Sports traders invest in the long-term value of sports teams, players or racers, based on the overall market dictated by other sports traders. Making a living as a sports trader is an exhilarating thrill ride filled with as many ups and downs as a fast-paced ride through the hilly confines of downtown San Francisco. Although it sounds almost like it's too good a job to be true, it's one of the most difficult and dangerous professions in the world to undertake and requires dedication and a work ethic that rivals that of a professional athlete. Be prepared to work.
- Skill level:
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Things you need
- Computer with Internet connection
- Spreadsheet software
- Investment money/resources
Decide which sports you will be trading/investing in. There are no minimum or maximum limits to how many you choose.
Decide which sports trading exchange provider(s) you will be trading with, and open an account with each of them. Opening more than one is highly recommended.
Fill out and send in (if required) any information required to get approved for payouts. Set up your bank account or credit card to receive payouts, and deposit funds in order to start making trades.
Research and read as much information as you can about the particular sport(s) you choose to invest in.
Make an investment and/or trade.
Tips and warnings
- Read up on as many sports trading strategies and opinions as you can. Expanding your horizons and learning how other successful sports traders work is crucial to continued success, as no one method will continue to work forever.
- Using spreadsheet software to organise and study statistics and information related to your sport is also highly recommended.
- Keep track of both winning and losing bets, and make sure you understand why they either won or lost. Continue to use the methods and strategies that give you positive results, and cease using the negatives.
- Never invest in anything just because your gut is telling you to do so. There aren't any professional sports traders that make a living using their gut, so don't think you're going to be any different.
- Before you make any investments, calculate the minimum and maximum amounts that you can invest on any given sports game or race. Never, ever exceed the maximum amount no matter how good you feel about a particular investment or how much you hear that it's a sure thing. There are no sure things in sports investing; that's why it's so difficult.
- Always research any sports trading exchanges firsthand before you join up and deposit money with them. Make sure they have a good reputation and are accredited with the proper organisations, just to be safe. If you're having trouble finding a reputable sports trading exchange to make your investments with, look into Betfair or BetDAQ, as they're both quite popular and, most importantly, highly-regarded within the industry.
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