Hi everyone!
I am a beginner interested in trading on Betfair and am considering becoming a full-time trader in Australia. I would like to learn about the experiences of those who have traded full-time here. Specifically, I am interested in the following issues:
Is the Australian market liquid enough to support full-time trading?
Do you mainly trade the Australian market or do you have to stay up late to trade international markets like the UK?
What are the main challenges of trading full-time in Australia?
Which platform do you use (Betfair, Betdaq, etc.) and what are your recommendations for choosing a platform?
I would love to hear from the community about your thoughts and advice on full-time trading in Australia.
Full-time trading experience in Australia?
hi there and welcome. Im not sure how best to frame this, so bear with me!
I think that before becoming a full time trader, you'll definitely need to do your 10,000 hours in whatever market you have been gaining experience in. Trading literally is a game of gut and brain being in sync and in my experience, this only occurs with time and exposure. Altho' not addressing the specifics of your OP, I think you need to consider some of the basics 1st, if you haven't already done so.
That said, there are many way to fast track your progress:
1. determine whether you are a manual or automation type trader and focus on honing those skills, even if choosing just 1 sports market to focus on
2. set up your short term and medium term goals - i.e. short term might be "I want to work 3 hours a day on this after work/college". Medium terms might be, "I want to break even on my trades and never risk more than 1% of my bank" etc..
3. work up a game plan where you have a firm grasp on what you plan to do for the known eventualities and in particular a game plan for and exit for the exceptions that weren't accounted for
4. keep a detailed account of your market participation. this would include notes on why you felt a particular trade would work out, what your exit strategy was etc.
5. money management - this is a whole topic in itself, but without a firm understanding of the implications of over staking (or exiting a winning position too soon), the best laid plans will go asunder.
6. read the forum, seek advice when unsure of anything, most folk will have walked this path and you'll be surprised at how open folks will be to sharing pointers on basics.
Not an endless list, but one to get you started. You also should review your progress after say 12 months and determine whether you're progressing at the rate required to go for it fulltime. This will include things such as whether you actually enjoy the pursuit, whether you've achieved you short term and medium term goals etc and whether you feel that you have the inner strength to weather the storm when you have a period of inevitable non profiting trades.
Good luck - hope this sets a few thoughts in motion.
I think that before becoming a full time trader, you'll definitely need to do your 10,000 hours in whatever market you have been gaining experience in. Trading literally is a game of gut and brain being in sync and in my experience, this only occurs with time and exposure. Altho' not addressing the specifics of your OP, I think you need to consider some of the basics 1st, if you haven't already done so.
That said, there are many way to fast track your progress:
1. determine whether you are a manual or automation type trader and focus on honing those skills, even if choosing just 1 sports market to focus on
2. set up your short term and medium term goals - i.e. short term might be "I want to work 3 hours a day on this after work/college". Medium terms might be, "I want to break even on my trades and never risk more than 1% of my bank" etc..
3. work up a game plan where you have a firm grasp on what you plan to do for the known eventualities and in particular a game plan for and exit for the exceptions that weren't accounted for
4. keep a detailed account of your market participation. this would include notes on why you felt a particular trade would work out, what your exit strategy was etc.
5. money management - this is a whole topic in itself, but without a firm understanding of the implications of over staking (or exiting a winning position too soon), the best laid plans will go asunder.
6. read the forum, seek advice when unsure of anything, most folk will have walked this path and you'll be surprised at how open folks will be to sharing pointers on basics.
Not an endless list, but one to get you started. You also should review your progress after say 12 months and determine whether you're progressing at the rate required to go for it fulltime. This will include things such as whether you actually enjoy the pursuit, whether you've achieved you short term and medium term goals etc and whether you feel that you have the inner strength to weather the storm when you have a period of inevitable non profiting trades.
Good luck - hope this sets a few thoughts in motion.
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ShaunWhite
- Posts: 10353
- Joined: Sat Sep 03, 2016 3:42 am
There's enough money on Betfair for Aus daylight traders to make a living.
The received wisdom is that if you can match your current wage for a year part-time then you might be be able to make a living full-time. But playing at trading is very different to knowing the roof over your head is dependant on it, so the psychology becomes an issue for some people when they make the leap. That's not confined to manual trading, it's equally true of automation too.
Take a look at the Betfair Australia channel on YouTube, lots of content for all types of user.
The received wisdom is that if you can match your current wage for a year part-time then you might be be able to make a living full-time. But playing at trading is very different to knowing the roof over your head is dependant on it, so the psychology becomes an issue for some people when they make the leap. That's not confined to manual trading, it's equally true of automation too.
Take a look at the Betfair Australia channel on YouTube, lots of content for all types of user.
