Transitioning From Sports Betting to Trading

[theflyingbuffalo]

I have been a mostly independent pro sports bettor for the last 3 years and have been trying to transition to trading more recently.

I am interested in any recommendations for content or any other websites, forums etc. where the overlap might be discussed. My guess is with legalization of betting becoming more widespread in the USA only within the last few years, there aren't tons of people in a similar boat and most trading content I've found does not discuss things in a way I'm used to (this could be because I'm inexperienced or because I'm finding bad content).

My biggest issues are probably:

1) Where to start with trading? How do you break the market down into smaller pieces to focus on what works best for you?

2) There are touts, tipsters, and other bad actors selling picks or bad content in the sports gambling space, but holy hell is it worse with the stock market. How do you find the people sharing useful knowledge while having to wade through all the twitter pump accounts, content creators, etc? I cannot believe the number of marketers out there selling coaching, chat rooms and discords. The seemingly worst people to listen to often seem to be the ones to come up first on generic search results.

 

[Nobert]

I have been a mostly independent pro sports bettor for the last 3 years and have been trying to transition to trading more recently.

Forget sports betting, that's for fools. How can there be an edge, with that many unknowns. And even if there is one, the house might ban you.

Don't transition, just cut off everything with sports betting and focus on this.

1) Where to start with trading? How do you break the market down into smaller pieces to focus on what works best for you?

Less Brown once said :
,,We tend to overthink our plans and we try to find all of the answers, before we even begun.
How - is none of your business. You will figure it out along the way. Just start doing it."

Download demos, surf forums. If to watch youtube videos, then only about the scammers and crazy ones (people that blew up their accounts), thus you would understand how the scammers works and what-not to do, by learning from the mistakes of fools.

Choose the financial product category of your liking. If i may, i would suggest equities/stocks.

2) There are touts, tipsters, and other bad actors selling picks or bad content in the sports gambling space, but holy hell is it worse with the stock market. How do you find the people sharing useful knowledge while having to wade through all the twitter pump accounts, content creators, etc?

Emmm. There are no such people. It's more like, you take a little puzzle piece from each individual, be it bad or good & slowly build your image. Glue it together with your own work and discipline, as a foundation.

,,If he's teaching, he couldn't make it"
That's how the saying goes about gurus of the markets. And it's right, 99% of the time. Why would you be selling courses if you were profitable ?
Why would you buy pork, if you had 1000 pigs in your farm.

I cannot believe the number of marketers out there selling coaching, chat rooms and discords.

 

[Darc]

I can see how some Analysis of a Sporting Teams potential performance is similar to the Analysis of a Company's potential performance, so maybe a reasonable starting point transition for longer term Stock Trading.

When I looked at Horse Racing Systems recently, I was surprised at the similarities of principles to Trading.

 

[themickey]

My biggest issues are probably:

1) Where to start with trading? How do you break the market down into smaller pieces to focus on what works best for you?

It's a long road and totally different to sports imo.
With sports you have smaller teams, football, horse track, greyhounds, tennis etc.
Trading is a huge diverse field.

My opinion, begin by deciding what time frame suits your circumstances, short term trading, mid term swing trading (days or weeks), longer term investing, (months years).

Short term is high energy, high concentration, you don't want distractions.
The longer you go out, the more relaxed it becomes.

It boils down to dollars gained per hour of activity imo.

It's a tough journey/business for a beginner, very very tough.
What you see on your chart screen is most often not reality, trading is about deception.

 

[themickey]

Trading is a huge diverse field.

Futures are connected to options are connected to stocks are connected to seasonality are connected to exchange rates are connected to politics are connected to geopolitics are connected to economy....
Then throw in the media who slants things, politicians and Fed interference, whales manipulating, algorithms..... goes on and on.

 

[JonLivingston]

Forget sports betting, that's for fools. How can there be an edge, with that many unknowns. And even if there is one, the house might ban you.

Don't transition, just cut off everything with sports betting and focus on this.



Less Brown once said :
,,We tend to overthink our plans and we try to find all of the answers, before we even begun.
How - is none of your business. You will figure it out along the way. Just start doing it."

Download demos, surf forums. If to watch youtube videos, then only about the scammers and crazy ones (people that blew up their accounts), thus you would understand how the scammers works and what-not to do, by learning from the mistakes of fools.

Choose the financial product category of your liking. If i may, i would suggest equities/stocks.




Emmm. There are no such people. It's more like, you take a little puzzle piece from each individual, be it bad or good & slowly build your image. Glue it together with your own work and discipline, as a foundation.

,,If he's teaching, he couldn't make it"
That's how the saying goes about gurus of the markets. And it's right, 99% of the time. Why would you be selling courses if you were profitable ?
Why would you buy pork, if you had 1000 pigs in your farm.

I see poetry, wisdom and a tad of philosophy in here.

 

[notagain]

Statistics, backtesting, macro economics and watch how the FED screws up the economy.

 

[tomkat22]

I started playing Pony League baseball in 1964 and I been a sports nut/freak ever since but I've never done any sports betting. I assume the pay-out is less for an odds-on,sure thing than for a long-shot bet? For example I just knew the Mavs didn't have a snowball's chance in hell of beating Memphis the other nite without their top 4 players and of course the Mavs lost. Point being I would think it's much,much easier to find an edge in sports betting than trading.

 

[easymon1]

Where to start with trading?

Look for specifics.
Start simple. It gets complicated all by itself.
Here's a simple setup & trigger you can go find a dozen of and get an idea of whether or not in 3 minutes flat. Break a leg.
https://www.elitetrader.com/et/thre...t-right-here-baby.335635/page-31#post-5776910

Oh, yeah. "Believe none of what you hear and but half of that you see" some old dude.
Do your stats.

 

[theflyingbuffalo]

Appreciate all the responses

Forget sports betting, that's for fools. How can there be an edge, with that many unknowns. And even if there is one, the house might ban you.

Don't transition, just cut off everything with sports betting and focus on this.

There are lots of edges in sports betting, but yes most sportsbooks will limit or greatly restrict you if you win. And many edges are not scalable. That's why I'm here.

Choose the financial product category of your liking. If i may, i would suggest equities/stocks.

My limited experience is just in buy and hold stocks/etfs and short term and day trading stocks so that's probably where I'm headed. Haven't looked into futures, forex, or crypto at all.