Trying to make money on Betfair can be a lonely business; often you do your research on your own, you rationalise your picks on your own and you tend to be sitting at the computer and/or the TV, while your event’s happening, on your own.
Often friends can dismiss exchange trading on Betfair as a ‘waste of time’ or ‘a mug’s game’ and they can’t really see the difference between straightforward betting and trading and this attitude can add to any feelings of isolation you might have.
Therefore buddying up with a trading partner can be a great idea and a very effective way of focussing your mind on the things that matter.
How to choose a trading partner
You shouldn't choose your trading partner based purely on availability, you very well may be new to Betfair or maybe not, but you’re stuck in a circumstance whereby you only have one other friend who trade’s on Betfair.
In that scenario, if your friend is much more experienced than you he may not be the ideal trading buddy. If your friend uses various charts and software that you simply don’t understand then what he has to offer on a day to day trading basis might not be that useful. That is not to say that your friend won’t have useful overall advice on trading but if you don’t know your trailing stop loss from your green point, then a lot of advice he offer’s will go flying over your head.
Don’t confuse a trading partner with a peer from your trading community; that is what your more advanced friend is, a peer, a person from your community who you get general trading tips from and someone you can learn from.
A trading partner on the other hand is someone who is at a similar level of experience and skill to you and will preferably be into similar sports to you but will specialise in a different one. So for instance my trading partner love’s football as do I and he watches and trade’s on football, but his real strength lies in cricket so we compliment each other perfectly.
The sorts of things we discuss include but are not limited to, possible future trades, types of trades, past trades, analysing what went wrong or right with individual trades and interesting trader Twitter accounts.
We will always talk to each other mid trade; like at half time in a football match or after the first innings or set in a cricket or tennis match.
The purpose of these discussions are twofold, it help’s cement in our minds what we are doing and where we should be in a trade and it may give us ideas in general. For instance an under 2.5 goals trade may be going against you and as you’re discussing how it went wrong you might identify that under 3.5 goals after a goal had been scored would have been a better trade, you then realise that you should take your own advice and end up rescuing potential losses into a decent profit.
Finding A Trading Buddy
If you are the only one of your general peer group to trade on Betfair it can be hard, especially if your friends dismiss Betfair trading as ‘gambling’ and/or ‘a mug’s game’ it can be frustrating and exhausting trying to explain to them the difference and worse than that, feeling alone can put you off trading when you suffer losses.
So to avoid that look for a trading buddy online, Twitter is an excellent source for finding people who are at a similar level to you, make sure you put in your bio that you’re a Betfair trader and that you’re learning and that you are looking to meet and interact with fellow novice traders.
You could just use the words sports trader, but if I were you I would use the word Betfair in your bio, because people will use that in their search to find experts and novices alike.
You will get followed by lots of tipping sites but you will also be followed by other traders, especially new ones looking for a community. Go to the tipping sites like the betfairtradingtps.com twitter feed and look through people I follow and followers who follow me.
A neat trick with Twitter is to make lists, that way when you find novice traders like yourself you can add to a list called novice traders or My Trading Buddies or whatever you like. As you start finding more and more types of trader you can make more lists, like Tennis Traders or Handicappers. You can then go to those lists and see tweets just from those people so you can see what they’re up to in a glance and crucially you can communicate with them easily.
Forums are another way of staying in touch with the wider Betfair trading community and as with Twitter you’ll be able to make favourites. You may not find someone who you instantly click with, but keep searching and you’ll find someone at a similar skill level to you, who trade’s with similar amounts of money.
If you can partner up with someone who trades on a sport you have no clue on then this I think is the best scenario. They will have an insight on their sport of choice, which mean’s that you could be opened up to a whole new market and one where you’re not emotionally invested in any of the teams; giving you a greater chance to make money in that sport.
Finally don’t forget the to use the comment sections on articles such as this aimed at beginners to intermediate traders, simply by commenting and or asking questions in the comment section will make you visible to others in your situation.
Good luck and Happy Trading
The Zen Trader