I have an important decision to make regarding my trading and would welcome advice.
My employer is offering various voluntary redundancy packages. I can get a 2-3 year package or alternatively reduce my hours to 50% but get paid 60% or stay as I am.
I make a good but not spectacular income from Betfair, this should be my 49 consecutive month in profit although sometimes I can go a week or two when I make no money or even suffer a loss.
At the moment I think I will ask for the 50% option which will give me a guaranteed income, social interaction, use of the company gym and restaurant.
I like the idea of giving up work completely but with three young kids I think it is too much of a punt. This way I will also keep paying into a pension pot and keep the tax man off my back.
I start each week hoping to make money but not expecting to. About once a month I am convinced I have lost my edge, so I think having Betfair as my only income would be too stressful.
Whad'ya fink?
Is it time to go full time?
I was made redundant in June 2008
I decided to go full-time as a trader for 6 months.
If I wasn't successful I would search for a new job in January
28 months later and I'm still self-employed
We all have to make decisions which is right for ourselves, so only you can decide which direction to take
Personally though, being made redundant was a great moment in my life
I decided to go full-time as a trader for 6 months.
If I wasn't successful I would search for a new job in January
28 months later and I'm still self-employed
We all have to make decisions which is right for ourselves, so only you can decide which direction to take
Personally though, being made redundant was a great moment in my life
swbt, agree with your thinking, go with the 50% route, particularly if you can work mornings, a lot of traders would kill for that set up, best of both worlds, and if it doesn't work out ( going by your track record, I would think you would be fine), you've never been out of the job market. Good luck hope it goes well.
You will have to be sure that you can stand the daily grind of watching changing numbers etc on a screen all day. That you have a personality that can handle little human contact/interaction.its very important you understand the triggers that fire off your emotions and that you have the discipline to keep them and in check. You must be able to control yourself.
Thanks for the advice, I think the 50 % option has to be the best for me, however nice "professional gambler" sounds.
I should be able to work mornings and it is only ten minutes away so I could be home by 12:30 if need be.
As Peter said on his blog the main threat to not making money in the future is Betfair doing something stupid.
I should be able to work mornings and it is only ten minutes away so I could be home by 12:30 if need be.
As Peter said on his blog the main threat to not making money in the future is Betfair doing something stupid.
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CaerMyrddin
- Posts: 1271
- Joined: Mon Sep 07, 2009 10:47 am
I'm a full time trader for over a year now. Right now I feel like it was the best decision I've made in my life (after getting married 
), but it hasn't always been like that. Overconfidence and doubting will be all over the place at first, but time will put things in place and give you a steadier mood.
I guees you will learn to know yourself better, I hope no bad surprises come.
Good luck
PS: again I'm sorry for my poor english, but I've been working on that.
), but it hasn't always been like that. Overconfidence and doubting will be all over the place at first, but time will put things in place and give you a steadier mood.I guees you will learn to know yourself better, I hope no bad surprises come.
This is something that can be very tough in deed, but I understand you can minimize this issue, especially as you are married.hat you have a personality that can handle little human contact/
I put some mone aside before steping into this world so that I wouldn't suffer from this, I highly recomend you do the same, as it can have a severe impact on your style.I've personally found financial pressure has a harsh effect on my trading performance.
Good luck
PS: again I'm sorry for my poor english, but I've been working on that.
Hi Sweetybt,
A wise decision, the 50% option is definitely the way to go. I have been part time (mornings only) for 18 months now and been trading for most of that time. As you say, you keep the tax man happy. The money I earn through my part time job is just enough to live off, with what I make from trading being my disposable income.
I don't trust the fact that BF, government, etc. could change something in the mechanics of trading that would kill it dead in the water, so I like the fallback of also earning a crust through my normal job. I also have the luxury of knowing that my firm would let me go back full time if I wanted to.
Besides you have a 10% edge if they are paying you 60% for only working 50% hours.
Good luck anyway in whatever you end up doing.
Spikey
A wise decision, the 50% option is definitely the way to go. I have been part time (mornings only) for 18 months now and been trading for most of that time. As you say, you keep the tax man happy. The money I earn through my part time job is just enough to live off, with what I make from trading being my disposable income.
I don't trust the fact that BF, government, etc. could change something in the mechanics of trading that would kill it dead in the water, so I like the fallback of also earning a crust through my normal job. I also have the luxury of knowing that my firm would let me go back full time if I wanted to.
Besides you have a 10% edge if they are paying you 60% for only working 50% hours
.Good luck anyway in whatever you end up doing.
Spikey
If the 60% you'll receive from the new arrangement is enough for you and you were seriously thinking of going full time anyway then it could be the perfect solution and an opportunity that many prospective full time traders would love, but if you'll be relying on income from betfair as well then I would really think very deeply about it (as I'm sure you are anyway) as let's face it we really don't know what the future does hold with betfair. Good luck anyway 
Good luck sweetybt !
LeTiss, you're saying that you are self employed. How is this structured ? Did you start a company and are trading in the name of the company, or are you set up as a sole trader ? I'm going to go full time as well, but wondering what the nest set up is...
Thanks
H
LeTiss, you're saying that you are self employed. How is this structured ? Did you start a company and are trading in the name of the company, or are you set up as a sole trader ? I'm going to go full time as well, but wondering what the nest set up is...
Thanks
H
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aligammack
- Posts: 104
- Joined: Wed Apr 15, 2009 2:49 pm
Very interesting thread!
I work in finance abroad but recently I've contemplated moving back to the UK. Due to all the financial regulations in the UK I'm not sure if I would like to continue this line of work so going full time as a trader I have considered as an option.
Whenever I think about going full time my mind takes me back to a blog that I read about 3 years ago.... definitely worth a read if you haven't already.
http://thebetfairtrader.blogspot.com/20 ... tfair.html
What do you full-time traders think of the post? Agree/Disagree?
Would be interesting to hear your opinions.
I work in finance abroad but recently I've contemplated moving back to the UK. Due to all the financial regulations in the UK I'm not sure if I would like to continue this line of work so going full time as a trader I have considered as an option.
Whenever I think about going full time my mind takes me back to a blog that I read about 3 years ago.... definitely worth a read if you haven't already.
http://thebetfairtrader.blogspot.com/20 ... tfair.html
What do you full-time traders think of the post? Agree/Disagree?
Would be interesting to hear your opinions.
Hi sweetbt
I think if i were you i would go for the part time option.
vie been waiting for redundancy for two years now and I cant get it! It's too much to walk away from so as I work from home anyway I Just tend to get up earlier and try and get my day job done by twoish...leaving time to trade in the afternoon...
I would imagine if you had to rely on it as your sole income then the pressure could mount as it has been mentioned...
Anyway the very best of luck..!
regards
Peter
PS I may be wrong but I think you auto trade? i do too and have found that there is a ceiling in terms of how much I can push through. might not be in what your doing...but worth thinking about??
I think if i were you i would go for the part time option.
vie been waiting for redundancy for two years now and I cant get it! It's too much to walk away from so as I work from home anyway I Just tend to get up earlier and try and get my day job done by twoish...leaving time to trade in the afternoon...
I would imagine if you had to rely on it as your sole income then the pressure could mount as it has been mentioned...
Anyway the very best of luck..!
regards
Peter
PS I may be wrong but I think you auto trade? i do too and have found that there is a ceiling in terms of how much I can push through. might not be in what your doing...but worth thinking about??
PeterLe wrote: PS I may be wrong but I think you auto trade? i do too and have found that there is a ceiling in terms of how much I can push through. might not be in what your doing...but worth thinking about??
I autotrade US and Oz Racing and dog racing and manually trade UK/Irish Racing mainly in-running and a bit of pre-race. The stakes I use could be higher but if I can maintain my current betfair income that would be fine.
The last two years I have matched my normal wage with Betfair income, although I currently only work 80% anyway and I think 60% of a full wage would be enough to live on as my wife also works 50%, but only get paid 50%.
Anyone follow that?? I won't even mention that I am currently on 6 months full time parental leave which pays about 50% of my normal 80% wage.
I am a part time trader, who does eventually want to go full time. This year i have been making strides in that direction. I have a job in a hotel and in May decided to reduce my hours to just 8pw, and try to depend more on the trading.
THere is a lot to be said for that regular wage packet every month though - for a start it covers my rent. But I have felt the extra pressure of having to make the trading work - I dont think I could do it if I had kids or a mortgage.
Heres a bit of my story.....
The tourism industry is one i fell into rather reluctantly and with only a few GCSEs to my name my options in the Cumbria were limited. I love living here and resented the thought of having to leave to follow a career.
For years i have been looking to get out and whilst dabbling with what little savings i had in the murky world of daytrading (which I loved, but was under capitalised and just wasnt good enough at it to make a consistant living) I came accross Peter Webb at a daytraders meeting in the NW. He gave a talk about betfair, i was impressed as much as i was confused but a few weeks later I looked into it a bit more.
When i started trading 2/3yrs ago I did not have lots of capital to fall back on. Then on one horrible day, 3 months in, I lost my bank and nearly all my savings (boy - that was a bad day!). But I just thought "Sod it! I've got to make this work!"
They were tough times I really was playing with all the money I had left, and continuing was going against the grain of thought of everyone around me. There was no encouragement, no pats on the back and no sympathy if I had a tough day. I learned to stop talking about my work and kept the ups and downs to myself.
Inspiration came from those traders who were successful, I knew it was possible, and the persistance is now paying off.
When I look back on the day that I lost nearly everything, what I was doing was naive and insane - chasing loses by going in-play. Despite all the hard times I dont regret any of it an can honestly say that meeting Peter Webb that day is was the best thing that could have happened to me.
I would say that i am definately not a natural trader and still HATE losing too much - that makes me way too cautious considering how consistant i am.
But, I love the fact that I can work at home, I am my own boss and that ,every penny I earn on betfair comes from what I have TAUGHT MYSELF;)
Good Luck with your decision Sweetbt
THere is a lot to be said for that regular wage packet every month though - for a start it covers my rent. But I have felt the extra pressure of having to make the trading work - I dont think I could do it if I had kids or a mortgage.
Heres a bit of my story.....
The tourism industry is one i fell into rather reluctantly and with only a few GCSEs to my name my options in the Cumbria were limited. I love living here and resented the thought of having to leave to follow a career.
For years i have been looking to get out and whilst dabbling with what little savings i had in the murky world of daytrading (which I loved, but was under capitalised and just wasnt good enough at it to make a consistant living) I came accross Peter Webb at a daytraders meeting in the NW. He gave a talk about betfair, i was impressed as much as i was confused but a few weeks later I looked into it a bit more.
When i started trading 2/3yrs ago I did not have lots of capital to fall back on. Then on one horrible day, 3 months in, I lost my bank and nearly all my savings (boy - that was a bad day!). But I just thought "Sod it! I've got to make this work!"
They were tough times I really was playing with all the money I had left, and continuing was going against the grain of thought of everyone around me. There was no encouragement, no pats on the back and no sympathy if I had a tough day. I learned to stop talking about my work and kept the ups and downs to myself.
Inspiration came from those traders who were successful, I knew it was possible, and the persistance is now paying off.
When I look back on the day that I lost nearly everything, what I was doing was naive and insane - chasing loses by going in-play. Despite all the hard times I dont regret any of it an can honestly say that meeting Peter Webb that day is was the best thing that could have happened to me.
I would say that i am definately not a natural trader and still HATE losing too much - that makes me way too cautious considering how consistant i am.
But, I love the fact that I can work at home, I am my own boss and that ,every penny I earn on betfair comes from what I have TAUGHT MYSELF;)
Good Luck with your decision Sweetbt