Top 5 Mistakes Betfair Traders With Small Bankrolls Make
If you prefer to read:
hi guys and welcome to another bet fair trading community. com podcast hosted by me Martin footer professional trader and I’m gonna go through today the top 5 mistakes Betfair traders with small bank rolls make okay I think it’s really important because most of our members will start out with a small bankroll and that rightly so there’s no reason you can’t you know build yourself up that way and and it also helps you figure out am i a successful trader can I be a successful trader so I’m gonna go through a few of the obvious mistakes that people make so reality is when trading on Betfair there’s a few common mistakes people make when they have a bankroll that is smaller than they would like here are the top 5 mistakes and more importantly I’ve given solutions to them so number one mistake overly aggressive staking okay bet Fair Trading is the graveyard of many a good trader I’m sad say who was just too aggressive with their staking just because you have a small bankroll it doesn’t mean you should use a higher percentage of said bankroll than you would do if you actually had a bigger bankroll so if I have a bank row of 10 grand and I want to stake 200 quid a trade or 500 quid a trade right that’s still only two to five percent of my bankroll now if I had one grand I wouldn’t then be going well you know I’ll do two to five hundred anyway just because it’s smaller and you know I want to win big and quickly because you’re suddenly betting twenty to fifty percent for your bank this is why you get the odd person pop up but on Twitter or what not and say you know I really want to join BTC because what have been doing you know I’ve lost I follow Dex tipster or whatever nonsense is on Twitter and I lost 60 percent of my bank in like a day I mean it should that should be impossible anyway it would sensible staking as I’ve mentioned quite a few times if you’ve listened to previous podcast but yeah just because you’ve got a small bankroll you know don’t use a higher percentage of that bankroll still use the recommended one I’d say between one and five percent of your bankroll if it’s in play should be the absolute maximum don’t go above that do not go above that aggression can be a dangerous thing in this instance okay number two chasing losses one common error in bet fair trading strategy is that some traders believe they can claw back losses by increasing stakes every time a bet loses it’s kind of like the martingale system which if you haven’t looked into it as well someone will keep doubling their stake up until they win of course it doesn’t take very many losing bets before you’ve lost your bankroll even if it’s a very high bankroll but people you know people still fall for this all the time and the chasing loss is it never ever is gonna work long term because you might chase a loss one day and yeah you make the money back great I’ll tell you what there’s gonna come a day where you don’t and when you don’t it matters because you’re gonna lose most if not all of your bankroll doing that so it’s not just simply a case of putting your normal stake down in this instance it is putting more money down often on short price things which tend to go against you a lot of more often than people actually realize so the problem is no matter how big your bankroll is if you lose five to ten bets in a row and you’re increasing your stakes every time you lose and say doubling than was the example of martingale that I gave earlier you’re done you are done and it may seem easier to just shove the rest of your 100 pound bankroll on the next bet after a loser to recover their loss but in the end it will always end in tears that’s a fact you might get lucky once you might get lucky two or three times but in the end it get you okay so just don’t do it that simple number three getting emotional sometimes even with a small bankroll it can be hard to lose a few bets no one likes losing money obviously even a 10 pound loss can seem huge when starting out and obviously if you’ve got 100 pound bankroll that’s ten percent of your bank you know it’s quite a high percentage to lose straightaway and it feels like wasted money you know you can look back on that I think so you know I could have spent that tenner on my family my bills you know food whatever however whether it be through Betfair trading training or a psychological work traders must learn to put the bankroll aside and not included as their money and I think this is important I mention this before in another podcast but I think if you can put your bankroll side psychologically and say okay that’s not my money that’s my trading bank but that’s no longer my wealth money so if I lose that money well it I’ve it wasn’t included in my work for anyway so yes it’ll be disappointing but it’s not the end of the world and I think it makes it a lot more easy to trade with that money having that psychological view think of it as a friends money right that you’re investing for them sure you don’t want to lose it but you know what it’s not actually gonna have much you know have a huge effect on you if you do lose it because it’s not your money so again you know try not to get too emotional and gets too emotionally attached to that money you’re using it’s simply a bankroll for your trading and if you’re starting out and you’re not sure you’re trading experiment put that aside cap it off you know I’ve done podcasts and blogs and videos about bank roles and that bets taking which this covers so go back and check those out if you get a chance number four not asking for help okay this is something that really frustrates me because you’ve got on Betfair trading community you have got the brightest minds in trading right you’ve got Adam Ryan this isn’t even clear myself you’re Adam Ryan you’ve got Richard you’ve got people that Luke Chief John great people great traders who are there giving advice talking to people answering questions you know let’s be honest pretty much out any hour of the day on the forum yet people still a lot of people still don’t ask for help you know and it’s sad to think that say someone’s you know joins the community for two or three months and leaves and they’ve never asked asked a question you know they might have got stuck somewhere but they never thought I’m just gonna you know I mean we’ve got a Q and a mega thread on the forum so use that the whole point is no we always say no question is a silly one you should never feel like you can’t ask us questions we’re all here to help each other at the end of the day ruin the same team here but there’s so many Betfair trading techniques systems and strategies available on the community there’s crazy not to ask for help from the experts some people are great at asking but others are until it’s too late and they’ve lost their money in their bank row I remember one guy previous member and I think one day just said are you know I’ve lost 60% of my bankroll can you help like yes but why didn’t you tell us you know way before you lost 60% and that’s the thing if it’s not going well talk to one of our pro semi pro traders that’s what we’re here for that’s why we built bet fair trading community and you know that’s why the forum exists don’t waste you know the incredible tools available to you as a member because at the end of the day you can extract huge value out of your membership just from that just from being able to talk to professional traders and have them answer all your questions in your interests it’s in our interest to help you out at the end of the day you know what’s often forgotten is with a lot of the the traders out there and it’s not really in their interest to help you so but with our community you know the more interaction we have the more community to more chat the more information the better so it’s in our interest to help you and give you salient advice which which we do on a regular basis so you know I even asked Ryan for help you know when I need help because I don’t know say for instance tennis as well as he does he’s like an expert on tennis training so if I’m looking at sorry in tennis I’ll say Ryan what do you think of this you know and he’s there for everyone we’re there for everyone you know and there’s so many people that can answer your questions on there with such a big community which we’ve you know a few hundred members we’ve got a I’ve got to get out there and ask the question because the help we can get back is it’s priceless you can’t put a price on it you know and it’s not offered anywhere else on the Internet okay so number five letting greed get the better of them well I’ve done the whole podcast on greed and Ryan’s were in a blog post on greed you can go back and read that but I’ll just give you a little snippet of the problem with relation to the small bankroll to me this is actually probably the biggest mistake the amount of traders I’ve met who want it all now is incredible you know I mean we’ve done some research on this I’ve mentioned it a couple of times so sorry if you’ve had a couple of times already but it’s something like people only try trading for two months on average so the average person uses the trading and their facilities for two months before deciding you know whether they want to pack it in or not and you know that’s to think that in an average time of two months you can’t take it all in you’re just scratching the surface you know I mean think about any qualification you do I always think about it this way you know people say so you know why invest your money early you know in trading in your education for trading well look at it simply if you enter university you’re looking at three years for most courses okay now you’re then looking what nine grand a year fee so before you’ve got any return investment you spent 27 grand and now that’s not including living expenses any other loans you might have taken out to get there you’re looking at 27 grand you know on the nose for something that you don’t even know will bring you anything in a career yet when you do trading how many people would even bother to invest you know say five grand which is you know less than 20% of what it would cost you like I say at university looking at another career in fact for all qualifications there is usually some kind of you know serious fee up front I mean I I looked into counseling for a long time it did actually qualify in counseling and I think it cost me probably close to ten grand and that was after University so you’re looking then for a career there you looking at 37 grand now I’m putting out these figures because the reality is that you might have to make a bit of an investment upfront you might have to you know put a thousand pounds of side for a Stein bankroll and it might not go the way you want it to and you might have to cash out and start testing things again and it might take time you might you might invest in Bedford trading community for a while I know that that’s why we offer discounted year long membership because really what you should be saying is you know what I’ll give it a crack for see I’d say you should give it a crack for two years really if you’re really serious about becoming a trader and you know that’s why we give that discounted rate and we do have people on that and on that rate and you know they really enjoy and it means they’d have to worry about a monthly fee etc what they do is they get a head down for a year they want to learn from us they contribute and they get involved then the people who do that actually we find get a lot more out of the service a lot more out of being involved and it’s brilliant it’s brilliant to see those people sort of shine really but it also you know begs the question as to why why a lot of people don’t understand the value of investing in in their education and I just think you cannot let greed get the better of you wanting it all here and now in training it doesn’t work it simply doesn’t work I mean you know every trader I’ve spoken to has had a journey and most of it the probably average journey I would say was two years I mean mine was probably like three to four years five years because when I started out I think I was 16 you know it took me a long time for I really I didn’t have all the information that I am kind of jealous of you guys I think you have all this information that you’ve got on BTC I didn’t have professional traders advising me daily I didn’t have daily emails telling me it sure you know send him out winning systems I didn’t have a strategy section on the forum that you know that’s been tested for three months you know I didn’t have stat software that can pull data from everywhere and give me my selections in seconds each day you know and so my journey was a lot longer because of that stuff you’ve got some great tools here remember to utilize them so yeah I mean let’s say let Murray get the better of you only leads to disaster people ask me that see a lot about what are the bet fair trading secrets you know as if there’s some sort of mythical knowledge handed down to only a select few the truth is there isn’t you know you can all do this too but here’s the secret this takes a lot of hard work for a long period of time like I say any qualification you want to be a doctor you’ve got to go out there and train for it you’ve got to you’ve got to put down that initial amount you’ve got to be ready to invest not just financially you need to be able to invest mentally invest your time it does take a lot of work over a long period and if you want to go pro straightaway and expect that to happen straightaway you doomed to failure I’ve not seen one person that worked for yet I’ve seen lots of people come through our system going from you know okay I’m gonna give this a two year plan this is wrong and be after six months this is where I wanna be after twelve months it’s great to be goal orientated but you need some reality and if you put too much pressure on yourself it’s very very difficult for you to succeed you know it takes like I say a couple years of solid work research and learning discipline and mentally learning to do it it does take time I find that fair trading really rewards those who are patient so if you’re patient by nature that fair trading will suit you if you’re not you need to learn how to be patient because the reality is the opportunities are there we point them out all the time crickets a great one laying the draw and Test cricket in certain sea laying teams who are chasing record totals in Test matches they don’t come out every day that that thing doesn’t come out every day with your patient you can make good money out of that each year which we have done every single year vet fairs existed we’ve made people money on that you know you’ve got to build your bankroll slowly and consistently over time those who try to increase it tenfold in a couple of months it’s not gonna work and it’s gonna it it’s gonna bust at some point because you’re over staking and just remember this I think people don’t think this there is no rush this this great rush that everyone seems to have their fair trading has been around since at least I was probably 14 15 right so for the last 17 years bet for our trading has been around I’ve been following it for 15 years now I’ll tell you what it hasn’t changed a lot has it it’s still the same exchange it’s still the same back in lay odds are still very similar on each event nothing much has changed this will still be around in 15 years I can’t see it not being around in 15 years you know so everyone rushes about I need to be pronoun he’s she know what don’t think of it that way keep your job maybe go part time if you can afford to live on a part time wage it may be you’ve got partner who’s working maybe you live by yourself but either way just remember that this is this is something that needs work and it needs it’s something that you can do but you’ve got to put the work in and not expect ridiculous things early on like I say to expect in two months to know how to trade and make a consistent profit all the time it’s so unrealistic but the amount of people who have that mentality you know none of them I’ve never seen one of them come through and do it in two months but yet they all have them I mean a lot of people have that mentality don’t do it okay so some of their sub went through personal experience which is work and speaks openly but anybody knows my story knows that the journey that I had to get here was not an easy one I’m not as easy as you know someone like Ryan but everyone’s had their journeys and I wasted years learning all this stuff like I said this info just wasn’t out there back in my day and I learned it the hard way you know this is why I helped run Betfair trading community people wonder why are you so passionate well I’ll tell you why because I used to be stuck in an office all day every day sick of working for the man you know and I wanted to get out there and do something where I I was in charge I set my hours I could work from home I could work I could see my family you know I could I could enjoy my day if I felt ill it felt rough I didn’t have to be worried about our drive to get in and get in because you know I mean I remember one job I got criticized and really I think it was one of the reasons they decided to get rid of me in the end that’s working in a library because I had four days off in a year ill I mean I was it was to two sets of two days I was genuinely oh I mean four days it’s not an astronomical amount to have in in those days you do that was deemed too high and it’s incredible that you know this stuff goes any thank god this is why I love working for myself I love the conclusion but it I worked hard for it and you’re gonna you know you’re gonna have to work hard for it if you’re serious of it but yeah it’s it’s really as important to do this stuff we’ve obviously meant had many a new trader Wilson go amateur to semi pro to pro so if you’re not member yet join you know you get great information on the forum ask questions like I say we do answer them specially in a forum you’ll get really quick answers and not just from us from our people we’ve got a Q&A mega fridge so use that and yet just you know it be sensible about things and you know like I say good things come to those who wait it’s getting us used to say in those adverts so you know let’s let’s keep doing that and thanks for listening guys I’ll be back with another podcast..
If this is your first time here – we believe in making sure you understand HOW to find value and take advantage of it. You can see our guide on how to take real value here and see how I managed to make a living ‘gambling’ when I’d never placed a bet in my life. I’ve still only been into an actual physical bookie once.