Its good you know what you want and more to the point that you are actually doing it.
Regards tony
Profitable accounts on Betfair
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andyfuller
- Posts: 4619
- Joined: Wed Mar 25, 2009 12:23 pm
I can see where Mugsgame is coming from. As has been said 40% of something is better than 100% of nothing. Just as long as that 40% is worth it, each person needs to consider the opportunity cost both now and in the future.
For example it could be worth taking less than 40% for a year or two whilst building up the ability to earn more than the 40% else where. Especially as Betfair have clearly got away with the 60% there is every chance they will go after more in the future as history has shown. If you got away with 60% why not go for 70% and lower the threshold from £250k to £150k.....
You can see for example from Peter's posts that although he is far from happy with the PC and has done more probably than anyone with things like Betdaq it is still worth his while getting up in the middle of the night to trade as 40% of what he makes is still a heck of a lot.
It all comes down to each individuals circumstances I guess but for someone to come on here saying that people aren't willing to discuss the topic is just plain ridiculous and rather annoying especially when several of the posters on this forum are banned from Betfair's forum for discussing the subject!
For example it could be worth taking less than 40% for a year or two whilst building up the ability to earn more than the 40% else where. Especially as Betfair have clearly got away with the 60% there is every chance they will go after more in the future as history has shown. If you got away with 60% why not go for 70% and lower the threshold from £250k to £150k.....
You can see for example from Peter's posts that although he is far from happy with the PC and has done more probably than anyone with things like Betdaq it is still worth his while getting up in the middle of the night to trade as 40% of what he makes is still a heck of a lot.
It all comes down to each individuals circumstances I guess but for someone to come on here saying that people aren't willing to discuss the topic is just plain ridiculous and rather annoying especially when several of the posters on this forum are banned from Betfair's forum for discussing the subject!
this is slightly disappointing.
2 points I'd like to make:
1, That 40k job that is genuinely hard work in 2-5 years will most probably turn into 60/80k+
2, That 60% you are giving betfair WILL go up in the next 5 years and you will make less.
For me @60% I don't make enough so its part time or full time jobwise for me.
2 points I'd like to make:
1, That 40k job that is genuinely hard work in 2-5 years will most probably turn into 60/80k+
2, That 60% you are giving betfair WILL go up in the next 5 years and you will make less.
For me @60% I don't make enough so its part time or full time jobwise for me.
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runningman
- Posts: 16
- Joined: Fri Jun 25, 2010 2:18 am
Hi Guys,
I have been a proffesional poker player for around 7 years and have always been interested in trading. In my industry the more rake and volume I put through a site see my rewards increase through rakeback deals etc. This is completely the opposite to what you guys are going through and I find it unbelivable!!
This is also true with Betfair Poker where I get 40% rakeback (deduction) on all fees paid and so raises the point that Betfair have two completely different policies.
Obviously this is due to them having total market domination of the exchanges at the moment but in my opinion this will 100% change in the coming years. I actually think it is a great time for me to start to learn as I estimate that by the time I start dealing with Betfairs PC I will have other places available to me
I have been a proffesional poker player for around 7 years and have always been interested in trading. In my industry the more rake and volume I put through a site see my rewards increase through rakeback deals etc. This is completely the opposite to what you guys are going through and I find it unbelivable!!
This is also true with Betfair Poker where I get 40% rakeback (deduction) on all fees paid and so raises the point that Betfair have two completely different policies.
Obviously this is due to them having total market domination of the exchanges at the moment but in my opinion this will 100% change in the coming years. I actually think it is a great time for me to start to learn as I estimate that by the time I start dealing with Betfairs PC I will have other places available to me
What was the job Mugs? I pity your boss. 
I think a reality check for a few pros by entering the labour market is a great idea. I work part time so can understand the stresses the working family is under while appreciating the wonderful tax free income trading can provide.
I have just returned from Tenerife today. The busineses there are really struggling and the Brits who can still afford to go there are really strugling as well. I have also been to Greece this year and can tell you many people there would like our problems.
I hope to visit Mr Webb soon for a refresher course (any in November Peter?) and hope the the incredible trading journey will continue.
I think a reality check for a few pros by entering the labour market is a great idea. I work part time so can understand the stresses the working family is under while appreciating the wonderful tax free income trading can provide.
I have just returned from Tenerife today. The busineses there are really struggling and the Brits who can still afford to go there are really strugling as well. I have also been to Greece this year and can tell you many people there would like our problems.
I hope to visit Mr Webb soon for a refresher course (any in November Peter?) and hope the the incredible trading journey will continue.
Yes, you guys who are lucky enough to make a living on Betfair, just remember the tedium of ordinary work for most people. Read this if you want a reminder of the reality of it:
http://chronopause.com/index.php/2011/0 ... e-of-this/
"The alarm clock goes off. You must get out of bed and start your day. You wanted to stay up later the previous night and catch that late TV program, chat a little longer with friends at the pub, but you couldn’t… You are sleepy and you really want to turn the alarm off and go back to bed. Of course, you can’t do that, because you must go to work. For the vast majority of people that is not a prospect that fills them with joy or anticipation. Your work is OK,
or at least not “bad,” but you have to go to the same place every day, and you have to do what one or more other people tell you to do. You have a little negotiating room on this issue, but not much. Similarly, you have a little wiggle room. There are some minutes when you can steal a little time “of your own.” But mostly, you have to do one thing after the other that someone else tells you to do. What’s more, you must do it when and how they tell you to do it"
"Others whom you work with are better compensated, and those that own the enterprise you work for are getting rich from it, and that rankles. But, beyond these concerns, this isn’t what you really wanted to do with your life and your time. When you were fifteen, you wanted to _______________, to travel, to see the world, and to meet interesting people and do interesting things. Instead, here you are. And every day you are a little older and a little more run-down. The clock is ticking. When you looked in mirror this morning, you had to face it yet again; you aren’t young anymore and you aren’t going to get any younger."
"Your sphere of options is incredibly narrow. You don’t see it that way, but that is the reality. Except for 2 weeks a year, and scattered holidays in between, your life is mostly the same – and it isn’t exciting and you don’t enjoy being told what to do all the time. In fact, if you didn’t need the money, you’d beat your boss senseless, or at very least, walk out and never come back."
Awful isn't it? Better make damn sure you learn to win on the exchanges, and keep learning, and be very thankful for what you've got.
http://chronopause.com/index.php/2011/0 ... e-of-this/
"The alarm clock goes off. You must get out of bed and start your day. You wanted to stay up later the previous night and catch that late TV program, chat a little longer with friends at the pub, but you couldn’t… You are sleepy and you really want to turn the alarm off and go back to bed. Of course, you can’t do that, because you must go to work. For the vast majority of people that is not a prospect that fills them with joy or anticipation. Your work is OK,
or at least not “bad,” but you have to go to the same place every day, and you have to do what one or more other people tell you to do. You have a little negotiating room on this issue, but not much. Similarly, you have a little wiggle room. There are some minutes when you can steal a little time “of your own.” But mostly, you have to do one thing after the other that someone else tells you to do. What’s more, you must do it when and how they tell you to do it"
"Others whom you work with are better compensated, and those that own the enterprise you work for are getting rich from it, and that rankles. But, beyond these concerns, this isn’t what you really wanted to do with your life and your time. When you were fifteen, you wanted to _______________, to travel, to see the world, and to meet interesting people and do interesting things. Instead, here you are. And every day you are a little older and a little more run-down. The clock is ticking. When you looked in mirror this morning, you had to face it yet again; you aren’t young anymore and you aren’t going to get any younger."
"Your sphere of options is incredibly narrow. You don’t see it that way, but that is the reality. Except for 2 weeks a year, and scattered holidays in between, your life is mostly the same – and it isn’t exciting and you don’t enjoy being told what to do all the time. In fact, if you didn’t need the money, you’d beat your boss senseless, or at very least, walk out and never come back."
Awful isn't it? Better make damn sure you learn to win on the exchanges, and keep learning, and be very thankful for what you've got.
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Groovyelms
- Posts: 277
- Joined: Fri May 20, 2011 7:42 am
Some excellent and insightfull posts, I am not as yet profitable in sports trading, but its getting better.. Over the last four years my r/t business has lost thousands... I worked to the point where I was ill with the stress of it all, ending up hating every waking second of the working day..
Due to a set of sad circumstances, I can now discribe myself as semi retired.. I am infact i am off to work r/t in about an hour..
But on Thursday and friday I will happily continue learning to trade... if I every make enough for the pc, I will be a lucky man with a completely new set of skills and the prospect of exciting new opourtunities, which may be very different from now..
luck to all Groovy
Due to a set of sad circumstances, I can now discribe myself as semi retired.. I am infact i am off to work r/t in about an hour..
But on Thursday and friday I will happily continue learning to trade... if I every make enough for the pc, I will be a lucky man with a completely new set of skills and the prospect of exciting new opourtunities, which may be very different from now..
luck to all Groovy
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CaerMyrddin
- Posts: 1271
- Joined: Mon Sep 07, 2009 10:47 am
Sorry but I don't agree. A cousin of mine was having that kind of feelings for a long time and had an heart attack due to the stressful life he had. He, his wife and their 3 kinds now live in a small island in Brasil with no electricity and zero stress, but they rescued back their lives. They have never been happier.Your sphere of options is incredibly narrow
One should always get in terms with himself. After all, you're the only person you will have to always deal with.
Your life is in your hands, even when everything else and everyone else says otherwise. As a close friend of mine says, you don't even have to get up a chair to go to the toilet, you can always pee your paints
In a certain way, all of us are a clear proof of the stated. Many of us don't have a conventional life, do we?