An Interview With Caan Berry – Betfair Trader
Hi Caan, could you just explain who you are and what it is you do?
Of course. My name’s Caan Berry and I trade betting odds full-time!
In principle it’s simple; back high, lay low.
Doing it with larger sums of money isn’t so easy though.
It wasn’t always like that though. I accidentally found my way after looking at ways to generate extra income via betting.
I predominantly trade horse racing markets, although some tennis too. Greyhounds are another interest, although because of the weak markets they’re less appealing these days.
So how did you get involved in trading?
Initially, it was a total accident. I see somebody mention betting software on a horse racing forum which led to more investigation.
From there I started to dabble with various angles such as laying the draw in football. With mixed results and other forums I found my way into trading the horse racing prior to the start. It wasn’t simple at the time, and far less popular than it is now with less knowledge surrounding it.
However, with heaps of effort, some stubbornness and a lot of reading I managed to find my way. Results were up and down for a while at first but I managed to ride it out longer than most I think.
That alone is probably a large reason for my success. I’m glad I did, it’s been a real life-changer.
Do you think the success you have had can be replicated by an ‘ordinary’ punter?
I’ve always been one to minimise BS. I haven’t time for it.
In short, I was the biggest bum going. Screwed up school, didn’t attend university, worked at McDonald’s, joined the army and made a real mess of things before making my way on Betfair. If I can do that, I’d say pretty much anyone can! I’m not daft, but hardly some kind of academic or intellect.
The only problem for punters is the urge to gamble rather than trade. Trading is not gambling! That aside, I don’t see why they couldn’t.
Are there any essential guides and recommend people to follow to help getting started?
It depends on the level they’re at to be honest. Some come into trading via matched betting, others through pure punting.
Having used a trading tool and looked around a little first is ideal, but there’s a few places:
YouTube is always helpful
My blog shares a fair amount of info for free
Trading software forums are useful too in places
As far as actual guidance goes, I have a couple of items on my site once readers have had a look around. The thing with trading is there are many variables so it’s important to learn and absorb all the knowledge you can. It’s hard to run it as some kind of fixed system as markets evolve.
It’s a lot more useful to understand what drives price actions.
Do you think aspiring traders should focus on one sport or not and why?
I’d actually break it down far more.
To make money through trading, you need the tiniest of advantages. Small edges still give big returns…
I’d advise anyone looking to get involved to pick a sport they are interested in, something they may already have good knowledge on and work backwards. One step at a time. Doing this has helped me no end over the years.
For example; Football is extremely broad. Making a decision on what you think will happen and attempting to trade it is pointless. Literally.
In such an instance I’d take a football match and look at many games in the final 15 minutes to kick off. Why do the markets move? What changes? Did team news have an impact? Why? Was there an over-reaction?
It’s important to remember, it’s rarely about predicting what will happen. And more about finding an incorrect price. When you do, you’ll make money.
When it comes to trading, are there particular events you avoid at all costs?
Yes. Avoiding losses is as important as making a profit in my opinion.
I won’t trade anything that I don’t know enough about. It’s why I stick to the horses pre-race, I know how they markets function – volatile and stable points to trade.
This means I tend to avoid some of the Irish race-cards too. Dundalk in particular of an evening. You can still make money from them, but like the greyhounds, I just can’t find the motivation to sit there for so long when opportunities are less. It comes down to scalability. In those markets it’s not as safe to get on for much more than a couple of hundred pounds at a time in most cases.
To me, trading those is like watching paint dry.
And can the opposite also be true, are there particular events you know will be easy to make money from?
Saturday afternoons are perfect for most racing traders. There’s so much money flowing through the markets, opportunities are regular. And when they do come you can often get on for a decent stake.
Outside of the regular bread and butter trading, events like Cheltenham, Ascot, Wimbledon or any of the big tournaments are ideal.
A lot of it comes down to trading style. Traders thrive on volatility in general, but some much prefer stable markets with higher liquidity. I tend to trade both ways, although find the volatile situations more interesting.
Do you have any final words of advice for aspiring traders?
Wow, how long do you have? Haha.
At this point I could say many things, although like trading; it’s best to keep it simple. Start off by breaking down the events you want to trade and gathering as much information and understanding as you can. Remember, it’s not all about the sport – but as much about the market behaviour, more-so even.
Accept that it’s very unlikely to be a flash-in-the-pan tip. Look at is as longer term project, it has huge potential should you succeed.
Ohh, and don’t listen to the nay-sayers. Everyone will tell you it’s impossible, until they see the outcome!