Road to profit series #1 – 3rd Interview with a profitable Betfair trader

This is one of my favourite series I have done, being able to talk to profitable traders on the Betfair Exchange, today is epsiode 3!

Then I reached out and asked some a few questions to see what information I could glean out of them, which I am sharing with you in this 4 part series.

Why did you start trading?

How long do you spend researching trades?
How many trades do you do a day / week?
What you know know now you wish you knew when you started?
What’s been your biggest realisation on the road to being profitable?
What does your trading day look like?
One thing you couldn’t trade without?

For those that don’t want to watch the video in full the answers to the questions are:

Why did you start trading?
In 2009 I started a football magazine here in Norway. We had Landbrokes as our exlusive betting partner/sponsor. My contact person there told me about Betfair and he thought that it could be something for me, since I also traded stocks at that time. Doing a start up at day time didnt work with trading stocks at day time. So I thought I would give trading football at weekends and evening instead. So I could get more income streams.

How long do you spend researching trades?
About 30-60 min checking stats every day. 30 min checking asia odds per day. And I usually do 2-3 hours on mondays and fridays reading about football. Injuries, managers quotes, interviews and so on. I also check all the highlights of every game in PL, SA, LL, BL and the Norwegian Eliteserien. Mostly because I run a couple of podcasts, but I also use that as research for trading.

How many trades on average do you do a day / week?
Between 1-3 trades a day, and between 8 to 12 a week.

What do you know now you wish you knew when you started?
That simplicity is genius and that edge is a matter of subjective opinion and not a mathematically matter (though many disagree with me on that one)
What’s been your biggest realisation on the road to being profitable?
That 80% of trading is discipline, and only 20% is strategy/edge. My A-Ha moment came after I tracked all my planed trades up against all my actually trades. On my planed trades I had a ROI on 108. On my actually trades I had 88% (massive loss). This was in 2011. Since then things changed.

What does your trading day look like?
On weekdays its the usually stuff a family father does. But after delivering kids to kindergarten and school I bike to the office around 08:30 and start my research. If there are some A-League or J-League to trade, I will trade those. Around 11:00 I go to the gym. Rest of the day I will do podcasts or looking after the companies I own. If there is a trading session later in the day, I have a ritual to take a ice cold shower for 4-5 minutes. That helps me sharpen the mind and keep my monkey brain in check. On saturdays I have a rule that I only trade 16:00 and/or 18:30 games, so I can focus on family rest of the day. I also deleted the Betfair app on my iPhone some years ago. That is probably the best thing I have ever done. Get more focus on the family, and more focus when I first are trading.

One thing you couldn’t trade without?
BTC stats engine (stats), Transfermarkt (injuries/suspensions) and Singapore odds (dropping odds).

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OddsMonkey

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