Trading software

Wednesday, April 22, 2015

Racing Post review of my book

The Racing Post reviewed my book Sports Trading on Betfair on Sunday and I'm delighted to say that they seemed to like it a lot.

The full text of the review is below. Don't forget that a free chapter is available to download on

The Racing Post, Sunday 19th April 2015

A comprehensive guide for both beginner and expert

Wayne Bailey has been busy. Although still only in his mid-30s, the Dublin resident has crammed plenty into his years. A librarian by trade, his is an accredited Betfair trainer (someone endorsed by the company to show others how the exchange works at events in the UK and Ireland) who graduated from university with a degree in social sciences and information studies before completing a diploma in financial trading.
More recently he had studied psychology and the behaviour of the human mind and also spent time as a professional gambler, as well as writing a betting column for the Irish Independent. Somehow he has also found time to pen the wonderful Sports Trading on Betfair.

Bailey's background makes him the perfect person to write a book on carving out a living trading the often frenetic markets on the betting exchanges and he does not disappoint.

In 190-odd pages of A4, Bailey manages to cover all you need to know. Starting with a history of the exchanges and the very basics, the author swiftly moves on to more complex ideas such as scalp trading and momentum swing trading in a manner which, refreshingly, somehow manages the neat trick of being accessible for the novice trader while not patronising those with more experience in the field.
While the early chapters may cover familiar ground for those who have spent plenty of hours slavishly watching the movements of markets, they are still well worth a read because - as the author points out early on - "sometimes even traders are unaware of how important [a series of] numbers are and the difference they can make to their bottom line".

An explanation of crossover points and resistance points, while invaluable to any budding trader, will also prove to be of use to anybody who is looking at using the exchanges just to place a straight back bet.
A chapter on the various software packages available to traders is for once worth a look and not just a glorified advert for the author's favoured tool, and the sections on financial spread trading actually offer something of substance as opposed to just being space fillers.

Laying the field and in-running markets are covered in sufficient detail and while Bailey can hardly lay claim to reinventing the wheel here, at least he does it in such a way that he sows the seeds of the concept in the mind of the reader rather than laying down a list of hard and fast rules. As he is quick to stress: "Selectivity is the key."

With an information-solid background, it is no surprise to learn that Bailey is a meticulous planner - "keeping good record of your trades is imperative" he says, and even the most slapdash of wannabe traders will surely come away from this book in agreement with that sentiment.

Sports trading on Betfair is no get-rich-quick scheme. Nor does it promise to be.
Whit it is, though, is a comprehensive guide that will prove invaluable to those wanting to make their first foray into trading while also proving to be a great reference to those who have already done so.

This is not the first book on the subject and it probably won't be the last. But it does collect a wealth of material for which other books and courses have charged much more. If you can't make back the cover price by using the ideas found here, then trading on the exchanges is probably not for you. The best book of its type so far. 

Paul Eacott


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