Realistic expectations
I think it depends on your trading style
The most difficult thing for me is retaining that competitive edge. I don't trade horses only sport, but it's long hours because sometimes I'll wait 4 or 5 hours for my moment to pounce - This can be mentally draining
I absolutely flogged it for 6 weeks in the summer with the World Cup and 2 grand slams. I cleared £10k after PC, but am now struggling big time - last month I made £216!
This is the acid test of being a self-employed trader - not to get bored or lose that competitive edge. I have huge respect for traders like Peter who can stay focused and energised for many years whilst continuing to kick people's arses
The most difficult thing for me is retaining that competitive edge. I don't trade horses only sport, but it's long hours because sometimes I'll wait 4 or 5 hours for my moment to pounce - This can be mentally draining
I absolutely flogged it for 6 weeks in the summer with the World Cup and 2 grand slams. I cleared £10k after PC, but am now struggling big time - last month I made £216!
This is the acid test of being a self-employed trader - not to get bored or lose that competitive edge. I have huge respect for traders like Peter who can stay focused and energised for many years whilst continuing to kick people's arses
Sweetybt...
Regarding your previous comment about losing sleep...
I would be surprised if any full time Trader hasn't been there... I certainly have...!
A piece of advice to newbies: the ability to move on and draw a line under any negative trade, without ignoring your 'rules' and therefore chasing a loss while under the influence of 'the red mist' or even worse going 'inplay' cannot be over-emphasized.
I now am able to 'move on' accept the 'bad' trade and often look back after half a dozen more trades and see it as a small 'blip', one or two of these during a trading period generally only make a marginal dent in my daily target, however in the past ignoring advice would often ruin a day, if not several days profits. I would be lying if I said that sometimes a small part of my brain seems to be willing me to chase a larger than normal loss, or let part of a position go 'inplay' particulary when I'm chasing my daily target or if I have a nice clean sheet of winning or scratched trades... but my experiences during my initial apprenticeship remind me that this is a long term Marathon, there will be bumps along the way, but being able to accept them and understanding that often trying to 'flatten' them there and then will more often than not set me back considerably more... Learn from it, Draw a line under it, Move on to the next trade, Don't look back....
Regarding your previous comment about losing sleep...
I would be surprised if any full time Trader hasn't been there... I certainly have...!
A piece of advice to newbies: the ability to move on and draw a line under any negative trade, without ignoring your 'rules' and therefore chasing a loss while under the influence of 'the red mist' or even worse going 'inplay' cannot be over-emphasized.
I now am able to 'move on' accept the 'bad' trade and often look back after half a dozen more trades and see it as a small 'blip', one or two of these during a trading period generally only make a marginal dent in my daily target, however in the past ignoring advice would often ruin a day, if not several days profits. I would be lying if I said that sometimes a small part of my brain seems to be willing me to chase a larger than normal loss, or let part of a position go 'inplay' particulary when I'm chasing my daily target or if I have a nice clean sheet of winning or scratched trades... but my experiences during my initial apprenticeship remind me that this is a long term Marathon, there will be bumps along the way, but being able to accept them and understanding that often trying to 'flatten' them there and then will more often than not set me back considerably more... Learn from it, Draw a line under it, Move on to the next trade, Don't look back....
I have been using Betfair for just under a month now and Bet Angel for a couple of weeks. Having done both paper and actual trades it is possible to come out with a profit using low risk trades. I do accept what has been said previously that it is most likely that you will be wasting both time and money. I find it very difficult to trade in the last five minutes pre-race as the conditions are so volatile, but I guess this will come with experience. But outside of this it is still possible to trade and make a reasonable profit and by increasing stakes over a period of time it could create the sort of income you are expecting.
So it is worth giving it a go, but have an exit plan in mind.
James
So it is worth giving it a go, but have an exit plan in mind.
James
-
yellowking
- Posts: 6
- Joined: Tue Sep 07, 2010 12:14 pm
Good luck to the OP
For the last 3 months I have been using a piece of Software based on a ratcheting stakes system and have cleaned up £18,000 during that time. I made mistakes at the start and wiped my £1,000 starting bank in one night. And had to top up my betfair account £3,000 once but withdrew it that night and never had to put it back.
With all systems you get winning and losing runs and I have only just downloaded BA but am looking into the trading aspect as well as my other system and seeing if i can combine them both to smooth my upward curve.
Like anytrhing if it comes to easy you wont appreciate it, keep working - Don't ever chase losing runs you WILL get burnt and if at the start of a day things look like they are getting bad then walk away for the day. Your Bank will thank you for it.
For the last 3 months I have been using a piece of Software based on a ratcheting stakes system and have cleaned up £18,000 during that time. I made mistakes at the start and wiped my £1,000 starting bank in one night. And had to top up my betfair account £3,000 once but withdrew it that night and never had to put it back.
With all systems you get winning and losing runs and I have only just downloaded BA but am looking into the trading aspect as well as my other system and seeing if i can combine them both to smooth my upward curve.
Like anytrhing if it comes to easy you wont appreciate it, keep working - Don't ever chase losing runs you WILL get burnt and if at the start of a day things look like they are getting bad then walk away for the day. Your Bank will thank you for it.