Does Matched betting have any merit?

[Yasmingrace]

I've put the reference to matched betting up as a serious question to my trading problem. Earlier this year I deposited £50 into a Betfair account,in part to take advantage of the offer for the European Championships. Over the following couple of months I managed to build up a balance of approximately £310.I soon discovered that there could be a need for software to help me with Betfair trading so I purchased one (cannot name here as it was deleted last time I mistakenly mentioned it). My trading progressed quite well and I felt that I was learning slowly. When the football season got underway I purchased Bet Angel Professional as I had viewed a lot of the videos on You Tube. additionally, I thought the Soccer Mystic programme would prove useful. However, since I've been using Bet Angel I have not had a winner and my original balance plus an additional £50 have been lost. This is not a criticism of Bet Angel software as I know it is me doing the selections but i must be doing something wrong. This is why I asked the question about Matched Betting as I may be looking to this for a solution when it may not be the answer. I apologise for the length of this but I was hoping that there might be others on this forum who have experience of losing their bank in a short time. I would also add that I am not using large stakes to trade with. Any support or advice would be greatly appreciated.

[Bluesky]

I think a lot of people such as myself come into sports trading from a match betting background. It is much easier to make money match betting than it is to make money trading.

The problem with match betting though is that you will eventually burn through all your bookie accounts, and over the last year or so bookies have been increasingly keen to gubb anyone they think might be match betting.

Virtually no one makes money trading from day one, whereas with match betting virtually everyone does. It is not unusual for people to blow up several banks while trying to learn to trade.

Its not a bad idea to continue to match bet while learning to trade as a way of funding your trading.

The rewards of trading can be far greater by many orders of magnitude than match betting, but only a tiny percentage of people get to that level.

[Yasmingrace]

Thanks for your response Bluesky. Part of the thing that puts me off match betting is the eventual loss of accounts with bookmakers. The ones I use have been chosen for a reason so I dont want to lose them.

Trading is hard and there is no replacement for practice. Perhaps I should revisit some of the trading videos on You Tube and start slowly.

[Bluesky]

Part of the thing that puts me off match betting is the eventual loss of accounts with bookmakers. The ones I use have been chosen for a reason so I dont want to lose them.

I suppose this depends on what you will be doing as regards bookmakers over the long term. If you don't use them for match betting, but think you have an edge (eg studying form for horse racing), then if you are right then you will still lose your bookie accounts. Long term bookies want losers they do not want people betting who have a good idea about value.

Good luck with your trading education, watching the vids on you tube can help but unless you have loads of natural ability and the correct mind set I think you will only get so far with them. Others may disagree however and I am sure some people have become successful just by watching those videos.

[Yasmingrace]

you make a valid point Bluesky. I know one of my problems is mindset. There have been occasions when I should have cashed out on a trade and I leave it go for a bit longer which can prove costly. I know just watching videos will not make me a good trader but I find they can help inspire me.

My background is more from betting in shops with trading and matched betting being newer practices for me. I think my mindset drifts to punter sometimes thus holding on to a trade instead of utilising the profit for my gain.

Thanks for the response.

[Bluesky]

There have been occasions when I should have cashed out on a trade and I leave it go for a bit longer which can prove costly.

I think everyone has problems with this (I certainly do), some traders like to scale into and out of positions to help deal with this situation, but its not easy. Watching a nice profit swiftly reverse and turn into a loss is not a pleasant experience for anyone.

Being able to act rationally when faced with this type of thing is one of the things that makes trading difficult and why so many people struggle with it.

People who come into trading from a gambling background probably have more difficulties to overcome in order to make it as a profitable trader, than those of a non gambling background, but everyone finds it tough at the start.