Newbie Help!

[digitalise]

Hi everyone,
as a rellatively newcomer to BetAngel and Betfair
would anyone care to advise me on the best method of trading for a beginner, ie scalping, dutching,etc...
I have a 1k starting bank, accept there will be losses
perhaps many as well as winning trades, but would like to know members views as to which method to learn first before moving on to others. If anyone has had more success with a particular system would love to know!
Thanks

[steven1976]

Choose a sport you know and understand first would be my advice and then ask the question to yourself again.

[to75ne]

first of all CUT YOUR BANK SIZE DOWN ER GRAND IS FAR TOO BIG FOR A BEGINNER YOU WILL EITHER LOSE IT OR MAKE SERIOUS DENT IN IT

[digitalise]

Thanks to both,
I prefer Horse Racing first, and I am only going to risk 3 - 5% of bank once i have paper traded the method (which hopefully) someone will suggest as a good starting method.
Thanks again

[convoysur-2]

your bank is too big for beginner,
it takes a long time even to use the software without making mistakes.
if u plan to only use 3-5% which is 50 quid ,,why do u need 1.000.?
i thought just like u now 3 years later im 17.000 down and still not in profit,
do whatever u want ,just be carefull the money will go quickly..
marc

[LinusP]

Withdraw £950 and start with the practise mode, its takes a lot of time and effort to be consistent on betfair. So take your time and watch/read everything you can, Peters blog is great along with mugsgames blog...

http://www.betangel.com/blog_wp/

http://www.quiteamug.co.uk/

[to75ne]

Thanks to both,
I prefer Horse Racing first, and I am only going to risk 3 - 5% of bank once i have paper traded the method (which hopefully) someone will suggest as a good starting method.
Thanks again

thats all very well but you will probably act very differently in a live market thats gone against you - trading is first last and always a head game - if your not in control of yourself and if you don't understand where your emotions come from and why, your odds on to taking big hits and making big mistakes.

taking ticks is easy compared with controlling yourself.

first of all read jollygreens excellent series of articles in the general forum "trading for newbies"
in conjunction with the 2 blogs linusP suggests.then search these forums for similar stuff.

in my opinion you should start with a £50 bank and use the minimum stake until you can read the markets with some success.

[JollyGreen]

As the others have said, your bank is too high for a beginner, let me try and offer a potential pitfall.

You are in a market and it's moved against you. The temptation will be to add more money to try and retrieve the position. Please don't take this as a criticism, it is normal behaviour and I can say hand on heart I did it when I first started out.

I'd suggest £100 as a starter and above all simply relax, observe the markets and enjoy it.

Forget scalping! The markets these days are not great for scalping. The more experienced will often see an opportunity to scalp in everyday markets but you are not at that stage yet. Try and watch the markets and you will notice they often move more than you would expect.

If you scalp, you can have 3 successful trades and then bang, a sudden move causes a 5 tick loss and that can be soul destroying.

Perhaps consider the Master Class with Peter as this will give you a better understanding of the markets.

Feel free to ask questions, if I am around and can see straight I will do my best to help.

JG

[digitalise]

Thanks everyone for your help,
will take a look at the sites mentioned, and i'm sure i will be coming back for more help. JollyGreen as long as we can both see straight at the same time....

[Zenyatta]

digitalise,

Best advice is not to play. You will save yourself thousands of pounds.

You have been warned...

[PeterLe]

digitalise,

Best advice is not to play. You will save yourself thousands of pounds.

You have been warned...

Zen,
I know from your posts that you have not done too well over the last 12 months or so.
I absolutely agree with the advice from others warning newbies that they should tread very carefully until they know what they are doing, but it IS possible to get profitable by trading, if you have the correct approach and mindset.
I have a god job that I enjoy and this is just part time for me, but I can can honestly say that it has genuinely changed my life and the life of my family for the better since 2007. I know from others who I correspond with that there are plenty of people who have cracked it too.
Its been a lot of HARD work, but set me up nicely for my future.
I just want to show the other side of the coin.
regards
Peter

[gutuami]

use camtasia to record your actions than analyze yourself. And reduce your bank to the minimum you can lose per month.
BTW if you're a footballer with a 50k/per week pls increase your bank to 10k or more..