Betfair Official Blog

Here We Go, Here We Go, Here We Go

The Novice's first time trading shares similarities with other experiences...

Today's Lesson Learnt: Fat people roaming the streets of London does not equate to a greater global demand for oil.

So here we go - Day One of my first entry into the trading world. Judging from my previous virgin experience, I am expecting it to be awkward, embarrassing even at times, and costly to my wallet. Or maybe that was just the way it was for me back then.

A few nerves were twittering but I found the interface of Tradefair Spreads pretty easy to operate, and the process of buying and selling looked straightforward. I think if you follow the on-screen instructions, the whole process is no more complex than a Betfair trade. It only becomes complicated if you start complicating it with abstruse trades, which I have no intention of doing for the time being. Buy something if you think it will go well; alternatively sell if you think a market is going down like a child on a slide. If the markets begin to head your way, choose an opportune time to close out, before it changes its mind. Alternatively, if things start badly, consider closing immediately to protect yourself. That will be my basic mantra.

Day One started well - perhaps it was beginners' luck. My aim was just to go for a few small trades, get in and out quickly whilst I gain confidence on the system. After dabbling with the FTSE in the morning I closed my position for a £35 profit. Triumph! In the afternoon I hit the FTSE again after it had been going up and down all day - I bought at the point where it had been at its lowest all day - hoping that its dip was just white noise and that it would prove to be a sound move. After falling a further ten points, I stayed cool to watch it rise by another 20, and I closed my position for a £10 profit.

I was by now getting confident. Too confident. Seeing myself as a cross between Bill Gates and JR from Dallas, I thought I'd get involved on the old oil. I suspected Brent crude oil would rise, based primarily on the fact I have been eating more chips of late. It took me a long time sports betting to become disciplined enough to cut my losses, and I dragged this lesson with me onto my Tradefair activity. Although tempting to stay in after yesterday's FTSE antics, I closed my position for a £56 loss. This proved to be the right decision as I would have lost £210 had I held on all the way.

Well that's the first week of my blog - I hope you have found it useful. Don't worry - I'll keep losing money so that you can learn your way around this new Betfair product.

My strategy for next week will involve a bit of research as to which companies are releasing results, and when. I am going to buy/sell on the individual share markets prior to this, using as much specialist knowledge...as I can find on Wikipedia.

Nothing wrong with that,
x Mickey