One of the longstanding tactics, when trading in Betfair or just about similar markets out there, is patience. Some people would say that you have to have enough patience to make suitable trades and bets especially if its involved global currency trading.
Although that is true some of the time, the virtue can also be disadvantageous as well. Hear me out.
I had a friend who won 44 out of 50 of this trades yesterday. He is a perfectionist and who looks at every possible detail before he lays or backs a bet. And yet, today, even after winning 47 trades, he still feels that he would have won more.
His dilemma is that should he have waited some more or that he should’ve become more active. And to be honest, that really depends on the situation.
Sure, you can be an active trade, but there might not be any profitable bets or trades at that given moment. Conversely, you could be patient until you there is a suitable trade, but what if that moment never comes?
So you see, this is a common problem that many traders on Betfair face. Is patience really a virtue in this platform? Or is it more favorable to become more hands-on?
The Answer is…
Truth be told, the answer is that you should only follow one direction and stick with it.
What I mean is that you can be patient with your entry points and you can be patient with your exit strategy, but you can never do both.
If it is still not clear to you, just think about this: you can either be patient and wait for the price action to change or you can be patient and wait for a suitable exit point wherein you can place a bet to exit the position. There is no middle ground here, it either or.
I am pretty much trading automatically using the BetTrader software, but my strategy is the same since I started on Betfair. I rely on price action because it is much more active this way. You just have to look at the price shifts after which, the program will place the necessary bets that I’ve programmed beforehand.
Will there be a chance that you will miss out on huge trades? Yes, there is! However, because this system relies more on the quantity rather than the quantity, in the grand scheme of things, it really does not matter.
Let’s Talk About Impatience
On the opposite end of the spectrum is impatience. Many traders who are impatient have lost plenty of profits. However, it actually just got a bad rap. In some cases, being impatient can lead to more profits.
Let me explain. Suppose that you patiently waited for a suitable trade, but in the back of your mind, it seems that the opportunity for bigger profits will come at any time of the day.
So what do you do? Do you wait a little longer or do you exit immediately? If your answer is the latter, then give yourself a pat on the back.
So what is the bottom line? Being patient or impatient does have its own pros and cons and both of them should be used when you’re on Betfair.