Tips on Winning Trading Betfair Price Action
Are you in the mood for betting on racehorses? Well, Betfair allows you to do that to be part of the online stock broker. It is essentially a very big betting exchange where people from across the globe can bet their money on something.
There are also those things called “favorites” where the vast majority of bettors and traders are put their money on.
The favorites are usually selected based on different factors. One of which is the form. Just by looking at the animal, you will have a general idea of how it might perform given the race conditions.
That being said, there is also a possibility that these favorites’ price may go down, especially during the race. How can you win big by trading Betfair price action then? Read on to find out!
How to Win Big
Remember that these race horses run on different courses. So what you need to do is look closely at the terrain and the possible courses that they will run at.
There are some course options like all-weather, flat-turn, or national hunt. Without getting into too much detail, I am just going to give you some options if you want to trade price action in the last 5-10 minutes (because trading at this time frame will not rack you some wins ALL of the time because it is course-dependent).
Here are some courses that will help you win big:
The good thing about Betfair is that it is like a stock market as opposed to it being likened to gambling. This is because you can rely on certain metrics to allow to create ticks that will bode well in your favor.
For those of you who do not know, a tick offset is essentially an ‘automatic bet’ that is placed after the first price change on Betfair.
It is also important that you create a variety of stakes and scale on every single trade. You do this by investing a small amount, say, $5 and you can even set your stake buttons for the different denominations you’re willing to bet. For instance, you can start at 5 and then the next button will be set at 10, 15, 20, and so on. This is so that it will be much easier to make a tick offset whenever there is a price action.
Bet on the Favorite
My final piece of advice is to always bet on the favorite. The reason is that many people actually put money on this thing. However, the beauty of Betfair is that you don’t necessarily lose big because you have the ability to not take any losses at all.
If the favorite happens to fail at winning the race, you can just decide to not trade after the race at all. This will definitely leave you with minimal losses depending on how much money you’ve bet on the favorite jolly.
So there you have it! Simple and easy tips that you can follow to win big on Betfair.