£25 a day - A beginner's journey

[tico]

Hi all
Has anyone ever seen an experiment with trading where someone has spent a month or so trading every day and posted up a success. I haven't . .Lets face it ,if it was possible some foolhardy philanthrophist would have done it by now
Tico

[Kai]

Lovely day for fishing innit

[Fugazi]

Lovely day for fishing innit

Inuit*

[Goobs]

I would say this thread sums up the Bet Angel forum pretty well, I've been floating about for a good long while, and for 10+ years wet behind the ears punters eager to make some side money come in, only to be shot down by the likes of Shaun, Kai and Euler et al....

And they aren't wrong.... at the end of the day, we are all losing money to someone, the only real actor making "consistent" money is the exchange, and even they seem to be having a tough time of it reading their financial reports.

The real question is, are we all losing to the same group of actors? Or is it more that we are all just passing money to each other in some zero-sum game?

I've been trying to find some consistent way to make money on Betfair for about 5 years, to no avail.... YTD -£500, which is better than some previous years #progress

[jamesedwards]

I would say this thread sums up the Bet Angel forum pretty well, I've been floating about for a good long while, and for 10+ years wet behind the ears punters eager to make some side money come in, only to be shot down by the likes of Shaun, Kai and Euler et al....

And they aren't wrong.... at the end of the day, we are all losing money to someone, the only real actor making "consistent" money is the exchange, and even they seem to be having a tough time of it reading their financial reports.

The real question is, are we all losing to the same group of actors? Or is it more that we are all just passing money to each other in some zero-sum game?

I've been trying to find some consistent way to make money on Betfair for about 5 years, to no avail.... YTD -£500, which is better than some previous years #progress

It's absolutely possible to be consistently profitable. Almost 7 years since I took redundancy and Betfair has been my sole income ever since. It's hard work, mind, but a much better lifestyle and income than my previous job.

[Goobs]

Are you mostly trading horses James?

[jamesedwards]

Are you mostly trading horses James?

Yes. Mostly in-play.

[ShaunWhite]

A long term living is doable and many people* do it, but it's competitive and the competition isn't getting any easier. In a market with 100k traded there's probably only about one or two grand that can be extracted as profit so you need sharp elbows to get any. Remember the number of people on this forum are the tip of the iceberg when it comes to participants. 00s use non-BA automation, or other software, and most people doing this as a job are just quietly getting on with it. And there's a handful of people taking 7 figures a year on a regular basis so you're competing with them too.

* Best estimate I've seen/worked out is somewhere between 500 and 2000 who make enough that it could be a living.

[Goobs]

Ahhhh, a classic Shaun reply, all so very black and white, so people are either making 7 figures or they are losing traders...?

In a market with 100k trade, there's probably only about one or two grand that can be extracted as profit

Based on what exactly?? If a market is heavily skewed to favouritism for a selection and it doesn't come in, then there is a ton of money to be made being on the other side of that.

You've been on this forum longer than me, Shaun, and I don't think I've ever seen you help anyone become profitable....

I understand that when people find an edge, they aren't willing to talk about it, but also, I'm not sure I agree that some make 7 figures and everyone else is going bust...you either need to be a co-lo quant or you can't win? Surley people like James is a testament to that not being true?

My original goal was to make £1k/m so I could reduce the drawdown on my pension, but like I say, I've never found a way to make any money on Betfair, not saying it's not possible, just that I've never found it.

I don't get what successful people's journeys are. Where do they start/how do they start...?

[tumby]

I don't get what successful people's journeys are. Where do they start/how do they start...?

There is so much available on this forum, you just need to read peoples posts carefully, ignore the hubris and try to spot what the meaning is behind the posts/comments. It's not easy to make consistent money trading on BF but it is certainly possible. The problem is most people lack patience, determination and an ability to analyse what they are doing. You need to be self critical without becoming paralysed with uncertainty. Most people don't have the phycological make up to do this, most people want quick results and simply don't put the work in.

My approach is simple and has been documented many times on this forum by others (I am pretty sure Euler has gone into more detail on this before, so what you need is out there). I started with something (it could be anything) then applied it systematically. I recorded as much data on as many things that I thought could affect my chances of success as possible. I started with very small stakes. I built up a set of results and started to analyse the results, seeing if any of the data I recorded could be used to predict my success or failure. I then modified my approach accordingly and repeated. This is how I approached it and I am sure many others have done the same based upon the posts on this forum. So there you go, if you want to do what you claim then go do the hard work.

I started taking BetFair trading seriously in June 2019. Since then I have only had one loss making month. I am not anyway close to 7 figures but I do make many month in month out, not enough to change my life but enough to pay for quite a few of the bills. So there are people out there.

[Kai]

I don't get what successful people's journeys are. Where do they start/how do they start...?

Just simple scalping for me, boring and unglamorous stuff : viewtopic.php?p=221698#p221698

Although that's not a post, it's a fricken Russian novel

I think Euler once said scalping as well but could be wrong, but if you understood Shaun's approach to the market you'd see where he's coming from as well

There was another thread where everyone shared their first success and how they started etc : viewtopic.php?t=23681

Maybe you find it useful

[Goobs]

aaahhhhh the old classic "just work harder" gets me every time........

If I were to show you how many failed spreadsheets and Python projects I have, it would make you cry. Working harder isnt the answer when you don't know what you're looking for!

[Kai]

Volatility

[Goobs]

Volatility

Volatility is just a function of liquidity, so you're saying you only seek to trade in illiquid markets?

[JuiceyJones]

I don't get what successful people's journeys are. Where do they start/how do they start...?

Just simple scalping for me, boring and unglamorous stuff : viewtopic.php?p=221698#p221698

Although that's not a post, it's a fricken Russian novel

I think Euler once said scalping as well but could be wrong, but if you understood Shaun's approach to the market you'd see where he's coming from as well

There was another thread where everyone shared their first success and how they started etc : viewtopic.php?t=23681

Maybe you find it useful

Never read these before. No idea how i missed them. Great reads. Thanks.