A few years ago, I mentioned that I had matched just short of half a million on a busy day.

Naturally, some were a bit sceptical, but in n fact, when you look at what I do and the way that I do, it’s actually quite simple to understand. You will also begin to appreciate exactly what your objective is when you’re actively trading.

The key to matching much higher amounts in the market, is leverage. But not the sort of leverage you see in the financial markets, this is very specifc to sports trading.

My first tip: Don’t worry about the next trade

First of all, let’s deal with this half a million number. If you can imagine that we’re looking at a number of different markets, let’s ask what is true your objective?

Well, funny enough, I believe that your objective is actually not to worry about the next event that you’re trading. You should be looking into the future and asking what am I going to achieve over that period of time.

Even after 20 years of experience, there are still a number of races that I’ll lose on. Why do I lose? It’s usually because I thought it was going to do one thing and it did another. The fact is, there’s a level of entropy in the market that you can’t explain, it’s just there! So if you’re focused on the next trade, that tends to lead to an emotional response when it goes wrong, which you then compound on future markets.

Therefore, the first thing you should do when you’re trading is to think very long term. Let’s say if you work out how many events you’re going to trade over the course of a year, that clearly defines your objective and makes it more achievable.

My second tip: Set an achievable objective

If you said you’re going to trade 10,000 events over the year, then if you are aiming to get a £1 profit per event, would you say that that’s achievable?

You’re going to have to learn to get a positive expectancy and you are going to have to mess around a bit at the lower end for a while. However, that sounds much more achievable and saying I want to make £100 or £200 on the one next trade, or £10,000 on year.

So the first trick that you should use is you look in the long term and you say, what’s your objective over the next week, month or year? Doing it over a year gives you plenty of time to oversee those bumps and ripples, seasonality and all of those other issues that you’re likely to encounter.

If you say I want to make a pound on average, that makes life a lot easier for you. Maybe you want to make £10 on average, whatever your objective is, scale over the long term. Is it realistic to say that you could do ten thousand events in a year? Well, if we take ten thousand and then we divide that by 52, which is the number of weeks in a year, then you end up at around 200 events per week.

Tip three: take advantage of a variety of sports markets

So if you’re going to trade 200 events a week and we divide that by seven, then that’s going to work out just short of about 30 a day. So trading 10000 events over the course of the year, you’re saying can I find 30 opportunities over the course of a day?

Of course, that’s perfectly possible, you’ve got football, cricket, tennis, racing, all manner of things!

Therefore this broader perspective means that even with smaller profits per market you can still gather excellent profits in the long run. You are going for small amounts, but done frequently.

If look at the summer you could get 24 races in the afternoon, 24 in the evening and perhaps you decide to do an Irish race… All of a sudden you have 50 attempts to turnover a certain amount of money.

So even if you have a relatively small bank, let’s say you’ve got a bank of a couple of thousand, and you commit a trade to the market for £500 and then you trade out for a profit on that, you’ve put a thousand pound through the market.

Tip four: getting that profit up

If you are looking at a card or a day that you’ve traded 50 events on, if you trade in and out with £500 on those particular events, then you’ve traded an amazing £50,000 over the course of that day.

You’ve identified 50 markets that you’re going to do something again, whether it’s manually, automatically and that will allow you to actively trade a relatively large number and put a lot of money through the market. Despite the fact you’ve got a small bank, you’re effectively leveraging that bank to enormous proportions.

Any large number multiplied by a very small percentage, which is generally what you get when you’re trading, is going to be a large number in itself. Of course, you need a positive expectancy because any small positive number that turns into a much larger one could happen in the other direction. So sort your expectancy at first, but hopefully, you can see the scale of the opportunity here. You have reached £50,000 with a bank of a couple of grand over the course of one day.

Now, if I just went into the market and did just one trade, there may be markets where that is the right strategy to pursue, but there may be other markets where that’s not the right strategy to pursue. In fact, you get several opportunities within the market.

So let us say, for example, how do we get to half a million? Well, you could actually trade in and out of the market 10 times. This could be over the course of minutes or hours. However, you want to trade, then all of a sudden that 50,000 multiplies by 10 and you’re up to half a million!

So how do we get this to a million pounds?

Well, you could increase your stake and instead of using £500, use a £1000 stake and then suddenly you reach that magic million over the course of one day.

The other option you’ve got as you just put that money through the market repeatedly, you do more and more. So maybe you put through the £1k round trip trade 10 times, or maybe you just use 10 times the amount of money.

Of course, a lot of markets won’t be able to cope with larger amounts of money. So you should always stake according to your ability to get in and out of the market relatively pain-free. If you can do that and you can do it often, then you don’t need to use large amounts of money. Again, even with a small bank, if you put more than one trade through the market, then that effectively leverages your stake to even higher levels.

So let’s think about it, why not trade more than one selection within the market? Effectively you’re leveraging the opportunity there as well

The ultimate thing to do is to do it on more than one runner more than once because then you start reaching those enormous totals, which are perfectly achievable.

Your true trading objective

Of course you need an edge when trading, but how you trade will make that edge more achievable.

If we look at that objective of trading 10,000 markets over the course of the year that will mean, you will need to find about 25 to 30 markets a day. More at peak periods and less in quiet periods. But if you can average that over the course of the year, then you’re going to turn over enormous amounts of money.

But also think about it on an individual bet basis. You can raise your stakes, or you could raise the number of times you use that stake or you can do more than one runner more than one time.

So, can you achieve half a million? That’s relatively straightforward.

If you look at the number of events that you’re likely to trade and how are you going to trade them, you can achieve much higher numbers. Now, of course, you need to do it safely and you need a positive expectancy.

I’m very confident that I can do that, but even if you’re not particularly confident, if you trade at random, you’re more or less going to break even less commission, but you can still take a relatively small stake and put enormous amounts of money through the market.

I ran a test here the other day where I put a £2 bot on the market and at the end of the day it traded over nearly £5,000. Now I was doing it on two runners and I was repeating that trade through the market on a number of occasions. But that shows you what you can achieve with just £2!!!

Checklist to become a millionaire trader

✔︎ First, find many markets.

✔︎ Remember you can put your money through the market once, if you put the money through the market more than once, your turnover is going to go sky rocketing.

✔︎ Create a longt erm objective to help put yourself in perspective if you don’t get that million in a day!

Now, it’s not perfectly easy to do that, but using the tools within that angel, your life is a lot easier and you can do those things. We’ve built it that way in order to give you those sort of opportunities.

Follow this advice and when somebody asks you what you do for a living. You could say I trade millions through the market every week, just don’t tell them it’s on sports markets!!!

The post How to be a millionaire Betfair trader appeared first on Betfair trading blog | Expert advice from Professional Betfair trade.