First £100 day :)

[ShaunWhite]

well done free punt ,now the hard work begins to sustain it
"I'm finding my development has gone in phases of progress and stagnation, occasionally going backwards" sounds like the same path as me shaun.

I get the feeling it's a well trodden path, and most of seems to be uphill.

[deggsy10]

well done free punt ,now the hard work begins to sustain it
"I'm finding my development has gone in phases of progress and stagnation, occasionally going backwards" sounds like the same path as me shaun.

I get the feeling it's a well trodden path, and most of seems to be uphill.

This is my concern as well. There is simply no point in spending hours of time trading for minimal profit. I work full time and have a family.

[ruthlessimon]

There is simply no point in spending hours of time trading for minimal profit. I work full time and have a family.

How can I put this. There is simply no way around it. If you're breakeven after yr 1, I'd consider it a success.

Personally, I'd rather lose my time, than lose my time & money.

[Freepunt]

Good effort but is this sustainable and what is your total profit for the 6 weeks? I'm really trying not to be negative but the impression I am getting with this trading whatever the sport is that you have to use quite large stakes for very small profits particularly with scalping and when the inevitable happens and a trade goes wrong, the loss will wipe out any profits made. So really the key to long terms profits is developing the right mind set/skill to exit a trade for minimal losses. I made about £50 yesterday trading on the tennis but then lost £100 on the real Madrid match. I decided to trade under 2.5 goals as Peter has a video on this and it seems like a good trade. I backed under 2.5 goals at 1.75 with the intention of cashing out after 10 mins. However after 10 mins the cash out figure was only £2 which I wasn't happy with so I let it run for longer and then Real Madrid scored. I then decided to let it run until at least half time so I didn't make a loss but then another goal went in which really killed the trade. Ended up just letting it run as the cash out was a big loss. Further goals in the second half then cost me my £100 stake. The whole thing just seems like gambling to me and I'm not sure how people can make long term consistent profits.

You've backed under 2.5 goals in a Real Madrid match and they average around 4 goals per game with what they let in as well https://www.screencast.com/t/H3ei5J5v

In a horse race you can back at 11 for £50 and lay at 10.5 for £50 then green up for around £2.00 in seconds.

My profit over the 6 weeks is around £700 as I only started out with £2 stakes.

[deggsy10]

There is simply no point in spending hours of time trading for minimal profit. I work full time and have a family.

How can I put this. There is simply no way around it. If you're breakeven after yr 1, I'd consider it a success.

Personally, I'd rather lose my time, than lose my time & money.

Can't say I agree with that at all. A year is a long time to have not made any profit. When you work full time and have a family, time is precious. If I'm only at break even point after 4 months I will be bailing out and writing it off as a failed venture otherwise I will find myself divorced and single!

[ruthlessimon]

Can't say I agree with that at all. A year is a long time to have not made any profit. When you work full time and have a family, time is precious. If I'm only at break even point after 4 months I will be bailing out and writing it off as a failed venture otherwise I will find myself divorced and single!

Sorry I should have been a bit clearer there.

Breakeven = I can sustain my living standards.

I do agree, seeing no success will drain you mentally & financially. But it's vital you keep your expectations in check, or you'll quickly join the 90%. Treat trading with the respect it deserves. This is an extremely extremely competitive industry. If you chase the big money, using the big stakes, you're gonna get burned. Walk before you run.

The only way to fast track your progress, is if you are lucky enough to have a mentor or get some proper education from BA. Other than that it will take 1,000s of hrs in the markets.

[cybernet69]

Pick a horse race with the following characteristics...

1. The last 3 minutes before the off
2. More than 250,000 market matched volume
3. Each selection which has 25,000 matched
4. Don't let your trades go in play.

After watching a few, it should become fairly obvious which ones to back and which ones to lay.

Don't get greedy and green up the entire market when you are happy with the overall P/L figure.

After awhile you will spot how to automate it.

If you can't make a profit out of doing the above then trading is probably not for you.

All the best,

[Freepunt]

Pick a horse race with the following characteristics...

1. The last 3 minutes before the off
2. More than 250,000 market matched volume
3. Each selection which has 25,000 matched
4. Don't let your trades go in play.

After watching a few, it should become fairly obvious which ones to back and which ones to lay.

I've read quite a bit and watched a lot of videos in my 6 weeks of learning and that is probably the most concise and accurate tutorial I've seen.

[Bluesky]

How can I put this. There is simply no way around it. If you're breakeven after yr 1, I'd consider it a success.

Agree 100% with this. I have spoken to a lot of traders (both sport and financial) in person, not strangers on a message board. Almost all the successful ones took over a year, and some a lot longer before they started making money.

If you learn to become a successful trader the rewards can be enormous, life changing even. It stands to reason therefore that something like that would not be easy to achieve, other wise what would be the point of going to Uni, or getting a trade or working your way up over many years is some kind of occupation.

[Frogmella]

I've been at this, full time, 7 days a week, for 6 months. At least 12 hours a day. Haven't missed a race in all that time (one power cut, and Betfair faults excluded). Running 2 computers to test different strategies at the same time for most of it. Mainly in practice mode but a fair bit live too.

I've watched every YouTube video, Peter's, Caan's, The Badger's and others. I've bought and read half a dozen books and read all the forum posts I can ( there are thousands so obviously not ALL posts).

Haven't made a bean. I haven't lost much either, unless you count BA subscription, 6 months of unpaid labour and the complete extinction of any feeling of optimism.

I've tried every strategy I've heard of, read about or seen online. I also have tried everything I can come up with myself. My best day profit was £142. I was delighted, cracked it, but of course the markets took it all back over the next few days. Any profit I have ever made was always quickly followed by bigger losses.

I will try the scalping guidelines shown above because I still have about a week or so of my current BA subscription left. Failing that, it's probably time to call it a day.

[Bluesky]

I've been at this, full time, 7 days a week, for 6 months. At least 12 hours a day.

Wow that's tremendous dedication. Have you taken Peters course, if not then you might want to consider doing that before you finally pack it all in. I think many people take courses far too soon, I think you can get more out of a course if you have already exposed yourself to some sports trading markets for a while before hand.

Sounds like you have had plenty of experience and so should be able to benefit from the information given out on a course. If after attending a course you see no improvements in your trading then at least you can hold your hands up and say you gave it your very best shot.

One other thing to consider is that for most people trying to learn something 7 days a week for 12 hours a day is just too much. Research suggests that the brain needs sort of down time to process and absorb information. Perhaps having a day off a week or a few days off every four weeks might be something you could try.

[Bluesky]

I will try the scalping guidelines shown above

If you haven't read it before, cybernet69 has provided some useful information on scalping in the past take a look in this thread, you might find it helpful.
http://www.betangel.com/forum/viewtopic ... 4&start=20

[Frogmella]

Thanks Blue, I'll check it out.