Can you tell me about your background in Horse Racing and using the Betting Exchanges?

I have played the ponies for about 30 years off & on.  I just started to use Betfair and the betting exchanges last year, but quickly found out that unless one had a fast response alerting tool running, the full potential of the exchanges would not be realized.  So since I have not done that yet, my exposure to the betting exchanges is somewhat limited.

Would you describe yourself as a Betting Exchange Trader or a Punter?

I would most accurately be depicted as a punter.

Over the time you have been betting, would you say you have won more that you lost?

I would have to say I have lost more than I have won. While I have won a good percentage of my bets, I did not have a good strategic & well-crafted betting plan in force.

Do you use and Betting Bots and which ones would you advise using?

To date, I have not used the betting bots although it seems I should have explored them.

What is the most costly lesson you have ever made when either betting or trading?

The most costly experience has been that I have not been sufficiently disciplined in my staking approach.  One week I won 50% of my bets & yet only profited s small amount.  If I had used a proper betting plan & stuck to it, I would have made over 7 times what I actually made.  Not having & following a good betting management approach is a killer!

What would you say to anyone who is just starting to bet or trade?

I would say to be strictly disciplined, follow a good proven betting plan to the letter, and if betting exchanges are used, to be sure to have a real-time quick response arbitrage-type monitoring system at one’s disposal and use it!!

Have you followed any Horse Racing Tipsters in the past and what did you think of them?

No I have not followed tipsters at all.  I paper tested many of them & the results were poor on a flat bet basis.  With a few of them, small amounts could be made with a solid betting plan if followed strictly.  Also too many of us do not pass on races when we should.races when we should.

Do you have any further information or help you could give someone who has been betting or trading for a while or is just starting out?

The best advice I can offer now is just what I have proffered in my responses to the above questions.  The only other advice I would offer is to please recognize that losses are inevitable but that intelligent, well thought out strategies will minimize those effects.  Of course, using the betting exchanges & 100% certain, know arbitrage opportunities, just understand each individual profit amount will be, by definition, small, but when you have many of them each week, making money is assured.  Also, it is my personal opinion, that one not increase the wagered amounts until you have a plan in place & wager either percentage amounts of your bank or wait until your bank has doubled. By definition, using the arbitrage approach & following the opportunities very closely with accurate, timely recordkeeping virtually guarantees profit. As my me, I intend to use the exchanges again & do a better job at it.

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