Betfair trading strategies : best piece of advice you have been given

Interested in learning to trade on Betfair. Check out this section for advice, knowledge and discussion on trading strategies.
nivi7
Posts: 130
Joined: Mon Jul 01, 2019 9:53 pm

Mon Sep 02, 2019 9:49 pm

ShaunWhite wrote:
Mon Sep 02, 2019 3:32 pm
nivi7 wrote:
Mon Sep 02, 2019 9:14 am
aim for a unit per day,anything more is greed
Every trade (or bet) stands completely on it's own and winning or losing on the previous trade is irrevelent. https://en.wikipedia.org/wiki/Gambler%27s_fallacy

Sometimes that previous trade is the previous day, sometimes it's the previous minute. Drawing a like across your results whenever the sun sets or comes up is illogical.

I agree greed is bad thing, that's a given, but opportunities don't come along in a nice steady flow, some days there are none and some days there are lots. Take what you can when you can.
i know the gamblers fallacy but how do you connect it with a unit per day advice?

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ShaunWhite
Posts: 6188
Joined: Sat Sep 03, 2016 3:42 am

Tue Sep 03, 2019 12:11 am

Because winning 1 unit at 2pm has no impact on the opportunities that might come up at 5pm. You seem to think that if you win once you will lose the next one. If you win 1 unit are you suggesting to take the rest of the day off! Does a shop close when it sells 1 item? And what if you have 10 losing days, how will you ever catch up if you only want 1 unit per day?

Can you explain why you want to stop work when you've made 1 unit? I can't see how that makes sense.

TipTopTrader
Posts: 452
Joined: Fri Feb 16, 2018 8:29 pm

Tue Sep 03, 2019 5:44 am

LinusP wrote:
Mon Sep 02, 2019 10:15 am
nivi7 wrote:
Mon Sep 02, 2019 9:14 am
aim for a unit per day,anything more is greed
I think you are on the wrong forum.
If you don't have plan, you plan to fail!!!

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ShaunWhite
Posts: 6188
Joined: Sat Sep 03, 2016 3:42 am

Tue Sep 03, 2019 5:58 am

TipTopTrader wrote:
Tue Sep 03, 2019 5:44 am
LinusP wrote:
Mon Sep 02, 2019 10:15 am
nivi7 wrote:
Mon Sep 02, 2019 9:14 am
aim for a unit per day,anything more is greed
I think you are on the wrong forum.
If you don't have plan, you plan to fail!!!
It has to be the right plan, not just any plan.

nivi7
Posts: 130
Joined: Mon Jul 01, 2019 9:53 pm

Tue Sep 03, 2019 10:57 am

ShaunWhite wrote:
Tue Sep 03, 2019 5:58 am

It has to be the right plan, not just any plan.

if the bankroll grows then its right plan
if it doesnt then its wrong

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Kai
Posts: 2076
Joined: Tue Jan 20, 2015 12:21 pm
Location: Croatia
Contact:

Tue Sep 03, 2019 1:01 pm

I see I posted this link back in 2015 but it's probably worth re-posting : https://twitter.com/tradingproverbs

Easily contains some of the best pieces of advice overall, since it's basically a compilation of the best ideas and quotes from the world's greatest traders and investors, doesn't hurt to get bombarded by their pearls of wisdom, there's a decent chance that something may actually stick! :) Not everything applies to the sports exchange but a good chunk of it does. If you don't have time to read any books or aren't a big reader this may be the next best thing to get a bit of insight into how successful traders think. I'm not a book person either and haven't gotten around to reading any trading books yet, but if I see a quote I like I'll do a bit of research on the author to see who they are/were and to see what else they have to say, people will extract the best bits anyway and summarize them for you which makes it easier and faster to consume.

nivi7
Posts: 130
Joined: Mon Jul 01, 2019 9:53 pm

Tue Sep 03, 2019 3:33 pm

Kai wrote:
Tue Sep 03, 2019 1:01 pm
. I'm not a book person either and haven't gotten around to reading any trading books yet,
try youtube videos
then audio books
then reading books
no need to stay on the surface of quotes

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ShaunWhite
Posts: 6188
Joined: Sat Sep 03, 2016 3:42 am

Tue Sep 03, 2019 6:32 pm

I like audio books but they always send me to sleep and I don't know how far I've got. Nice on a long drive but I don't have many of those. You can't beat good old paper for flicking back and forward and covering in highlighter pen.

The BIG issue with services like Audible is losing your books when you end your subscription. I've paid 6.95 a month for about 6 months just because I can't get round to finishing the ones I've started. Almost 50quid for about 20 pounds worth of books I wasn't especially enamoured with anyway!

Emmson
Posts: 1573
Joined: Mon Feb 29, 2016 6:47 pm

Tue Sep 03, 2019 6:41 pm

Animated Summaries of books on YouTube are the best way for me to digest material. That is how I absorbed Thinking Fast & Slow. Trading In The Zone what a bore of a read that was, once i put it down I couldn't pick it back up.

eightbo
Posts: 1648
Joined: Sun May 17, 2015 8:19 pm
Location: Barcelona

Sun Sep 15, 2019 8:29 pm

ShaunWhite wrote:
Tue Sep 03, 2019 6:32 pm
I like audio books but they always send me to sleep and I don't know how far I've got.
...
lol I can relate to the struggle man

Good quote for the aggressive types out there:
"It's not about what you can make, it's about what you can keep."
 

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