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Everything that you need to trade on sports for a living…

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Sports exchanges have come a long way since their inception back in the early 2000s, and now there are thousands of people making their living purely from trading sporting events on the Betfair Exchange.

 

To do so you need a few key tools at your disposal. In this article I will talk you through the weapons that you need to arm yourself with before taking the first step towards becoming a full-time sports trader.

  1. Equipment

  • Desktop computer. You’re going to need a desktop computer if you want to take your trading seriously. You can get by with a laptop in the early stages, but once you come more advanced you’re going to want to be sat at a desk to execute your trades.
  • It may be an obvious one, but you’re going to need a fast and reliable internet connection. You don’t want to be in the middle of a trade and your internet drops out intermittently. (TIP: If it does drop out, you can quickly load up Betfair on your mobile and get out of a position using your 4G – but you don’t want to have to be doing that on a regular basis.)
  • Software trading package. Again, you can get by in the early stages of your trading with using the Betfair website interface, but when you become more advanced you’ll probably want to use a Betfair approved software package. Don’t worry it’s not as daunting as it sounds, there are some really user friendly options out there.

  1. Knowledge

  • A Betfair account. Once you’ve got all the equipment that you need, you’re going to need a Betfair account. There are other sports betting exchanges that you can use, but to begin with we would strongly recommend using Betfair.
  • You’re then going to need to master some basic trading techniques – things like ‘Fill or Kill’, Dutching, Offsetting and Field Bets. These concepts may sound alien to you right now, but you can learn all about them on our trading course here.
  • Having the correct mindset towards trading is essential to becoming a successful sports trader. The MyBetBuddy Learn to Trade Like a Pro course includes a 1-hour tutorial on Trading Mindset and how you can improve your mental approach.

You can download a FRE eBook from our website that gives you all the information that you need to get started on the Betfair Exchange.

MyBetBuddy’s 27-video tutorial course talks you through every step that you need in order to begin your journey towards becoming a full-time sports trader.

You’ll learn the basics such as how to set up a Betfair account, what decimal odds are, what is a lay bet and what does best execution mean, essential techniques such as ‘Fill or Kill’, Dutching, Offsetting and Field Bets, why it’s important to use a software package and, possibly the most important of all, how to develop your trading mindset.

Earning a living trading on the Betfair Exchange isn’t easy. But there are thousands of people out there that have mastered it and are making a steady and reliable income, working their own hours, and getting to watch a LOT of sport while doing so.

The more information that you have and the better you prepare yourself, the bigger chance you have at being successful.

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Trading expert Tony Hargraves shares his tips and techniques to give you the tools needed to succeed when trading on the Betfair Exchange,
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