Trading Plan and Compound Interest

[grimm]

I'm still new to Betfair trading. My short story and advice for new trader. ( English not 1st language). I learn English in UK.
I'm taxi driver who hate his job. In last year so i put £300 in Betfair and start learning. Put lot of hours, watched Peter video around 20times. I kept losing, sometime I won but mostly I lost. A month ago one of my customer told me how he grow his trading account, trading football over 30k in a year( he show me few trades and Betfair statement). I ask him give me advice or what I'm doing wrong. He simply said Trading Plan and compounding interest. Record trade and check back later for answer.
So I start looking in Trading Plan and Compound interest. A month ago I start again with £100. now I have in account £483.
a little over 5% of daily interest. If I keep up with 5% daily, I will End up 13k in 100days and I learn while trading.My plan is very simple. I offset with green 1tick. I don't take trade in play. very rarely I take back trade as they normally don't work for me. I recorded over 400 trades and when my taxi not busy I watch those and see what I done wrong.
few links help me trade and learn.

Peter's trading Plan.
https://www.youtube.com/watch?v=uphDSkG ... S&index=18

Book
the richest man in babylon

Compound interest cal
https://www.thecalculatorsite.com/finan ... terest.php

Trading plan
https://docs.google.com/document/d/1b4K ... sp=sharing

I hope that make sense. Just start with small and look at bigger picture. you can make 30k a year, just doing 5% compound interest. I love the feedback and anything you can suggest to improve my trading. Thanks

[Derek27]

I hope that make sense. Just start with small and look at bigger picture. you can make 30k a year, just doing 5% compound interest. I love the feedback and anything you can suggest to improve my trading. Thanks

If you've just started trading and can make £30K a year, you don't need any advice, just crack on.

[jamesedwards]

Well done so far.

Two warnings:
1) If you are just betting a large stake on a very likely outcome then at some point you will get stung big. Be careful not to risk too much or you will eventually lose it all.
2) The higher your stakes the lower your return on investment%. It's much much easier to make 5% on £1 than it is to make 5% on £1000.

[grimm]

I hope that make sense. Just start with small and look at bigger picture. you can make 30k a year, just doing 5% compound interest. I love the feedback and anything you can suggest to improve my trading. Thanks

If you've just started trading and can make £30K a year, you don't need any advice, just crack on.

To right!

[grimm]

Well done so far.

Two warnings:
1) If you are just betting a large stake on a very likely outcome then at some point you will get stung big. Be careful not to risk too much or you will eventually lose it all.
2) The higher your stakes the lower your return on investment%. It's much much easier to make 5% on £1 than it is to make 5% on £1000.

Thanks mate. I'm trying to get automation work. But coming from jumping season to flat race is different. I have to tweak my strategy but when I use automation its totally don't work.

[Derek27]

Compounding interest, in the thread title, should be compounding profit.

This is one of my favourite threads on the forum, and it's all about compounding.

viewtopic.php?f=42&t=19444

I got involved in the discussion and not surprisingly the thread went off track, even the subject of masturbation popped up, but some great memes from Kai.

[comebells]

Well done so far.

Two warnings:
1) If you are just betting a large stake on a very likely outcome then at some point you will get stung big. Be careful not to risk too much or you will eventually lose it all.
2) The higher your stakes the lower your return on investment%. It's much much easier to make 5% on £1 than it is to make 5% on £1000.

Thank bro. This information is really helpful for a beginner like me.

[grimm]

Well done so far.

Two warnings:
1) If you are just betting a large stake on a very likely outcome then at some point you will get stung big. Be careful not to risk too much or you will eventually lose it all.
2) The higher your stakes the lower your return on investment%. It's much much easier to make 5% on £1 than it is to make 5% on £1000.

only betting with £5 in-play stake. or premarket £50. thanks for advice. so far im on right track.