Laying is bookmaking, which stands for offering odds to bettors. By laying at short odds and backing at higher odds, sports traders are able to make money either in-play or even before kick-off! What’s more, sports trading can be applied in almost any sports market, even in financial and political betting or in special bets, jimmakos forex market as TV shows and music contents!
Personally, I went full-time sports trading in 2004 and quit in 2007. During those years I traded millions in horse racing markets and gained experience that helped me make the move to stock and forex trading. At the peak of my sports trading career I traded 3 millions of euros in a single month. Read on to find out how I started, my bankroll requirements, my advice on money management and tips on how to improve your predictions and how to use betting charts. I now give them a link to this very article.
Yet, you still need to predict the market correctly if you were to become a profitable sports trader. The video that attracted the most viewers is this, so I guess it will appeal to you the most as well. I found betting exchanges in 2004. I used to bet the regular way in online bookmakers till then and like most, I initially found it difficult to understand what is going on in a betting exchange. A total chaos that drove me away in the beginning. Little did I know that I would return a couple of weeks later and become a full-time sports trader! That happened when I bumped into a video online, where a sports trader explained how he was making money by trading horse racing betting odds.
He bragged that he rarely had a losing day! You know the saying: when something seems too good to be true, it’s because it is. Adam Todd, the sports trader in question, made me spent considerable time on comprehending betting exchange’s mechanics. Finally, after watching his video over and over again, I pulled the plug and deposited my first 500 euros in Betfair. That was my first and only deposit I made in the betting exchange.
The kind of trading that Adam showed and I built my skills upon, is called scalping. Scalping is trading miniscule odds movements, making small but constant profits. Yes, scalping is trading on steroids. No, a 24Mbps internet connection does not guarantee the speed I am talking about. It’s the lowest ping you should be after.
Ever played a video game online and experienced lag? Now comes the best part: I began scalping with a 56Kbps dial-up internet connection. Odds were refreshing every 2 seconds minimum. At times, I submitted orders and didn’t know what was happening for about 5 or 10 seconds!
Even under those circumstances, I managed to double my bankroll during the first month of sports trading. Yet, it was obvious I was handicapping myself. I did have losing days, but never did I have a losing month, like Adam. Skillful traders could actually make money in almost every horse race!
The best handicappers and sports bettors could not beat that. The best sports betting strategy can have days in the red. Sports trading was an entirely different beast. Losing money when scalping meant you didn’t trade well. You made bad predictions, you chased your losses or you had bad internet connection. I cannot think of another reason to lose money. That’s because you always cut your losses short and you seldom let winners run in scalping.
Bad predictions: In scalping, much like in trading, you make money when you predict odds movements correctly. If you constantly trade in the wrong direction, you are going to be broke. In scalping, that means you suffer many small losses instead of scoring many small wins. Chasing your losses: This is lack of discipline. Being a scalper, sports trader, a position trader or an investor, chasing your losses is one of the biggest leaks. This leak can and will bring any profitable strategy to its knees.