Alex Reid's betting odds of yesterday when I posted my betting tip on the Celebrity Big Brother UK show do seem tempting now, don't they? My betting tip was to back Alex Reid and lay Dane Bowers and if you are usually trading in Betfair you have already made money! Alex' betting odds fell from 2.32 to 1.76 while Dane's odds drifted to 5.5 from 3.80. Sufficient trading profits for one day's work, don't you agree?

Technical analysis is popular in financial markets like the stock exchange. Since Betfair is a betting exchange and odds fluctuate like stock prices one could say that technical analysis may also be applied to the Betfair betting graphs. Betfair trading has quite a few differences compared to stock or forex trading though, but basic technical analysis tools should work just the same. However, many Betfair traders continue to doubt the effectiveness of support and resistance levels or reversal patterns and dismiss technical analysis. Are you one of them?

Nowadays there is huge interest for betting in horse racing due to the Royal Ascot taking place and a lot of money is risked on those betting markets. The volume traded in Betfair Ascot's markets almost always exceeds the one million mark, differentiating their odds movement behavior a bit. Let's take a look at a couple of betting graphs from yesterday's horse racing and try analyze the odds movement in Royal Ascot races using technical analysis fundamentals.

Having started trading the Betfair markets with a dial-up internet connection in 2004, I can guarantee that your internet speed matters a lot in your trading performance. Apart from having fast refresh times which means always knowing what is going on, your orders are executed much faster. Broadband speed is very important if you trade in-play markets or if you are into scalping, but if you are a positional trader or maybe you prefer swing trading, speed is not what will make you rich after all.

We already talked about support and resistance levels and trendlines when applying technical analysis in Betfair graphs. Pattern formations though are literally hundreds in technical analysis. Given the fact that Betfair graphs don't provide the necessary detail like stock charts, a thorough study of formations and technical analysis isn't needed apart from basic terms. Despite that, we need to know and recognize a couple of pattern formations since they are often in Betfair's horse racing betting graphs.

We talked about support and resistance levels in Betfair horse racing charts but how about candlesticks formations in the graphs? The candlesticks provide more detailed charts and a lot more information, but if you are not aware of them you shouldn't worry. We can still make money trading in Betfair using trendlines, support and resistance lines using candlesticks without having a clue about them. At least for the time being as I will be explaining more about candlesticks' formations in a future article.

Betfair trading is all about odds movement. By learning basic terms of technical analysis like support and resistance, and applying them to Betfair graphs, we are able to make money by correctly predicting them. I included 7 betfair graphs from yesterday's horse racing betting markets in this article and I try analyzing and discussing the various support and resistance levels in them. I used to study about technical analysis in the past years when I traded the Betfair UK Horse racing markets and I applied the same knowledge back then to make about 10,000 euros per month. I'm not sure if they can be applied profitably in today's markets but they will certainly help you understand and predict the odds movements more efficiently.

Horse racing trading in Betfair can make a lot of money if you know how to trade. Obviously these Betfair traders are very good at it and they are not shy about it! They show their daily winnings in their gambling blogs, where they have set their goals to make more than £100,000 this year! By having days that they won £1,000 or more I can't see how they can't accomplish that!

Either betting or trading in Betfair, we should always green up to control our bankroll's variance. Instead of staring at our screen after accumulating profit or loss on our selection and hoping it either wins or loses respectively, we should be creating a green book in the Betfair markets. Our gambling bankroll will thank us for that.

Successful sports trading in Betfair or any other online betting exchange depends a lot on proper money management. It may only seem important to pick up the online betting odds movements correctly, but applying money management in trading the online betting odds will make money for serious sports traders. If we are just starting out trading the odds, managing our betting bankroll will certainly make us last a lot longer in this trading game.