Transitioning From Sports Betting to Trading

themickey said:
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.
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I feel like I haven't been at it enough to fully compare the two but that's my perception so far that it's very different. For me it's that sports betting is betting on individual events and the market is continuous, it seems very rare to have events where stock is worth x if this happens and y if it doesn't.

The advice on focusing on specific time frames as a place to start is helpful.
 
tomkat22 said:
Point being I would think it's much,much easier to find an edge in sports betting than trading.
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I think there is more low hanging fruit in sports betting. It is much easier to find obvious arbs or mispriced derivatives than finding ways to outperform in the market but many of these opportunities are not scalable enough. Again, limits and account restrictions are part of the issue. However, the market historically has rewarded you just for buying and holding. If you pick randomly in sports or have no idea what you're doing you will lose badly to the vig.
 
I would think sports bettors would gravitate more towards day trading than swing trading or position trading because of the extra patience required of the later two. You might have to wait days or weeks for a swing trade to pay off so you better ask yourself if you have that kind of patience.
 
One of the best options trading books, cleverly disguised as a racetrack betting book.
Racetrack Betting: The Professor's Guide to Strategies

The authors are Asch and Quandt.


Plenty of copies are still around.


 
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theflyingbuffalo said:
For me it's that sports betting is betting on individual events and the market is continuous
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That's right, in sports you bet the one outcome, in trading the outcome never ends.
So in trading you might bet to go long but you've got to continually bet different directions because they are rising and falling.

"Oh I bet long and prices are falling but I'll hold as it will only be a small fall".
Most often, especially noobs, they get it wrong, the small fall becomes a large fall.

Trading is counterintuitive (deceptive) until one wakes up how the mkt operates.
It's a steep long learning curve unless mentored.
 
View individual trades the same as individual sports games. Tonite you place a bet the Lakers will beat the Mavs and monday morning you place a bet TSLA will go to 190.00 at some point. Same difference.
 
theflyingbuffalo said:
Where to start with trading?
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When you're ready and you have twentyfive minutes, load up your chart platform with the
Nasdaq Index or the S&P 500 Index or a highly traded stock or etf and set it to a 5minute (or 3m or 1m) candlestick chart.
Add a 200 bar moving average, a 50ma, and an 8ema. If not too much trouble throw some Pivots on there and
go find a dozen of these Morning Star Doji that follow the rules set out by that linked vid.
Now, you want to know the number that paid you money and the number that cost you money and how much, there's the start for your stats.
If you do see potential, then do 88 more.
When you have questions, 'how do I set my stop? how do I know when to exit? Write those questions down. Run a search engine for answers. Post those specific questions to other traders. Write down the good responses. There's your journal start.
Things will spread out from there. And that can be a problem, lol. Focus.

https://www.elitetrader.com/et/thre...t-right-here-baby.335635/page-31#post-5776910
 
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