General Advice for all newbies

[dt888]

Believe me it’s not the money I am losing that bothers me

Only time I really started making money consistently was when I needed to. It's too easy to leak money all over the place when you have another income to cover you. I think for part timers seeing it as some hobby it's always going to be hard cos hobbies are meant to be fun so you'll subconsciously try to inject excitement into what you're doing otherwise what's the point.I know everyone's different but for me it was only when it became a full time job I upped the focus and profits I could hold onto dramatically.

+1

[Alpha322]

If you're new to this you need to understand the following truths.

1.) There is no simple automation system that will make you regular money, NONE.
2.) None of the free automation rulesets on this forum or elsewhere are profitable straight out of the box, they simply give you a framework to build your own ideas and help you learn how to use the automation in BA.
3.) Please realise that unless you are truly a genius, you are very unlikely to just stumble across a profitable idea of your own in your first few weeks.
4.) Also realise that everything you will come up with yourself during your apprenticeship has almost certainly been tried over and over again and has already been rejected by hundreds before you.
5.) NO-ONE successful can AFFORD to fully disclose how they make their money. However, there are many regular posters on here that generously give of their time and who try their best to help you lose as little as possible while you learn.
6.) Never get excited by one day of good results or even a week, remember Leicester City, good results are nearly always followed by a reversion to the mean( the bad results catch up). Once you've done something successfully over 1000 or more events, then can you start to allow a tiny chink of optimism into your life, but don't get cocky, or the markets will spank you good and proper.

Top post i have seen on here for years well done Frogmella

[Alpha322]

My advice to newbies is to PACK IT IN NOW! Pre-off trading on the horses is so difficult to master that it will almost definitely cost you money, lots of money. Yet if you are like me and have a stubborn streak, you will not want to admit defeat once you get started. You will spend your life in a foul mood and your self-esteem will take a hit, as you fail time and time again. When it comes to automation rules, I agree with Frogmella, there is no golden bullet. Any automation rule will only work for a short time under very special circumstances. Trying to find the exact circumstances where a rule will work will again cost you money. Be very careful about using WOM to trigger a rule. When you watch the markets you will see a large order appear and disappear again very quickly just before the market heads off in the opposite direction. This is a rouse used to trigger your rule and nick money from naive automation users.
I have just read over my reply and I know that it is very negative, but I still believe that it is a fair reflection of my experience. Maybe it is so negative because I am in the foul mood, that I mentioned earlier, due to being unable to overcome my gambling instincts AGAIN. Any newbies who come from a punting background, BEWARE, a trading mindset is very very different from a punting mindset.
If you are still determined to give this a go, be sure to use minimum stakes, and good luck to you.

Cant agree with you on this?? all that feeling you started off with is called fustration of wanting it now and not willing to improve and master the markets oover a period of time. Its a journey, finding a edge is flaming hard but when you do it all makes sense. No one can afford to lose money but you will, so be sure to use money you will not miss and i mean miss, bill money etc etc. I paid £6000 in all to learn pre race trading, yes £6000, but a 6 month period went by when i just said forget the Bank, just load and forget its there or it exists, each month i looked at it and i was shocked, its about doing the job at hand, getting as many consistant profits small or large and CUTTING bad trades imediatley, not hopping it will go into profit. Well worth the 6k lessons, that was in courses blown banks etc etc. Think i want to be a profitable trader rather than i have the right to make thousands because i bought this product. Good luck on everyones journey

[welshboy06]

You need to make yourself aware of the rules of the markets you're playing, £2000 matched seems very low so I'd guess it's minor league stuff that was never going to go inplay anyway. If you want to make money at this you need to cut out the random markets and oh fuck it type bets just because your balance is low may as well platy the lot etc. There's no point picking up pounds when you do things right if you're going to thow it away ten fold by doing things wrong.

Very wise words. And it's something I'm getting better at. I'd have had a +£35 day if it wasn't for the random horse races with a 7.0+ fav or some other one which I just blindly jumped in to and lost £30.

I'm assuming different people prefer different types of markets, and trading on and off for around a year is slowly showing me which ones I like and which ones I can make a couple quid on.

[Dinkydid1]

Doing things wrong
yesterday I decided to trade a football match
layed the draw sat watching it on the Betfair window though the home team was only short odds both back and lay So not sure what to do or the consequences of what I am thinking I went to bet on Betfair my £2.00 and it told me if I bet this would happen the liability would reduce
the £2.00 win on the away would increase to £4.00 and my £2.00 win on Home would reduce to a small loss. so I thought of it lets see what happens.
well after 60 odd minutes still 0-0 the odds were quite high for the away team so I thought what would happen if I backed it with the minimum wager £2.00 so did it.
well so and behold the away team scored first well to cut the story short I greened out winning £10.23 now that for me was bloody good.

The reason for me telling you this is my problem I have yet understanding the consequences of what I am trying to do wish there as a way of knowing

[mariobets]

My advice to newbies is to PACK IT IN NOW! Pre-off trading on the horses is so difficult to master that it will almost definitely cost you money, lots of money. Yet if you are like me and have a stubborn streak, you will not want to admit defeat once you get started. You will spend your life in a foul mood and your self-esteem will take a hit, as you fail time and time again. When it comes to automation rules, I agree with Frogmella, there is no golden bullet. Any automation rule will only work for a short time under very special circumstances. Trying to find the exact circumstances where a rule will work will again cost you money. Be very careful about using WOM to trigger a rule. When you watch the markets you will see a large order appear and disappear again very quickly just before the market heads off in the opposite direction. This is a rouse used to trigger your rule and nick money from naive automation users.
I have just read over my reply and I know that it is very negative, but I still believe that it is a fair reflection of my experience. Maybe it is so negative because I am in the foul mood, that I mentioned earlier, due to being unable to overcome my gambling instincts AGAIN. Any newbies who come from a punting background, BEWARE, a trading mindset is very very different from a punting mindset.
If you are still determined to give this a go, be sure to use minimum stakes, and good luck to you.

everyone at some point in time was a newbie, even PW himself. And i can bet that they were successful because they didn't listen to all the people telling them to quit. As long as you have some level of self control and knowing how much money you can lose while learning then i guess it's ok.

btw. being a newbie myself, which sport would you recommend i start with? I think tennis markets are too volatile for someone who's learning. but what about pre off racing, or football? Which one of these two would be a better choice? Thanks

[LinusP]

everyone at some point in time was a newbie, even PW himself. And i can bet that they were successful because they didn't listen to all the people telling them to quit. As long as you have some level of self control and knowing how much money you can lose while learning then i guess it's ok.

btw. being a newbie myself, which sport would you recommend i start with? I think tennis markets are too volatile for someone who's learning. but what about pre off racing, or football? Which one of these two would be a better choice? Thanks

Have a look at where the money is:

http://www.betangel.com/forum/viewtopic ... 54&t=13291

Horse racing is popular simply because you can be sure that there will be markets to trade everyday but then you have others who find it easier trading sports they know for example cricket where there is massive liquidity.

[Bluesky]

I think tennis markets are too volatile for someone who's learning. but what about pre off racing, or football? Which one of these two would be a better choice? Thanks

From what I have seen posted on this site from the experienced traders, they think pre off horse racing is one of the more difficult markets to trade. Football and tennis are a little bit easier (but that doesn't mean they are simple, just not quiet as difficult as horse racing), and I think I have read that the dogs are the most difficult markets to trade.

Many people suggest you look at markets that you have a keen interest in, and know something about, so if you really like football then that would be something to consider.

[rs111]

Hi, I'm new to the forum but have been following BetAngel's YT channel for some months
(as well as reading various blog posts) and I'm planning to begin my trading journey for real soon.

My question is in regards to sport selection. Originally I liked the idea of trading football as it's something that I know about, but the idea of horse racing trading has appeal as it looks more fun and wide-ranging. Would it be best to focus on one sport as I start out or to test around with multiple sports?

[Korattt]

with regards to pre race trading on the horse racing win markets, if you really want this.. to succeed and make profit then you can, it can take a couple or more years to work out what works & what don't, and even then you need to work on your mistakes, you can do it, just takes a lot, a heck of a lot of blood, sweat, desk bashing & tears

[Euler]

I value posts like that, knowing that you have worked so hard to make progress.

[Korattt]

with regards to pre race trading on the horse racing win markets, if you really want this.. to succeed and make profit then you can, it can take a couple or more years to work out what works & what don't, and even then you need to work on your mistakes, you can do it, just takes a lot, a heck of a lot of blood, sweat, desk bashing & tears

my last three days off work have resulted in the following.

Total P&L: £112.87
Total P&L: £185.18
Total P&L: £155.88

I have traded after coming home from work this Monday & Tuesday week starting at 3pm which was total car crash trading.. hence:

https://www.youtube.com/watch?v=tW9axt5PeTs https://www.youtube.com/watch?v=8L90Y0KKKrI

[Dallas]

with regards to pre race trading on the horse racing win markets, if you really want this.. to succeed and make profit then you can, it can take a couple or more years to work out what works & what don't, and even then you need to work on your mistakes, you can do it, just takes a lot, a heck of a lot of blood, sweat, desk bashing & tears

my last three days off work have resulted in the following.

Total P&L: £112.87
Total P&L: £185.18
Total P&L: £155.88

I have traded after coming home from work this Monday & Tuesday week starting at 3pm which was total car crash trading.. hence:

https://www.youtube.com/watch?v=tW9axt5PeTs https://www.youtube.com/watch?v=8L90Y0KKKrI

Excellent set of results Korattt and thoroughly deserved im glad to hear its coming together for you, as any regular reader of this forum will know you have certainly put the hard work effort in so WD to you for sticking at it and not giving up - especially when things were at their lowest back in jan/feb

[Korattt]

with regards to pre race trading on the horse racing win markets, ..

https://www.youtube.com/watch?v=tW9axt5PeTs https://www.youtube.com/watch?v=8L90Y0KKKrI

Excellent set of results Korattt and thoroughly deserved im glad to hear its coming together for you, as any regular reader of this forum will know you have certainly put the hard work effort in so WD to you for sticking at it and not giving up - especially when things were at their lowest back in jan/feb

appreciate that Dallas, thanks

[ludite]

I have been trading mostly tennis on here since starting in April , & have made a good start . But now the football season has come round I'm thinking of using one of the subscription sites such as Pre match trading .com to give me a good start to the season . Can anyone reccomend one thats good value please ?