Product Description

Trading the Betfair sporting markets in-play is rapidly growing in popularity thanks to the increased sporting coverage available on many different satellite and cable channels. Enthusiasm for sport is a must, but there is much more to mastering Betfair. Many people start by just using Betfair to obtain better odds than those available at the traditional bookmakers. They then perhaps do a little more research and learn to trade the markets. But to make a regular profit to win and keep on winning a serious, disciplined approach and careful planning need to be employed. Mastering Betfair takes the reader through many low-risk strategies developed by the author over the past three years, showing how you too can benefit from these approaches to the betting exchanges. It also explains in detail why and how the Betfair user should employ disciplines such as managing risk that are normally associated with trading the financial markets. Indeed, through doing this it is hoped that the book will draw the attention of financial traders to the unique opportunities available on Betfair. This book is essential reading for anyone looking to take their Betfair trading to another level and start making some serious money.

Product Details

• Amazon Sales Rank: #8391 in Books
• Published on: 2009-11-10
• Original language: English
• Number of items: 1
• Binding: Paperback
• 200 pages

About the Author
Pete Nordsted has been an administrator/statistician in the Royal Air Force since 1985. He was introduced to Betfair whilst on detachment in of all places Afghanistan. Despite the various connection problems he soon realised the opportunities offered by the betting exchanges and has studied the Betfair markets in depth since 2005. He is a also a Betfair accredited trainer and the head of tradeonsports.co.uk a service which analyses the market and back tests various systems and strategies.

Customer Reviews

No detail
The author states the book is "written for the sports trader who is at the stage where he would like to take his trading to the next level.", and discusses the following topics:

The Learning Process
Having Attainable Goals
Your Trading Bank
Paper and Minimum Stake Trading
Learning from Mistakes
Keeping a Trading Diary
Trading from a Plan
Trading Systems
Learn How the Market Reacts
Back-testing
Make Sure Your Strategy Has Been Historically Profitable
Randomness and High Probability Trades
Mistakes and Warning Signs
Protecting Your Bank
A Money Management Plan
Learning to Accept Losses
Be a Contrarian
Trading in Your Own Time Frame
Balancing Trading and Living

It also lists a few trading strategies from certain sports (football, tennis, cricket, golf).

Experienced sports traders will tell you that most of these topics are very important - it's all good solid advice. However, most of the topic content spans four or five pages (of fairly large print), some for only three. As such, no topic is examined in any great detail. The book is more a list of techniques and skills than a training aid.

For example, the Chapter on Learning from Mistakes lists three examples of losing trades, then notes the lessons learned. The learning process itself is not examined - the need to be completely honest about decision making, the failure to recognise bad habits, the need to analyse thoroughly.

Another example: the author suggests only betting with a £20 note under the keyboard, so one doesn't forget the real value of money. Sorry, but that is not the kind of information which will make anyone a better trader.

It's difficult to know what to expect from this book. The front cover reads "How to make serious money trading betting exchanges", yet there is little in-depth content to take the reader to that holy grail.

Having said that, this will probably become the benchmark text for Exchange trading.

In short: There's nothing in this book which you can't read elsewhere for free and in more detail.

If this were a book for beginners I would give 4 stars.

Not advanced enough
The introduction states that this book is for the sports trader wishing to take his trading to the next level. I thought the book was more suitable as a beginner's guide to trading. As such, it's full of lots of good solid advice. However, I was expecting something much more advanced.

Just what I was looking for!
Been trying to trade Betfair for about 12 months without success and if like me you feel that your treading water on Betfair, then this book could be what your looking for.

What I like about this book is doesnt pretend to be something its not, the author doesnt claim to be a professional, just an ordinary guy who understands the trading process (and he does!). I emailed him, as there are some excel spreadsheets he can provide you with and I must say I found Pete a very approachable guy and I have since exchanged one or two emails with him.

I found the book easy to follow and its set out well and the information provided is good and very useful. My thought process has certainly been stimulated to look at the Betfair markets in a different way.

In conclusion; an excellent read and for the cost of a round of drinks its well worth the investment.