Is Betfair Trading Better Than Forex Trading?
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betfair or forexHundreds of people are trying out Sports trading as a way to make money almost every week but is it a better option then more traditional trading like Forex? Perhaps you have been asking yourself whether you should trade on betting exchanges or the currency exchanges?
Well there are plenty of arguments for both sides of the coin here….
1 – Sports Trading Is More Fun
For most people, following a sport you love closely and making money from it is a dream job. Most people follow sports like football for fun anyway but not many follow the financial markets for fun. Therefore, there is no doubt that trading sports can be a better alternative to following news reports and other news sources that might influence the currency price.
2 – But Forex Trading Has More Money
There is no doubt that the liquidity in currency trading is far deeper then that available on the Betfair markets. There are many that become millionaires or even Billionaires from this sort of trading but with the Betfair premium charge along with liquidity limitations you will struggle to hit 7 figure profits from Sports Trading.
3 – But Sports Trading Is Easier
The playing field in sports trading is much more of a level one compared to that within the currency markets. Trading Forex you are competing with some seriously big business who invest millions every year on technology that will help them get an edge. Therefore, you trading from home will be at a serious disadvantage. Within sports trading there is less serious competition. Sure, there are courtsiders but you should be sensible enough not to try and compete with them in that way. Most sports trading is done by watching live sport and spotting value. If you are better at spotting value then other traders then you will profit in the long term, it is as simple as that.
4 – But Forex Trading Has More Prestige
It is definitely true that you will get more respect at Cocktail parties if you tell people you are a currency trader as opposed to a football trader. The average person still thinks that if you “trade” on Betfair you are really just a gambler and probably one with an addiction and a secret alcohol problem to boot. Personally, I do not care much about what others think as long as I am happy but if it is important to you then going the Forex route might be better. Especially, if you plan on getting a corporate job at some point in the future as your CV might look a bit better.
As with anything, there are always going to be pros and cons. A good way to look at this argument is that there is nothing stopping you from doing both. Starting out by trading sports is actually a great way to learn trading principles in general. If you are profitable trading sports then you should find it a bit easier to make the step up to trading Forex when you have enough capital.