Is buying strategies a good way to get started?

[derelict]

Hello forum,

I have been interested in trading on betfair for a couple of years now and have finally decided to give it a go. The thing is I don't know where to start. I have been looking at forums and watching video's but most of this is general information on how to use the software and what trading is. What I want to know is how to trade. What strategies are people using, what are the basics of coming up with a strategy, how do you analyze a sports market, tricks and tips etc...

Now I realize that most people would probably not want to share a winning strategy. Its their edge, and once they share it with others that edge is gone. However I would think there are some strategies that are well known and used by most. Or am I wrong?

This brings me to my next question. Would buying a couple of these strategies that are out there be a good idea? Will this help me understand everything a little better and enable me to come up with my own ideas? Is this what most people do? I am not so sure as they all feel a little too like get rich schemes. Also are there any books or courses out there that could help me with all of this?

I am not totally clueless about all this; I have a degree in economics and work in finance. I just want some guidance on how to hone my skills as a betfair trade. Any direction or help would be much appreciated.

Thank you!

[rubysglory]

Please do not take this the wrong way, but with your having a degree in econmics and working in finance I would say that you have a pretty good grounding in the principles of trading.

Assuming you are ignorant to the principles of gambling, you may in fact be better served than most as your ideas will not be clouded. The priciples of trading betfair are similar to the priciples of trading many a financial market - it is the financial markets after all that betfair was designed upon.

Don't waste your maoney on the many ' get rich ' schemes strategies for sale. Analyse price and volume and decide what is best for you for. Most importantly though, start small and enjoy.

Good luck to you.

rg

[dflowe]

Hi, with your grounding in stats I would suggest you sit and watch the odds and wom in betangel and look for the patterns as finding you own stratergy is by far the best, but using someone elses as a start point is Ok.....so you could look at some of the stuff on U tube to get some ideas
http://www.youtube.com/watch?v=b-YliIrp9QQ dont rush in and use small stakes till you get more confident, aim to break even, remember that everyone you see on a vid is an expert so dont get tacken in by how easy it looks....... and remember, you will need a very good broardband connection so your bids get into the market quickly and also you can scratch them if it looks as if the odds are moving against you....
Good Luck
Dave

[derelict]

Thanks Guys!

I do feel like I have a good base in which to start from but just wanted to see how everyone else got started and if there was any reading material out there I could look at. I am also mainly interested to see if there was anything different about sports market trading rather than financial.

Thanks for the comments and any other help would be much appreciated too!

Cheers

[dflowe]

I think if you take a look at the vids I sent the link to it will give you an idea on how to trade on betfair, It is a bit different to the FT100 or the 4x by the speed that things can change and the money you can win/lose, there is not so much profit in it.
And, can be a right ball acke getting into the swing of it, be it tic trading or a bit of bookmaking with a reverse or one of the other methods you will find as you search the net. I will make one comment and if its the only thing you take from this it will save you lots of cash....make sure you have a fast internet connection if you are to trade..... so your trades get into the market in good time. Before the off you trades/orders will get to the market in millisecs after the off/in running the order will take 2-5 sec. Betfair odds info sometimes is a bit slow updating and the odds only change on the grid in betfair and hence betangel when all the money has gone and a new order is recieved into the market at those odds so sometimes you might be bidding on something that no longer exists....so go for stratages that get orders in early.....on the ladder you might want to try putting in your orders a couple of tics in front of the market so you can scratch it before you get into a loss....
Now I am rambling.....
Dave

[Predicton]

Hi,

I dare say that all he Betangel videos offer good advice if you watch them often enough to pick out the nuances.

I found the one on "gap filling" a great place to start (for horse racing), it still amazes me just how sound the advice is, particularly as no expertise on reading the market is required. You might go several races (on Betfair) without spotting a gap but, for my money it is an excellent place to start.

cheers, P

[mister man]

if youve got the money to spend to get informed at speed, in short yes...
its very rare that anyone on a forum such as this or anywhere will give you any edge or really specific help.
once you have a few strategies used by many, you can tweak and come up with your own...