Having looked at the what betting trading is, and the added opportunity in comparison to straight betting it’s time to check out the tools that Caan uses, and the bare minimum you need to get started.
A saying I’m quite fond of this one: “Failing to prepare is preparing to fail.”
When it comes to successful betting, it fits perfectly. If you haven’t prepared and positioned yourself to win you there isn’t much point. Both hardware and software are extremely important to traders.
What tools do you need?
Starting from the bottom…
The basic requirements for any aspiring trader would be, an API product of some form (live trading product that links directly into Betfairs exchange). A reasonable spec laptop, wired internet connection and a quite place to trade from. Preferably a separate room or office.
Software – trading isn’t like having a punt. Prices can change quickly and consistently hitting the refresh button on Betfair is less than ideal. Additionally there’s live streaming charts and information to analyse and indicate potential moves. Information is power as they say.
Hardware – you don’t actually need a high-spec machine isn’t always necessary. As long as it can run smoothly while your applications are open, that’s fine. A wired internet connection is important though, you don’t want to be losing connectivity when you’re half way through a trade!
Workspace – maybe the most under-rated of all. You’ll need a place where you can focus and concentrate. At times, trading can take a lot of mental effort. The last thing you want is to be on the living room coffee table while the dogs running laps. Especially when the next mistake could only be a few clicks away.
What the pro’s use..
For traders like myself things are a bit more serious. If you can do that too I’d recommend it, although not everyone has the option straight away.
I started out with a setup like the example mentioned above. As I slowly began to make money, I re-invested it on items like additional screens, backup connections and gizmo’s like the hotkey pad in the image below.
Over the years I’ve moved about and upgraded quite a lot, here’s the current workspace:
For a full breakdown on my workstation see this post.
You read more about Caan Berry at his official website