Clues To Successful Betting From The Mindset Of Professional Forex Traders

Forex (foreign exchange) trading simply involves buying currencies when their prices fall and selling them as soon as they rise in satisfactory value.

Sports betting on the other hand, could mean different things for two types of players.

An amateur bettor sees it as a form of gambling, which involves predicting the outcome of a sporting event between two teams. Whereas, a professional bettor could view it same way a forex dealer sees currencies. For this type of bettors, sports betting is a form of trading which involves buying bets only when their prices (odds) is bigger in value than they are supposed to be.

This way he makes a safe profit from the difference in price between the real price of the bet and the displayed prices.

This sort of betting could be lucrative and shares many similarities and differences that could give one an in-depth peep into what the world of professional betting looks like from the periscope of a forex trader.

1. Forex trading is generally regarded as a real business, as it is a form of investment similar to stock trading (but in forex, you trade in currencies rather than stocks). While sports betting is not generally regarded as a serious business, as it is a form of gambling or entertainment in which you make money when you correctly predict what will happen.

However, professional bettors understand that sporting events are unpredictable and they rather take the superior option of trading bets for a living just like the forex dealer trades in currencies and stock investor trades in stocks.

2) As a forex trader, how much profit you would make lies largely on your skills, abilities and understanding of how everything works in foreign exchange market.

Same for professional betting, you earn more when you learn more, and as you get ever confident of your skills to spot value and understand how sports betting work. It takes time to master all these, but you will make more profit as you learn more.

 

3) In forex trading as the value of a currency strengthens, demand for it increases and vice versa. More demand, means more value.

But for sports betting, this is not so. Once demand increases for a particular outcome as more bettors are placing bets on it, the bookmakers would have to reduce the odds to protect themselves thereby reducing the value as well.

 

4) Both football betting and Forex trading had large potential rewards but also involves large potential risks. As a novice, don’t risk more than 1-2% of your margin account on any given trade.

As a professional bettor, you must use a staking plan which limits how/what you spend on each bet. Over the long-run, this will give you a chance to make a profit while reducing the probability of taking a loss of capital – this is leverage.

 

5) Both football betting and Forex trading like any new initiative has a learning curve. However, unlike learning a new skill such as learning to play the piano for instance, you are not risking your entire savings while discovering the difference between black keyboard notes and white keyboard notes.

But most bettors skip the learning phase and head straight for the action and they sooner than later pay for their ignorance and lack of proper bet education with their hard-earned money.

 

6) Just like learning about the currency markets/ betting markets solely on a trial and error basis is not a recommended approach for gaining the skills necessary to be a successful forex trader/bettor.

Most online forex brokers offers a practice version of their trading platforms, similarly you can practice in football betting by paper betting – trying out what you’ve learnt without putting money. The process offers the very same experience as a real-life betting.

 

7) Both forex and football betting are not get rich quick schemes – getting from a business doesn’t happen overnight and might take months or years to gain the experience and insight to turn forex/ sports betting into a full-time successful occupation.

On a closing note…

Football betting will not make you rich overnight, yet it can provide an income stream along side your normal job. It can even turn into a business, depending on how much time you are willing to invest of course, it will require some efforts to get there, but this is exactly what wikendbet is here for – to help you navigate your way through the betting market as you learn how to bet in a smart way that will yield reasonable results. Take a peep at what our Free Professional Mini Betting Course Offers