I have compiled a list of Sports Trading tips for beginners that I think every new Sports Trader should know in 2022, including protecting your bank, paper trading, and starting small.
Sports Trading Tips for Beginners
1. Protect your Bank
Your top priority should always be to protect your bank.
You need to have the discipline to cut losses on losing trades early and not to try and recoup losses by increasing your stakes on subsequent trades, this is just a recipe for disaster.
2. Paper Trade to begin with
I would always recommend paper trading a trading strategy to begin with.
You need to experience the worst case scenario of the strategy (every strategy has this) before you know whether it is profitable over the long term.
There is little point in following a strategy that wins you €10 per trade for 9 trades but on the tenth trade, you lose €200.
3. Focus on One Sport
It is hard enough to master trading one sport without trying to master multiple sports at the same time.
Therefore, I would not recommend trading multiple sports when you are starting out.
Instead, pick a sport that you have some knowledge of and learn the strategies used to trade that sport.
If that doesn’t work out, then you can try trading a different sport. You will find that most traders will specialise in one particular sport.
They may dabble in another sport but the bulk of their profits will nearly always be in one sport.
4. Start Small
When you are starting out trading, either paper trade or if you insist on using having skin in the game, then keep your stakes low until you feel you can consistently profit from your chosen strategy.
If you can make a profit at €2 stakes, you are not going to make a profit at 100 stakes.
5. Keep track of all your trades
This is something a lot of new traders do not do but it is of critical importance if you wish to be a successful trader.
By keeping track of your trades, when things go wrong, you can more easily identify where you might be going wrong.
You will also be able to see whether a particular strategy is working over the long term.
6. Take a Break
Take a break If you have had a long series of losing trades or losing days.
Check your recent losing trades to see if you can identify where you are going wrong e.g. your entry point or stake sizes.
If you are part of a trading community, ask for help on where you can improve.
7. Keep It Simple Solider
You may have 20 different trading strategies in your sports trading arsenal but that doesn’t mean you have to use them all in the same match.
Instead, keep it simple and focus on 1 or 2 strategies max per match.
8. Be more selective with your trades
Many new traders will hear of a new strategy and will immediately apply it to every match they can find.
If you are going to be successful in the long term, you need to be more selective in your match selections by using pre match research to increase the chances of your strategy being successful.
For example, if you are laying the draw in the first half, do the teams involved have a history of scoring early in the first half, or is the match a local derby where goals might be hard to come by.
You need to take things like this into consideration rather than blindly placing trades.
9. Use Statistics and do your Research
Your pre match research will be helped greatly by using a statistics service such as Goal Profit’s Team Statistics.
Statistic tools like this will save you a bucket full of time when filtering through the 100s of matches played on an average Saturday.
10. Join a Sports Trading Community
There are tons of forums, and Facebook/Telegram groups that you can join for free that will help you along your journey to becoming a successful sports trader.
Hopefully, you found the above sports trading tips and tricks helpful.