds.
With FX, I can only swing trade holding trades for hours or days and always fail in my attempts to scalp, hence profit is really slow to manifest. Also, the time element comes into it - with FX, you might have to sit here all bloody day to find there are no opps that you can take advantage of, whereas with football, I have a 10 minute slot at HT and there are often opps for the taking.
Where FX beats sports is in the liquidity. There is clearly a ceiling with BF. Also, the potential for bigger profits is there with leverage via spreadbetting and CFDs and bigger losses but let's assume you have a clue about leverage and are not being a greedy twat about it.
Maybe my success in BF comes from years of practice in FX where the real game is the inner one. And when I'm up against other BF traders and bettors, the oppponent's skill level is really, really low because I suspect most of them are hopeful degens who cannot control themselves.
I suppose it also helps that my "normal" work is in psychology. Originally Posted by eggman. Originally Posted by bazbaz. Originally Posted by shadowninja. Yep, you know you get those little fish who swim alongside the sharks, cleaning the scraps of food off them?
I think I'm like one of them. Thing is, you can do the same in FX - don't think of yourself as trading against them but trade with them. This is why I swing trade. A lot of sports trading is short term. With FX, the spread is a massive barrier to entry. If you use someone like oanda, even a 0. So the tendency is to look to day trade and place many trades during the day, but this can lead to overtrading and many psychological hurdles to deal with.
With sports trading, you can start off with a few hundred and grow the account reasonably quickly. A lot of traders use software called metatrader. You can set up a demo account with them too at marketindex. Oanda and RBS are good because you can demo trade or trade with pennies to get used to what you want to do. I have been trading Forex for a while now spreadbetting. I use the same strategies on Forex as I do on the horses, using tight manual stops and charts. I tend to just go for anywhere between 2 - 10 ticks and never leave a trade open for more than a few minutes, anymore than that and I just don't seem to do as well.
I am trading Forex more and more, which hasn't been influenced by the current Betfair politics but can see myself switching totally to financials in the future. Thank for all the replies. Are there any other obvious edge attributes that im missing. I presume trading something more liquid like a uk horse race makes it easier to trade? As Jibiko once said where is Jibiko btw?
Profits here are the lowest, but the best thing is that here we are facing the incredibly profitable world of the gamblers. Gamblers in most cases are brainless monkeys blind to see the tree beyond the grass looking only at grass preparing to lose all his money without blink of an eye. Well their eye blink they even bleed sometimes but they don't even have a proper way to think. Like Madonna sing in one remarkable song - you only see what your eyes want to see.
So the easiest part for the traders is to take the gamblers money. They are the preys, we are the predators. But a new player have better chance in Betfair comapred with FX just because even the bigger players are amateurs comapred to the FX,Futures etc traders. From the other side The forex gurus doesn't care about Betfair because they doesn't know or even if they know for them sports exchages are like a coins.
The market is new - so oportunities are good! In forex - there is no gamblers, or if there it is - the gamblers are represented by the newbies. Every new member thinks how easy this is and start blindly attack and lose and lose and lose. Very few have a practical mind. The forex gurus care about these newbies because they are masters of what they do and they are even better than most of the betfair top traders! The situation is getting even worse in both BF and FX if a newbie got lucky, but his strategy is doomed to lose.
This happen in a hell of the lot cases!!!!! I still don't know am I lucky or not with my system - a few tousand euro equals to nothing in this business as you can lose them very easy! Imagine - 10 new FX traders start to play. There is no way some of them not to get lucky!!!!!!!!! So if you get lucky and you start to think you are a GOD and if your system is not good like in most cases one day you - BOOM - everything you've done is lost including the 50 that you got borrowed from the Bank because you are a GOD and nothing can stop you you want good leverage to increase the winnings - remember the leverage increase the losings too!!!
Nah nah, FX is not for me I prefer to stay with the gamblers where I can count do I have advantage over the situation or not. The odds of succes dramaticly improve with each attempt. There is the equivilant on punters on forex i.
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