Trading is different from out right betting. Yes, both are methods of predicting what might happen, but there are subtle differences.
The best way I can find to sum it up is to say that with trading you generally have an exit strategy in mind before you start, as you are basically trying to make money from a market movement. While with betting, you just fancy Team A to beat Team B, so you have a bet on Team A to win…. and if it loses, then so be it.
For those not familiar with Betfair Cricket Trading, or trading in general, there are a few phrases you need to learn first (they are not complicated, honestly).
In the language of Betfair, Green is the trading term for profit, while Red is the term for losing. To Green Up is to trade out of a bet for a profit, to Red Out or Red Up is to take a loss and trade out, and Scratch just means breaking even.
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The idea of Betfair Cricket Trading is to lay low and back high, this is where you make or lose your money …. the order in which you place your bets should depend on the market, and which way you expect the market to turn.
For example, you back at 2/1 (3.00), and lay at Even money (2.00). In order to do this you need to be able to anticipate what will happen in the match, or what way the market will behave (more trading examples can be found in my articles on Test Match Betting and ODI Betting).
Obviously the outcome of the match will ultimately determine the outcome of the market, and obviously wickets and runs will determine price movements during the course of a match…… but as well as that the markets can see large price swings when they are anticipating something such as rain, or some turn in the pitch for the spinners, or the ball to swing, etc.
For these reasons being able to read a market is probably just as important as being able to read a cricket match. Being able to read both would be preferable.
Being able to read a match means you can see what is going to happen. A lot of people anticipate the path of a match (ie, Team A win) and place their bets accordingly. If you can read a market, you can actually anticipate the direction the large price swings will move in and place a bet to make profits when that particular market movement occurs – this is out and out cricket trading.
Cricket betting markets are full of money from traders anticipating price movements. For example, they are expecting the market to move this way when the spinner comes on, or they are expecting the market to move that way when the rain comes later in the day. They then place their bets in anticipation of these price movements.
If you are quick enough to spot this, you can place your bets first and trade the market movements caused by the traders placing bets in anticipation of the market movement, rather than the market movements of the actual event, etc. Effectively you would be trading what the traders are anticipating trading, rather than trading the actual match…… if that makes any sense.
There are also various trading methods you can use. For example, you might like to just trade one tick price movements, and try and build up profits from these one tick movements over the course of the match.
Or you can trade big swings like I described above, such as rain, etc. You can trade over a period of time of the match, such as an innings, or a couple of wickets at a time… or you can simply think Team A will win the match, and simply trade out when the market reflects this and Team A’s odds have shortened enough to give you a decent profit.
There are also different ways of trading out for a profit. If you think Team A are going to win, you can trade out in a way that leaves all your profit on Team A, and just leave scratch/no losses on the Draw and Team B winning.
If you are a more cautious cricket trader, you can play it safe by evening out your profits (Green) over all three outcomes, that way no matter what the outcome, you will make a profit.
The same applies to trading out for a loss. You can either put all your losses (Red) on one team, or you can spread it evenly across all two or three possible outcomes.
As is always the case with betting or trading. The size of the profits or losses is determined by the risk. If you put all your Red on team, you risk losing bigger. If you put all your Green on one team, you will win bigger, but obviously less often.