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Become a professional trader using the Betfair betting exchange

How to become a successful trader or a profitable value bettor on the Betfair betting exchange

Published on
Updated on 24 October 2018

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Do you want to work from home and trade sports on Betfair or any of the competing betting exchange platforms?

Wouldn’t it be great if you could call yourself a professional trader and trade across various football betting markets and other sports, so you could find value and make a sustainable profit from the competing exchange members?

The change from a novice recreational punter that bets with their gut feelings every week to a more experienced betting exchange trader or value bettor is tough, but not impossible.

It cannot be impossible if other people have done it and are currently doing it. There must be something that you can learn over time and become a proficient trader.

There are a number of areas to think about before you can successfully trade for a living, but this change will not be an easy transition. You will have to grow as a trader and use data to get you into a position where you can start to make value bets across a range of sports.

This website was created to help you make better betting decisions and it is the hope that you can start to make the transition from punter to trader using the tools and information across this website.

It may take you a while to get to grips with the process, but iwinsoccerbets is here to help you make the most of your skills and grow with you as you build new skills to compete with some of the more experienced traders across Betfair and the other exchange markets.

What will you learn about professional trading and value betting?

This post is not so much about the detail of what’s involved in trading. It’s more of a reminder of the obstacles and the challenges you will face before making that leap from losing bets to long-term value betting and trading success.

It is my hope that this post will provide you with a slightly different perspective, so you can understand what’s truly needed to reach your trading goals. You will also learn the best way to cope with the daily challenges that will ultimately affect you when you eventually become a full time betting exchange trader.

If you’re more interested in finding value and making a series of bets at value, then this post will still provide useful information. This post will also give you more details about professional value betting at the same time, as trading and value betting have much the same requirements. 

Let’s not make things easy.

Professional sports and soccer trading are both very difficult to learn. Professional value betting and professional trading require a commitment to analysis and deep learning, so you can reach the pinnacle of the Betfair exchange users.

You should give up now, if you think betting is easy

If you’re after something that is quick and easy, you’re 100% in the wrong place. Reaching the top of any profession will take some dedication to learning and hard work to get there. That’s why iwinsoccerbets exists, so we can help you on that hard journey. 

Just think how it would feel for you to get to where you need to go. It would truly help you to make better decisions and also affect how you approach your betting, so you would see the betting as a means to and end rather than just a dream.

What are your real long term beliefs expectations?

I know that the long road does not sound like a lot of fun, but anything that is worth doing is very rarely easy. It takes time to become proficient at trading and it takes more time for you to learn how to take the other Betfair traders money.

If you think this is the best and the easiest way for you to make money then you’re very much mistaken. There may be other easier ways for you to make a living, so you have to understand everything that is stacked against you, so you’re fully aware of the path that you’re considering to take.

What are some of the common Betfair trading pitfalls?

• Overreaching before you’re ready and before you’re learned the skills
• Trying to prove your ability rather than focussing on profitability and minimising risk
• Having too much focus on the potential profits
• Incorrect calculation of risk and expected value

Overreaching before you’re ready and before you’re learned the skills

There’s a reason why we learn to crawl before walking and we master walking before running. There is something to be said about steady progression.

Steady progression will help us all to master the unknown challenges and make sure that we can grow to become more knowledgeable in the long run. 

We’re all impatient and want to reach the end before starting and we want the prize before entering the competition. 

Unfortunately, performing long-term value betting or exchange trading without the dedication is a one way ticket to losing your entire bankroll. 

If you choose to run before you can walk and start trading before learning. Your betting life may end with a short and comfortable period of disappointment and regret.

Trying to prove your ability rather than focussing on profitability and minimising risk

What’s more important to you? 

Do you prefer to have the bragging rights and showing off to your family and your friends? Or do you want to get more information and win more selections over time? 

If you focus on other people and how they think and feel about your trading and long-term betting, you will most likely fail in the long-run. 

You should only focus on what you can do to steadily improve your ability to find value selections. Improving consistency of choosing trades, monitoring market movements and placing selections will all improve your probability of long-term bankroll growth.

Having too much focus on the potential profits

You do not climb a mountain by looking at the summit. You climb a mountain by putting one foot in front of the other and slowly climbing up the difficult path to reach the summit. Only when you have the summit in sight should you consider your plan to deal with what may occur when you reach the mountain’s peak.

By all means have a plan in place for your eventual arrival at the summit. However, you should not be thinking about the finale before you’ve even started the journey.

It’s easy to get overwhelmed by the big picture. 

If you’re just starting out and this is a real danger to your future profitability. You need to have a plan to get to where you need to go, but remember you have to go through all of the steps before you arrive!

Incorrect calculation of risk and expected value
How do you calculate risk and expected value?

If you’re uncertain of how to understand the difference between a good bet and a value bet, you need to read this, so that you can start to make better long-term betting decisions.

This can be checked and then we can make sure you can develop your value betting system or trading patterns for long-term growth.

Miscalculating risk, misjudging your trades and misunderstanding market movements will place you in a potential negative position, so you lose money on a trade that is not correctly matched and covered.

Focussing on how you evaluate risk is a key factor and one that we can show with the following example:

Risk = Probability of the event x your stake (or how much you stand to lose)

Simply put if you calculate the probability of an event being 65% then you would multiply that by the stake. So, if you were to place 35 units on a selection, this would translate to a risk level of:

Risk = 65% x 35 units
Risk = 0.65 x 35 units
Risk = 22.75 units

In the above example, we’re assuming that 22.75 units of our 35 unit stake are safe when we adjust for the risk. Considering a 65% probability of your bet/trade occurring.

So, if you combined the risk measure with risk adjusted return, you can use this calculation to make a judgement across a range of competing selections to see how your risk level could change with each of the different betting or trading options.

Eventually, risk analysis will become second nature and you can concentrate on finding potential Betfair markets with risk calculations forming part of the selection criteria.

Do you have the correct motivation?

If you’ve got this far, you must be really into the idea of becoming your own boss and learning how to prepare yourself for trading and what you’re likely to expect when you start.

It’s best to know what’s in store for you before you get there as you’re more likely to give up on the process unless you have a vision of how your life might be different.

Yes I know this may sounds a little cheesy, but use positive self-talk as often as possible. Constant negatives may occur throughout the learning process, so it’s vital that you truly believe in your approach and you learn through disappointment.

Even if you become a successful trader, things will change and you will not have a fun time betting for a living, as you will require the money to survive and fund your life and dependents.

This means that value betting or trading becomes your job and anything that you do for a job has a certain amount of pressure associated.

It’s possible that moving from one job to another job can quickly turn into another chore rather than your dreamed escape!

Everything becomes much more serious and you have to ensure that you have the correct betting mindset, so that you can always make sensible value betting and trading decisions and you’re not likely to resort to gut instinct gambling.

Successful trading is not quick and easy, but it can be profitable for your bankroll over the long term, if you’re sensible and make the best long term trading and value betting decisions. 

Just be warned that moving from the frying pan into the fire is sometimes just as hot...

Do you have a preference in how you find your selections?

Are you someone who prefers to model different matches and work out the best value based on the previous match data? 

Or are you someone that is only looking for Betfair exchange market movements before deciding on the best selections given how the market fluctuates? 

This is something that you have to consider before you can understand the best approach for moving your trading forwards.

There are a number of ways to approach Betfair trading, but everything is based on finding potential selections for your value bets or trades.

There are a range of different methods to find viable trading options, but the vast majority are based on having more knowledge than your competing traders. 

Remember that when you risk your funds on the exchanges your goal is to remove the money from other traders that place their money within the betting exchange.

With all of the money floating around the betting exchange system and matched between the different members, your task is to funnel some of the funds in your direction.

You can do this by making more intelligent betting and trading decisions than your competing Betfair exchange users.

The more information and knowledge you can accumulate over time will help you to make the better short term value betting and trading decisions than many of your competitors.

Using value betting, trend information and data within the soccer statistics database can help you to make better selections for your stake and ultimately, reduce your short term and long term risk trading the exchanges.

You’re constantly competing with the betting exchange fees, the Betfair premium charge and the rest of the market before you can return profitable trades. 

If possible you want to simulate your trading to understand the best approach before risking your money. This may be a paper or spreadsheet exercise, but it’s worthwhile.

Do not underestimate your competition

There are a lot of very intelligent people that play the betting exchanges and some of them are extremely skilled. A large number of your exchange competitors are expert at finding within selections and taking advantage of the inaccuracies within the bookmaker or exchange odds. 

That’s why it’s best to learn before you start trading, although, with anything that’s worthwhile, you only improve through constant repetition, learning from mistakes and betting and exchange simulation. 

Either way, long-term learning and improvement is not free. You will spend a lot of time time and money to improve. 

Read through this post as many times as it takes for you to get your mindset in the right place and you can make a plan to reach your Betfair exchange goals.

Good luck!

Tags: betfair, membership

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