Overall Trademate customers have made a net profit of €4,2M since 01 January 2016. The majority of customers using Trademate are profitable and as covered in this article, the more trades people place, the more profitable they are. At Trademate we believe in telling things as they are and that means highlighting the positives, but also the negatives to give people a balanced view, so that they can make informed decisions. In this article we will be discussing the 10 most common reasons for why some of the people who use Trademate fail. And what you can learn from it to succeed with your own value betting.
The table below shows the Trademate customer results based on how many trades they have placed. This will be the foundation for discussing why people fail. As you can see in the table, of the customers who placed between 100-500 trades, 60.9% made a profit. And the more trades people placed, the more profitable they were. Of the customers with 10k+ trades, all of them are profitable.
10 Reasons for why people fail with Trademate
Reason 1: Not taking the time to understand the fundamentals of why Trademate works.
As a minimum when using Trademate, there are 3 things you should do.
All of this is free, the same goes for our ebooks, which you can sign up for on our website and will help you get started with using Trademate. You can skip the parts you’re already familiar with and read more on the topics you find the most interesting. The objective should be to have a fundamental understanding of what Trademate is and why it works. Plus knowing how to use the tool in practice.
Reason 2: Unrealistic expectations and not having the right mindset
There is no getting rich quick. People say they can handle the variance (if you are unfamiliar with the term, this article/video explains it). People say they have a high tolerance for risk. But when a downswing hits, people tend to give up and quit. There is truth in the old saying that quitters never win and winners never quit. So when the downswing hits are you going to quit? If you read the articles we write about what Trademate is and how it works, it should be very logical why it works in theory. Our data in the first Big Data article we did showed that Trademate was profitable, since then we’ve added updated stats to our website. Both shows that it works in practice. You can also dig into the data yourself using the Big Data Tool inside Trademate. This video explains how to use it. This should make you comfortable that the underlying process is working. Next you need the persistency to stick with the process in practice.
Reason 3: Not realizing that Trademate is not risk free
Anything you do in life comes with a risk. And using Trademate is not risk free. Neither is something like arbitrage betting, which should be risk free in theory, but it is not in practice. There is a chance you will not be profitable when using Trademate, but it dramatically decreases with an increasing number of trades placed. The most common reason for why people are not successful is that they give up as soon as they hit a downswing. When the results would have turned around if they had kept going. Value betting inherently has a lot of variance in it, which has a big impact on your results. Therefore it makes sense to take measures to reduce the variance and thus the risk where one can. You can read this article about more tips on how to do so.
Reason 4: Quitting after the first month without taking advantage of the Value Guarantee
Now, we get that €120/month is quite a bit of money for most people and that people want to get profits from the time they spend using Trademate. So if you made a loss in the first month, know that getting in more trades improves the profits of our users and the chance of being profitable as seen in the table above. To help you to achieve this, we created our value guarantee, so if you do not make a profit within the first month, you can get a 2nd month for free. This video explains the value guarantee. You can also read more about inside the Trademate product. We find the value bets for you, but to get the value guarantee, you also need to do your part of the job which is to put in the time and place those trades. As that is the key to success.
Reason 5: Not making a commitment of getting to 1000 trades
When you start with value betting or any other endeavour in life really, you should make a commitment in terms of how much money and time you are willing to spend to succeed. As shown in this article getting to 1000 trades takes roughly 6 weeks or 60 hours assuming you average 10 hours per week with 5 bookies. That’s 166 trades per week. Do not give up until you’ve made it. Your chances of success dramatically increase if you make it past 1000 trades. 74.7% of our customers who make it to that stage are profitable, with an avg. Profit per trader of €3,7k. If you are committed to getting to 1000 trades, you could also consider going with a Quarterly > Monthly subscription package as this reduces your avg. monthly cost.
Reason 6: Not having a large enough bankroll
For each of our subscription packages it states a recommended starting bankroll and time one should spend on the trading. This is to ensure that you have a good experience with using Trademate and to enable you to keep growing your bankroll while beating the subscription fee. Yes, you can start with less money, but then you need to spend more time and get more trades in to get to the same level of turnover as you would have if you started with the right bankroll.
Reason 7: Not taking advantage of signup bonuses
Sign up bonuses are easy to beat when using a tool like Trademate. They are a great way of boosting your bankroll in the early days. As some bookies enable you to get anywhere from €100-€500 in bonuses. You can read more about signing up with bookies and clearing signup bonuses here.
Reason 8: Not using enough bookies
As we repeatedly state, the number one key to doing well with Trademate is getting in a large number of trades. If you have more bookies, you get more edges in your trade feed and thus you can place more trades. 4-5 is a good start, but the more the better. An added benefit is that you can also spread out your bets across more bookies and thus increase the value you are able to extract from them before facing limits. You can read more about staying under the bookie’s radar in this article. You can read about how to distribute your betting bankroll in this article.
Reason 9: Using a too high Kelly percentage and not defining a max bet for your stake sizing
Another interesting outtake from the dataset is the difference in the Kelly Bet Sizing % between those who have place less than 10k trades and those who have placed more than 10k trades. The table shows that our customers who have placed 10k+ trades use a smaller % and are not only more profitable, but they are ALL profitable. Overall, the lesson here is that a Kelly Bet Size of 30% is the way to go. It is easy to just increase your stake sizing to a higher kelly percent believing that you can handle the risk. But as the articles show, you also have a much higher chance of being profitable when using a lower Kelly %. Focus on getting more trades in, not taking shortcuts like increasing the Kelly %. It is also worth mentioning that the chance of losing your entire bankroll is extremely small. When using Kelly staking, your stake sizes will gradually decrease if your bankroll is decreasing.
You should also define a max bet so that you never risk more than 1-2% of your bankroll on the outcome of any single game.
Reason 10: Betting on reserve leagues, junior competitions and your own bets
These competitions have very low liquidity so it is only going to take a small bet e.g. €100 to move the odds by 0.01. In comparison to a Premier League game where it takes €100 000+ to move the odds by 0.01. The easiest is thus to avoid betting on them. If you do make sure to use a small stake only to reduce the potential damage.
The same goes for making your own bets. If you have a strategy that enables you to beat the closing line (Read More), then go ahead. But in general you should be careful with placing a lot of bets based on your own gut instincts. Chances are that you are not better than the professional odds teams at the bookies. You’re better of sticking to a strategy you know that works, like Trademate Sports.
If you follow the advice above, you will significantly improve your chances of success when using Trademate Sports and becoming a profitable sports bettor. As mentioned, 74.7% of our customers who place more than 1000 trades are profitable, and they make an avg. Profit of €3,7k.
The Nr. 1 thing you should remember from this article: