Hi all,
I'm another regular punter who recently stumbled across bet trading and have found it fascinating. I've been working on systems and formulas with excel for about 4 years for Australian racing with mixed success (by mixed i mean inconsistent). I got the trial Bet Angel program and fluked a 40% profit on day one. I thought this was brilliant until i started researching and pretty much discovered I had committed every sin that a trader could and it was my tipping experience that saved me.
So now I've been trying to gather as much information and experience from others as I can and have found resources from podcasts to YouTube videos as well as pro traders blogs.
My question is are any of these 'training packages' actually worth spending money on or are they outdated and worthless? I see Peter Webb has heaps of YouTube videos and so do others I got some podcasts which seemed useful at first but kind of became a promo for the blogs and training packages.
Would really appreciate anyones thoughts or recommendations
Cheers,
Educational blogs and posts for newbies
The training courses and material from Bet Angel are always kept upto date, here's a thread with some views of recent course attendies. Their is a number of other threads along the same lines started over the years which you could also search for.
viewtopic.php?f=33&t=12464&hilit=masterclass
viewtopic.php?f=33&t=12464&hilit=masterclass
From what I can gather there appears to be two schools of thought on training courses. One school suggests that the money you spend on training courses would be better spent on trading the market with small stakes and more or less working things out for yourself.
This is apparently how many successful traders have done it.
The other school is to do some research on the various trading courses (not all trading courses are equal lol). Find one you think will suit you and once completed, practice with small stakes and work up the amounts if your successful.
I think its important which ever method you go for, its to go into it with your eyes wide open. Almost everyone loses money in the first few months, if all one had to do was pay a few hundred quid for a trading course and the money would start rolling in, then everyone would be doing it wouldnt they.
If you read up on forums such as this you quickly start to pick up on the posters who tell it like it is and the ones that shall we say live in their own little world (no names no pack drill).
What those successful experienced traders will tell you is that it takes time, in many cases a lot of time before you even get to the break even stage. I have read on financial and trading forums something similar to the following (the figures could be slightly out, and anyway its impossible to get the accurate figures as its not in the interest of the people who could provide them to release them).
60% of new traders bust out their trading bank and have gone from trading in the first three months. Another 20% will will be around break even after a year, but then will bust out on one or two trades and give up thinking trading is impossible.
So that leaves around 20% still in the game after about a year. For a variety of reasons 15% of these will have gone by the three year mark, so that leaves around 5% still trading after this time. Not all of this 5% will be profitable, just read any trading forum. You will find people who have been trading for many years and who are still losing money.
I dont want to put you off, as if you are successful then the rewards can be life changing, but there are a lot of system sellers on the internet trying to sell you a dream. It is not easy to become a successful trader anyone who tells you it is, is either lying or is one of the tiny minority who are just naturally gifted at it.
This is apparently how many successful traders have done it.
The other school is to do some research on the various trading courses (not all trading courses are equal lol). Find one you think will suit you and once completed, practice with small stakes and work up the amounts if your successful.
I think its important which ever method you go for, its to go into it with your eyes wide open. Almost everyone loses money in the first few months, if all one had to do was pay a few hundred quid for a trading course and the money would start rolling in, then everyone would be doing it wouldnt they.
If you read up on forums such as this you quickly start to pick up on the posters who tell it like it is and the ones that shall we say live in their own little world (no names no pack drill).
What those successful experienced traders will tell you is that it takes time, in many cases a lot of time before you even get to the break even stage. I have read on financial and trading forums something similar to the following (the figures could be slightly out, and anyway its impossible to get the accurate figures as its not in the interest of the people who could provide them to release them).
60% of new traders bust out their trading bank and have gone from trading in the first three months. Another 20% will will be around break even after a year, but then will bust out on one or two trades and give up thinking trading is impossible.
So that leaves around 20% still in the game after about a year. For a variety of reasons 15% of these will have gone by the three year mark, so that leaves around 5% still trading after this time. Not all of this 5% will be profitable, just read any trading forum. You will find people who have been trading for many years and who are still losing money.
I dont want to put you off, as if you are successful then the rewards can be life changing, but there are a lot of system sellers on the internet trying to sell you a dream. It is not easy to become a successful trader anyone who tells you it is, is either lying or is one of the tiny minority who are just naturally gifted at it.
Thanks for the quick replies. The master class looks extremely popular as all dates are sold out! I'll be keeping an eye out if Peter ever gets to Australia.
After spending the last four years gaining and losing confidence about my tips, I think I can handle another couple of years looking for regular profits from trading. I will keep an eye on forums and reputable traders blogs while trying to educate myself. I particularly like your thoughts about expectations and time frames. I see a real psychological battle about trading and educating consistently in order to learn. Also I've noticed I have a massive reluctance to place lay bets which I am going to have to get over.
Again thanks for your thoughts.
After spending the last four years gaining and losing confidence about my tips, I think I can handle another couple of years looking for regular profits from trading. I will keep an eye on forums and reputable traders blogs while trying to educate myself. I particularly like your thoughts about expectations and time frames. I see a real psychological battle about trading and educating consistently in order to learn. Also I've noticed I have a massive reluctance to place lay bets which I am going to have to get over.
Again thanks for your thoughts.
The online course is currently in the process of being re-vamped and should become avaliable in the next few months, if this is something you might want to look at you can register your intrest for this course hereBunjibets wrote:Thanks for the quick replies. The master class looks extremely popular as all dates are sold out! I'll be keeping an eye out if Peter ever gets to Australia.
http://www.bettingexchangeacademy.com/c ... n-to-trade