That made me wonder...what do mentors mentor about? What's the topics they go through?
I guess it varies from mentor to mentor and also depends on the asset class.
Transitioning From Sports Betting to Trading
- Thread starter theflyingbuffalo
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I guess it varies from mentor to mentor and also depends on the asset class.
What you wrote above is so true! I've not read the other posts on this thread, so I hope I'm not being redundant in what I've written below, but I highly doubt that would be likely.
I've developed my own system for trading (foreign currency pairs) profitably, so I know first hand what it takes, at least, what it took for me personally. I also have access to a profitable sports better, and though I don't bet myself, I compare his results to his predictions on a weekly basis and have considered his track record over the years, and I would have to say the guy is legitimate and definitely no slouch, to say the least.
He says that he does not invest, nor does he speculated in the markets, because he can make much more money sports betting. In listening to him explain his system, I can tell you that from my perspective, it is NOTHING like forecasting price action. If I were to summarize the distinctions, I would do so by saying you are dealing with two completely different types of data.
I try to make it my habit to never recommend to others what they should do. However, I am more than happy to share what I have done, and let others do with this information what they will...
So then, over the years, I have come across a number of individuals who seemed to me to be on the "up and up." What I will do then is list them below. The first two provide information that I continue to consider even to this very day. The rest I considered in the past, so I have no idea what they are up to nowadays. Also, though I'm sure they all probably offer services you can sign up and pay for, I have never done this personally. (I have only accessed their free material/information.)
- AJ Monte (The Market Guys/Market Rebellion) - Primarily Equities and Indices
- Peter Reznicek (Shadow Trader) - Same as above, and BOTH these guys are heavy into options trading
- Stephen Whiteside (TheUp Trend/Stock Market Timing)
- Jim Roof (sp500chart) - Technical analysis
- Cristian Moreno (The Daily Call) - Forex technical analysis
- Raman Gill (Trading with Venus) - Forex technical analysis
- Jarratt Davis (Desire to Trade) - Forex fundamental analysis
When it comes to the hedge funds, i will not wonder if that is helping them to beat the index, because it is too overpriced to be participated in, while their main task is to preserve the capital, while generating at least some profits, for rich individuals, families or enterprises.
I had in mind, a general population, individual gamblers.
One has to be an expert or/and a good player in one/few of these (horses/dogs) :
And even if one is, then there is such reality :
And, even then, the house might ban you, for being too good.
In general, people loose, before they even begin.
The Bloomberg article that I linked does point out that even if you develop a sports betting strategy that consistently wins, it might be difficult to scale into something that makes real money, at an institutional or organizational level, because large bets would probably distort the odds and the market itself. That article is from 2019. Susquehanna is apparently not making bets against the house (i.e., the casino, or legalized bookmaker, or "platform," or whatever you call it), but rather taking bets from other players, on platforms that actually allow this...
Sports betting is very applicable to trading. If you’re trading stocks then the key catalysts are either macro (Fed meeting) or micro (company earnings, conference attendance). The information is used to track how likely a stock is to beat or miss earnings. Information (such as price or news) in between events can provide good entries or fading opportunities in the lead up to earnings.
I recommend reading Applied Equity Analysis by James English, and then picking up a book on financial modeling (John Moschella has an excellent book for that).
I recommend reading Applied Equity Analysis by James English, and then picking up a book on financial modeling (John Moschella has an excellent book for that).
Not sure how much you know about the topic.
I would advise you to read a couple of books first, to get some overview about trading.
Are you looking into value investing? Read the Intelligent Investor.
Are you looking into daytrading? Look up some very basic technical analysis books.
For the first few months just read as much books as you can. Forums, youtube videos, that you can do later. But for now, try to get some broad knowledge.
I would advise you to read a couple of books first, to get some overview about trading.
Are you looking into value investing? Read the Intelligent Investor.
Are you looking into daytrading? Look up some very basic technical analysis books.
For the first few months just read as much books as you can. Forums, youtube videos, that you can do later. But for now, try to get some broad knowledge.
It completely depends on where your edge with sports betting existed. There's some differences with sports being binary and financial markets being range-driven, but the skills will translate.
- Steam chasing = momentum trading with futures or volatile stocks
- Quantiative spread modeling = creating quant models for companies to find overvalued/undervalued stocks
- Fundamental analysis of teams or matchups = fundamental analysis of companies to find overvalued/undervalued stocks
- Risk management (Kelly Criterion/Fractional Kelly) = bet and trade sizing
Thanks. I'm not a total beginner in terms of following markets, economic and macro knowledge, and familiarity with brokerage accounts but I'm pretty much a beginner in learning how to develop edges or a strategy for the markets. I have experience with risk management, sizing, and am comfortable with drawdowns because these are all relevant in sports betting.