Is day trading something you aspire to do? In this Q & A Caan addresses a followers question about day trading on Betfair and the top 3 pointers he can offer as advice for somebody who wishes to follow a similar path.
Day trading sports odds isn't quite like other financial types of trading. All are intense without a doubt, but trading the price of your chosen sport is likely to behave differently.
To achieve success you'll need to get a few core points in check. Covered in this day trading video you will hear Caan talk about things like learning, personal outlook and overall perception. But it's deeper than that, be sure to watch it all...
Need software? See this: https://www.youtube.com/watch?v=z0Hn4hXydKw
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Caan Berry is a successful Betfair trader featured by Betfair, matchbook, and Betdaq. Specialising in horse racing, tennis on the sports exchange market.
Make sure to stay tuned for Caan’s latest videos on how to trade on the sports exchange market.
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even before starting your plan/strategy try to get one thing in your mind: never, really I thought many years it can´t be me who´s wrong, never bet on your favorite team. thinking about value/chances imagine your teams playing an away game against a leagues top dog, forget injuries, or new coaches or whatever might convince you that this 3,3 is a total bargain and amazing value... on the other end there as profit seeking organization, highly skilled, connected, etc. they just don´t do these 'thought mistakes'. I keep it simple and one dimensional with saying your 'favorite team' could also be a player you know and you swear death he scores today, he won´t. oh, btw again a great video showing the really expert knowledge you have
Went for a walk but got on the last few races, lost 2 then this... "21:00 Killarney - Win Market BACK 4 Camlann 43". Bingo, came first @ 42/1 AND I backed him to place @ 5/1. Lost the last race @Thirsk but only two min bets, so overall today I made a 7.55% increase of my total bank roll today. Not bad for straight betting.
Ya, today is really going well, 19:00 Killarney - Win Market BACK 6 Rionach 4.3 (1st) / 19:10 Thirsk - Win Market BACK 2 Fire Leopard 17 (1st) ...... Fire leopard @ 16/1, lol, I love this game. Just goes to show even straight betting punters can do alright. I admit though this has been an above average day.
PS: Next race, 17:50 Worcester, had Comanche Chieftain and Dark Invader both to win and also Comanche Chieftain to place. They came in 1st and 2nd, such a good day. Don't get me wrong I'm not bragging, it's just I have enjoyed a love of this sport for many years now and the challenge of betting on it is still exciting.
Thanks for the reply Caan. I'm more of a straight punter so I get along at Betdaq but I do pick a lot of long priced horses that shorten up considerably during a race and wish I could back to lay them on Betdaq as I can on betfair due to the liquidity. Btw, today has been GREAT, so many winners with a couple over 10/1! And while replying I just had my one pick for the "17:20 Chelmsford City - 4 Place Market BACK 9 Ronni Layne" came in @ 6.8, happy days. Hope you're doing well also, the 5% club is alive and well, lol.
i had smile the other day.
i have certain criteria when selecting a football match to trade.
it happen to be the England match.
yes it was good to see them win but the trade was against them winning
still did the trade but did cover for scratch if England won.
Great video Caan. The most important thing to understand in my opinion is to know yourself. Learn a much as you can, and to continually work on improving yourself. I agree that its very wise to come at it as a newbie, assume nothing and show up dumb.
the number one important thing, in my opinion, is remaining in control after a loss, I reckon everyone knows what its like when a trade goes bad, and how it can lead to a right [email protected]@k up, if reacting to it in a bad and panicky way.
Morning Mark, believe it or not, some people enjoy the process. Honestly it's true... I think you could also take it outside of day trading and apply it to many different things. Enjoying what you're doing is a far better motivator than having some spare cash to blow on a nice car etc...
I look at football games mainly focussed on LTD just now. The odds don’t move as quickly as, say, a race. I know my entry and exit points before I’ve even started. Do you think an investment in trading software at this point is worthwhile? And is there a software you’d recommend for trading football exclusively? (Sorry total newbie questions there) great video as always.
Personally I'm off the opinion that every market is different, if you go in with the attitude of anything can happen then when is a positive position then great but when it is a negative trade you can't blame yourself, I would maybe set up some automation to open a trade on the favourite 8 mins out in practice mode let every market have two races on each card and hopefully there should be a pattern for the day or is there layers or backers and take it from there,
1. Continual learning. This has to be the most important. The other two are by products of continual learning. It's the start of the natural progression I suppose and the other two snow ball due to continual learning.
2. Self control.
Self control can't have any real substance until you've gained (learnt) enough experience and knowledge to understand what it is you're doing and looking at.
A degree of competency needs to have been achieved to understand how, why & where self control needs to implemented.
3.correct routine / habit / tools
Goes without saying that tools are essential and should have been squared away at the very beginning. The importance of routine and habit go hand in hand with self control. The importance of them becomes far more apparent once you've reached a level that understands the reasons for self control in the markets.
All in all they all come under continual learning. They are all equally as important as each other as one can't work without the rest. You just have to go threw the process until the importance of each one becomes evident. That's when the hard work truly starts 😁
I agree Steve but I do believe there's a cycle that you need to go threw first before you can appreciate the reality of self control.
In my opinion the vast majority of people fail because they approach trading from completely the wrong angle. How can the importance of self control be fully understood without going threw all the errors and loses that's down to inexperience. Can progression really happen without understood and reinforced failures. It's so important to make the mistakes, blow a bank or two and chase losses & then fully own & digest the reasons behind them. Its a long and drawn out cycle to experience that feeling in many of the different situations that can cause them. Without experiencing & understanding them then how can you know what to safe guard against if you've never experienced it yourself first hand. All comes back to continual learning, one reinforces the other & back and forth.
That's when bank roll management, confidence and discipline begin to click into place and piece by piece it comes together.
No one wants to lose money but without experiencing it then it's impossible to make it consistently long term.
Understood failure if the base of progression.
Some people never develop self control even if they have the knowledge to be profitable, this is mainly due to being under bankrolled and playing with scared money so any losing trade is seen as a disaster that needs to be recovered from immediately, rather than having any long term plan in place.
Hi Caan, great video on a difficult question. I’ve recently purchased your beginner pack, for me your videos on trading and strategy whist they did make sense, I felt many Ah-ha moments in the guide. I think your question is individual to each person for me continual learning first then habits then self control. I put the biggest development need first. Thank you for the great intro on trading!
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Leverage is available at Kraken up to 5x for several cryptocurrency pairs, including bitcoin. The fees are depending on the volume of the margin account.
Bitcoin can be traded on GDAX up to 5x leverage. The margin trading option must be manually turned on the account in order to make sure the users understands and reads the associated risks.
Margin trading is basically borrowing funds to purchase an asset, this allows you to buy more bitcoins that you would normally be able to do normally in the hope of making bigger profits on the price movements.
Advantages of Margin Trading.
The biggest benefit of margin trading is that you can take advantage of the additional funds when the market moves in the direction you expected. The overall profit of the positions once the bitcoins are soled and the loan is repaid is significantly higher compared to an ordinary trade execution.
Disadvantages of Margin Trading.
The disadvantage of margin trading is by nature the amount of risk a margin account can hold. The higher amount of leverage you take the bigger amount of money you can loose in case the market moves in an unfavorable way. Due to the margin call, the margin account must be funded countinuesly that involves significant amount of liquidity. It is only advisable to trade on marking if you have enough experience already on the market. To mitigate the associated risk, many trading platforms only offers limited amount of leverage trading opportunites.