Potential earning

[firech8787]

Are there any traders out there that are able to make a good income from trading?

I'm new to it all, see a lot of guys showing their screen shots from a days trading only showing a few quid in winnings.

I'm aware they are probably new too and getting £1.50 profit a day from using £10 stakes would be a good return but have people scaled it up to where they are making £150 - £200 a day?

Cheers

[Derek27]

Are there any traders out there that are able to make a good income from trading?

I'm new to it all, see a lot of guys showing their screen shots from a days trading only showing a few quid in winnings.

I'm aware they are probably new too and getting £1.50 profit a day from using £10 stakes would be a good return but have people scaled it up to where they are making £150 - £200 a day?

Cheers

People lose large amounts trading and people win large amounts. Potential is a very individual quantity that you only get an idea of as you learn to trade and become profitable. There are some that make 6-7 figure sums but it bears no relation to my potential or that of a new trader learning the craft.

[firech8787]

Yes I understand, just need to change my mindset. Im a window cleaner so it's hard to get head around someone working all afternoon to then get a couple of quid from it... But I suppose you have to start and learn the craft.

I've been on practice mode for about a month trying a bit of everything, I seem to get quite beaten up by the market at the moment. Looking mainly at horses and tennis

Do you trade full time?

Cheers

[jamesedwards]

Absolutely possible but usually requires lots of time, hard work, and a healthy dollop of luck.

It's very unlikely to be a get-rich-quick scheme, and unlikely to be a get-rich-slowly scheme. You not only need to beat the market, but you need to beat it by more than the 2% commission plus book%.

Do you have a tangible edge over the market? IMO If you haven't got an edge then more than likely you're just playing with numbers and will lose in the long run.

Practise Mode is very useful for making sure your automations work as you are expecting. But if you can afford it, it's better to trade in real mode for the minimum stakes to get a more accurate idea of performance as the market will react differently when you are acting within it for real.

[FastandCurious]

It is correct that some traders make substantial amounts. However, I have worked for several betting companies. I know for a fact that the vast majority of the customers are longterm losers. I don't know the break up winners to losers with the exchanges, but I will be very surprised if the losers do not outnumber the winners significantly.

I would not only ask myself if you have an edge, I would also ask myself what my edge is. If you feel certain that you have an edge. That there are good reasons why you will be able to beat the markets by at least a few percentage points. I would try to develop this edge as much as possible.

[Kai]

Are there any traders out there that are able to make a good income from trading?

I'm new to it all, see a lot of guys showing their screen shots from a days trading only showing a few quid in winnings.

I'm aware they are probably new too and getting £1.50 profit a day from using £10 stakes would be a good return but have people scaled it up to where they are making £150 - £200 a day?

If it wasn't possible everyone would pack it in long ago.

Anyone new will have a lot to learn and has to uncover a lot of fog of war overall, but in simplest terms you have to beat some of the other market participants, and there's not much silly money around anymore.

[Derek27]

Yes I understand, just need to change my mindset. Im a window cleaner so it's hard to get head around someone working all afternoon to then get a couple of quid from it... But I suppose you have to start and learn the craft.

I've been on practice mode for about a month trying a bit of everything, I seem to get quite beaten up by the market at the moment. Looking mainly at horses and tennis

Do you trade full time?

Cheers

Yes, I'm full time but I don't make substantial amounts.

Be wary of spending too long in practice mode. It's for testing software features and automation, not practicing trading and Betfair will eventually block you if you're using the API without placing actual bets. You can use small stakes.

viewtopic.php?p=143016&hilit=using+prac ... ly#p143016

[Euler]

There are lots of substantial long-term winners through Betfair trading, but it's just like any skill. It takes time to perfect, and everybody's approach is slightly different, depending on their tolerance to risk.

The rate of winners on exchanges is higher than traditional sports betting as the house edge you need to overcome is tiny in comparison to traditional betting methods.

But the general advice is not to focus on any monetary value and to focus on a strategy and trading well. When you have achieved that, you can start thinking about long term rewards.

[Derek27]

It is correct that some traders make substantial amounts. However, I have worked for several betting companies. I know for a fact that the vast majority of the customers are longterm losers. I don't know the break up winners to losers with the exchanges, but I will be very surprised if the losers do not outnumber the winners significantly.

I would not only ask myself if you have an edge, I would also ask myself what my edge is. If you feel certain that you have an edge. That there are good reasons why you will be able to beat the markets by at least a few percentage points. I would try to develop this edge as much as possible.

The exchange is a zero sum game. There's no bookie. For every £1 that's lost, somebody wins £1.

Learning to trade is quite hard work, requires a lot of patience and some people find they spend a long time breaking even. If you find yourself in that situation, keep at it, keep reviewing and revising the way you trade to make that profitable breakthrough. Good luck.

[firech8787]

Yes I understand, just need to change my mindset. Im a window cleaner so it's hard to get head around someone working all afternoon to then get a couple of quid from it... But I suppose you have to start and learn the craft.

I've been on practice mode for about a month trying a bit of everything, I seem to get quite beaten up by the market at the moment. Looking mainly at horses and tennis

Do you trade full time?

Cheers

Yes, I'm full time but I don't make substantial amounts.

Be wary of spending too long in practice mode. It's for testing software features and automation, not practicing trading and Betfair will eventually block you if you're using the API without placing actual bets. You can use small stakes.

viewtopic.php?p=143016&hilit=using+prac ... ly#p143016

Hi appreciate that there is money in my account but yea may move away from practice mode.

I have heard about getting an edge so much but what's the best way of finding one?

I was scalping a lot on under 1.5 market... Picking up pennies in front of a train... so I thought I should just be the train lol... Seemed to work

Would this be considered an edge... Or more of a strategy?

[Derek27]

Yes I understand, just need to change my mindset. Im a window cleaner so it's hard to get head around someone working all afternoon to then get a couple of quid from it... But I suppose you have to start and learn the craft.

I've been on practice mode for about a month trying a bit of everything, I seem to get quite beaten up by the market at the moment. Looking mainly at horses and tennis

Do you trade full time?

Cheers

Yes, I'm full time but I don't make substantial amounts.

Be wary of spending too long in practice mode. It's for testing software features and automation, not practicing trading and Betfair will eventually block you if you're using the API without placing actual bets. You can use small stakes.

viewtopic.php?p=143016&hilit=using+prac ... ly#p143016

Hi appreciate that there is money in my account but yea may move away from practice mode.

I have heard about getting an edge so much but what's the best way of finding one?

I was scalping a lot on under 1.5 market... Picking up pennies in front of a train... so I thought I should just be the train lol... Seemed to work

Would this be considered an edge... Or more of a strategy?

Getting an edge requires learning to trade and then learning value, i.e. recognising a good win to loss ratio. Scalping can result in bad trades losing five times more than good trades win. If you're strike rate is >80% that will still be profitable, but it's a slim margin. Strategies that win five times more than you lose lowers the required strike rate to 20%, giving you more potential, but it's all down to personal style and preference.

There are plenty of ideas on the BA Academy to get you started off.

https://www.betangelacademy.com/

[FastandCurious]

It is correct that some traders make substantial amounts. However, I have worked for several betting companies. I know for a fact that the vast majority of the customers are longterm losers. I don't know the break up winners to losers with the exchanges, but I will be very surprised if the losers do not outnumber the winners significantly.

I would not only ask myself if you have an edge, I would also ask myself what my edge is. If you feel certain that you have an edge. That there are good reasons why you will be able to beat the markets by at least a few percentage points. I would try to develop this edge as much as possible.

The exchange is a zero sum game. There's no bookie. For every £1 that's lost, somebody wins £1.

Learning to trade is quite hard work, requires a lot of patience and some people find they spend a long time breaking even. If you find yourself in that situation, keep at it, keep reviewing and revising the way you trade to make that profitable breakthrough. Good luck.

A zero sum game yes. Even so it is not pound for pound, the reality is that for every pound lost somebody wins somewhere between 0.93 and 0.98 depending on the fee they pay...

[Kai]

The rate of winners on exchanges is higher than traditional sports betting as the house edge you need to overcome is tiny in comparison to traditional betting methods.

This should be the key selling point for anyone new coming in

The fact that winners are actually welcome, and part of the eco

[Euler]

Lots of people still don't seem to realise this.

But this was the thing that attracted me to exchanges. I knew I could overcome the thin line to profitability. Since then I've just chucked as much money at is as possible.

[Derek27]

It is correct that some traders make substantial amounts. However, I have worked for several betting companies. I know for a fact that the vast majority of the customers are longterm losers. I don't know the break up winners to losers with the exchanges, but I will be very surprised if the losers do not outnumber the winners significantly.

I would not only ask myself if you have an edge, I would also ask myself what my edge is. If you feel certain that you have an edge. That there are good reasons why you will be able to beat the markets by at least a few percentage points. I would try to develop this edge as much as possible.

The exchange is a zero sum game. There's no bookie. For every £1 that's lost, somebody wins £1.

Learning to trade is quite hard work, requires a lot of patience and some people find they spend a long time breaking even. If you find yourself in that situation, keep at it, keep reviewing and revising the way you trade to make that profitable breakthrough. Good luck.

A zero sum game yes. Even so it is not pound for pound, the reality is that for every pound lost somebody wins somewhere between 0.93 and 0.98 depending on the fee they pay...

I think Betfair will take a bigger slice than that. It's possible to lose £100, win £105 and pay your £5 to Betfair in commission. That's why so many people break even or make small margins. The key is to work towards a strategy that makes a decent percentage profit, or a small percentage profit that you can scale up and turnover large amounts, something many auto traders do.