Do you want to start trading on betfair? – I wish I had known this

Do you want to start trading on betfair?

I’m not really in a position to be writing a post like this as I’m not yet a full-time trader. But, I have been trading now nearly two years. So I thought I would give an insight into the things I wish I had known before I started my trading journey.

My few tips….. I learnt the hard way

Number #1 for me has to be to learn to block out all the noise on social media.

Don’t get me wrong, I don’t mean don’t go on social media all together. I’m a big fan of twitter and it has helped me with this website. The thing is there are so many people on these platforms trying to sell junk or scam you.

People new to trading will get lured in by massive green screenshots. I have to admit even I got sucked in, in the past. Now I know better though.

There are genuine traders on these platforms and it’s knowing who to follow and trust. Don’t forget at the end of the day, these are all people sat behind computer screens who we don’t know from Adam. Accounts can be created so easy. When one scam artist disappears you can guarantee there are loads more new ones waiting in the wings. Just be careful.

My advice is to only follows the ones you 100% know are real. For example: I wrote a review not long ago on its a mugs game workshop. I know for a fact he is genuine because I have been on his course and met him. 

There are many other genuine people who want to help also, I have contact with a few from twitter who are extremely helpful and it doesn’t cost anything either.

Before you start trading on betfair just keep this in mind, not everyone wants to help on social media, and if they do they might have an ulterior motive.

A little scam story

In January 2016 Channel 4 showed a programme called “Rich kids go shopping”. In it featured a 21-year-old named Elijah Oyefeso. He grew up on a South London housing estate, using his student loans he started trading the stock markets. (so he said)

start trading on betfair

The wolf of instagram

He is nicknamed the Wolf Of Instagram because that’s where he has thousands of young followers who all want to be like him, rich and living the life of fast cars and holidays.

It’s an image of self-made wealth that he portrays on social media, posing next to his rolls royce or boarding private jets, and on his account he describes himself as the founder of DCT, his trading business. Which stands for “Dreams Come True”.

For many young people from areas such as the poorer part of south London where Oyefeso grew up, or those who have come across him on social media, Oyefeso’s portrayal as a self-made millionaire has given him the status of a footballer or a rapper.

Oyefeso sent out thousands of invitations to his young followers on Instagram to join him and he would teach them to trade. They were desperate to be like him, so of course they signed up.

But, there was no offices, no trading floors. The company wasn’t registered with companies house. The only way this business existed was through a website and social media.

He was sent to jail for a short period of time for crashing his car into a friends car that he owed money to. Apparently the judge said at court “[you] portrayed yourself as a very successful trader within the financial market. Clearly this is not the case.” His own lawyer told the court that Oyefeso “makes a number of claims about his wealth but I have seen no evidence of this … clearly if he had this money he could have written a cheque to the victim.”

The Scam

How Oyefeso makes his money is by using his social media followers to sign up to buying trading products then for them to get other people to sign up to also buy the products.

So, basically it’s an international pyramid scheme that has helped to generate billions of pounds for large companies. Oyefeso is sitting at the top of the pyramid. That’s how he makes his money by scamming others using his social media platform.

Also, to use the trading products they have to register to a trading platform and the minimum deposit is £250. Which Oyefeso would also receive anywhere between £40-£80 with his affiliate link.

What’s disgusting is this is allowed to happen and they are being targeted at the most vulnerable gamblers and young people. Maybe Channel 4 should make a programme about this and see if Oyefeso wants to feature on the episode?

Number #2 would of saved me a lot of my time if I had done it sooner.

Paid for my education. I paid to go on a course to learn everything I needed to know.

I wasted a lot of my time on forums, blogs and you tube etc. It was good as a starting point, don’t get me wrong. But, if you want to take this seriously then you are better off paying to learn from the professional traders.

Always do your research before you pay someone though. As I said, there are plenty of people ready to take your cash.

I learnt all the nitty gritty and now it’s just practise, practise and more practise, while working on my mindset.

Number #3 Start trading on betfair by choosing one sport.

When I first started and mainly because of social media I tried football, even had a look at tennis. Starting off choose one sport, preferably one you like and stick to it. Master it before you move on.

Seeing the likes of Psychoff on twitter with his massive green football screens, tempts you in. It’s made to look easy. It’s not and these traders don’t give anything away. (Why should they)

Showing huge green screens with no explanation is just willy waving. Boosting their own ego. Ignore it and don’t get sucked in.

If you are passionate about a sport like me with horse racing, it makes trading alot more enjoyable.

Number #4 Don’t copy other people’s style.

If your new to sports trading on betfair then you might think the quickest and easiest way to make money is by copying someone else’s trades. This again goes back to social media really, with people putting their trades up for everyone to see.

These people don’t necessary want to sell you anything and might even be genuine but, you will never be able to mirror someone else’s trade unless you are sitting right next to them.

I’m seeing it a lot recently with Lay to back trades on twitter. I also read the comments and the guys posting the trades gets a profit while some of his followers get a loss. Maybe he had a better entry than you or just maybe he is full of bulls**t. Who knows?

Learn your own style of trading. It’s not easy, in fact it’s probably one of the hardest things I’ve had to learn in my life. Even harder than learning to ride racehorses, and it’s debatable which one is more dangerous 🙂

Summary

This is just my own opinion and others may agree or disagree but this is how it was for me.

When you decide you want to become a sports trader, at that moment you actually need to commit to change your whole outlook on yourself and your character. You will be working on things like discipline, patience and your emotions. Either you change or you will fail.

It all sounds so daunting and the change won’t happen overnight. It’s a gradual process and bit by bit you will start to notice, and it will get easier.

#1 Start small

#2 Focus on the process, not money

#3 Filter out all the noise

#4 Stick to one sport

#5 Analyse your losses. More often than not it’s the losses that give us the greatest gift of learning.

#6 It’s a marathon not a sprint. Commit for the long term and you will succeed.

I would love to hear from other traders what they wish they had known before starting their trading journey.

Please leave comments below. ?


Do you want to start trading on betfair?

3 Replies to “Do you want to start trading on betfair? – I wish I had known this”

  1. This is a great post Paula. You are spot on with the summary (you could have told me earlier though!).

    When I started trading I thought, ‘I just need to know how this thing works – it’s just a skill. I’ll learn the theory, practice it, piece of piss. A-Z in a few easy steps. I might graze a knee on the way but the trajectory is only headed one way – F@kin Rocket Man.

    Let’s just say, I have pulled the emergency shute a few times. I can honestly say, I have learned more about my own avarice, pride, envy and plain idiocy in 9 months than I learnt about in the previous 43 years. I’m definitely no smarter, but I am much humbler (is that a word?)

    Keep up the good work.
    kg

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