21 yr old looking for all round advice

[Mahadakku]

Don't gamble, you'll waste your life chasing losses and regret it!

Invest your money in blue chip stocks or real estate that will give you a guaranteed income; start early and you'll be glad you did. Don't listen to people who advocate ways to make money gambling because it just does not work! Any form of gambling for that matter. I wish I could rewind time.

[Euler]

Don't gamble, you'll waste your life chasing losses and regret it!

Invest your money in blue chip stocks or real estate that will give you a guaranteed income; start early and you'll be glad you did. Don't listen to people who advocate ways to make money gambling because it just does not work! Any form of gambling for that matter. I wish I could rewind time.

With respect, that's a really odd comment to make.

I understand it, if it we were talking about traditional betting. But exchanges have brought the biggest ever opportunity to make money from betting markets, however you choose to do it.

The ROI on exchanges is exceptionally high for any profitable strategy. So much, that the money I make I invest. So I get the best of both worlds.

[wearthefoxhat]

I have just created an account on here after watching countless Bet Angel videos on YouTube. I have just finished University and would like to give betfair trading a proper shot before I have to get a more 'traditional' job...

Having completed university the world's your "lobster". Gaining a life experience, such as Betfair trading, could help with transferable skills going forward and will strengthen your CV. (I used to be a National Careers Service Advisor, so I can't help myself)

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Analytical decision‑making
Evaluating charts, news, and market indicators builds the ability to make informed decisions under uncertainty.

Risk management
Setting stop‑losses, sizing positions, and managing exposure translates directly to roles requiring careful judgement and safeguarding resources.

Emotional discipline
Managing fear, greed, and impulsive decisions shows resilience and self‑control — qualities employers love.

Pattern recognition
Spotting trends and anomalies is useful in data analysis, operations, compliance, and customer‑facing roles.

Research skills
Traders constantly gather and interpret information from multiple sources, which is valuable in advisory, admin, and support roles.

Numeracy and data literacy
Working with charts, percentages, and performance metrics strengthens comfort with numbers.

Strategic planning
Creating trading plans mirrors planning in business, project work, or client support.

Adaptability in fast‑changing environments
Markets move quickly — being able to adjust strategy is a major asset in any dynamic workplace.

Use of digital tools and platforms
Trading platforms, spreadsheets, and analysis tools build confidence with tech and data systems.

Accountability and record‑keeping
Tracking trades, journaling decisions, and reviewing performance aligns with admin, compliance, and advisory roles.

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[Naffman]

One thing I wish I'd done when I was young was take more risk, more chances.

You really have nothing to lose at this point, and you probably have a safety net in terms of family.

I gave the same advice to Adam Heathcote when he was at Exeter university and that didn't turn out too bad.

Lots of people put me off doing stuff when I was young, and as I moved through my career, I realised they were all wrong. Everything worked out OK in the end, but people telling me the risks of doing things when I was young, wasn't the right advice.

Thankfully, I always aspired not to be in a normal job, and that was the key to where I find myself now.

When you are young you can make mistakes and bad choices and still have plenty of time to recover. When you are older, people tend to trade their dreams for security, so whatever takes your fancy when you are young you should try it, to say at least you gave it a go.

I completely agree. If I wasn’t living with my parents when I was learning then theres no way I’d have been able to continue. When you’re young and have limited commitments it definitely gives you an advantage so good luck

[Goobs]

Don't gamble, you'll waste your life chasing losses and regret it!

Invest your money in blue chip stocks or real estate that will give you a guaranteed income; start early and you'll be glad you did. Don't listen to people who advocate ways to make money gambling because it just does not work! Any form of gambling for that matter. I wish I could rewind time.

With respect, that's a really odd comment to make.

I understand it, if it we were talking about traditional betting. But exchanges have brought the biggest ever opportunity to make money from betting markets, however you choose to do it.

The ROI on exchanges is exceptionally high for any profitable strategy. So much, that the money I make I invest. So I get the best of both worlds.

That simply isnt true, Peter, and you know it!

You can't sit there and claim that any of this has an ROI because it’s not provable, unlike with other forms of investments.

I, like many of the Betfair users, have done nothing but lose money hand over fist since I started, and all your software has done is help speed up that process.

You are hugely biased in all of this, and the OP would do well to disregard anything you say. It's like asking the guy that's selling pick axes for advice on gold mining!!

The latest numbers I've seen suggest that about 5% of Betfair accounts are able to make a profit, so to suggest this is a great way to make money is incredibly misleading.

It’s like pointing to those finishing in the money of a large poker tournament and saying, “people make good money playing poker”. Sure, some do, but the majority do not. It's the exact same structure here, the many lose and give to the few that win. And getting into that walled garden is very, very hard.

[Goobs]

So much, that the money I make I invest. So I get the best of both worlds.

You say that but according to the most recent companies house filings (not exactly an accurate assement of any business I know) but you have;

The combined cash at bank value for all businesses where PETER holds a current appointment equals £1.04M

Not sure why you'd elect to hold so much cash in such a high inflation environment??

[csewell1987]

I think the best point made here was the future of it all. Specifically greyhound racing which is currently facing massive uncertainty. I had a look into automation and seems to rely heavily on greyhound racing for scale. By the time you make inroads the future of the sport could be in doubt, let alone liquidity in the markets. I follow horse racing too which is certainly on the decline from a betting point of view.

[csewell1987]

I also agree with Goobs' point where this is not a good investment for the average person. No matter which way you approach it, it all still involves striking a bet, and is therefore gambling. At any point, no matter what you are doing, it has the potential to turn against you.

[wearthefoxhat]

I also agree with Goobs' point where this is not a good investment for the average person. No matter which way you approach it, it all still involves striking a bet, and is therefore gambling. At any point, no matter what you are doing, it has the potential to turn against you.

I can understand that, but with the right mindset and discipline, you could learn new skills and enjoy the process along the way.

Anything you do in life involves some sort of risk, what's acceptable risk to one person, isn't to another.

"Risk is what's left over when you think you've thought of everything." — Carl Richards (The Behaviour Gap)

[Goobs]

I also agree with Goobs' point where this is not a good investment for the average person. No matter which way you approach it, it all still involves striking a bet, and is therefore gambling. At any point, no matter what you are doing, it has the potential to turn against you.

enjoy the process along the way.

"Risk is what's left over when you think you've thought of everything." — Carl Richards (The Behaviour Gap)

I can tell you firsthand, there is nothing remotely enjoyable about losing money every day...

Sure, the old "everything's a risk" argument, but for people just starting out, having a job where you can go home with less money than you started the day with, is NOT conducive to building wealth or a good start in life! Really think about what you're all suggesting to this young guy here, you are literally encouraging him to pursue a life of gambling. Jesus, no wonder this area is so heavily regulated....

[csewell1987]

I also agree with Goobs' point where this is not a good investment for the average person. No matter which way you approach it, it all still involves striking a bet, and is therefore gambling. At any point, no matter what you are doing, it has the potential to turn against you.

I can understand that, but with the right mindset and discipline, you could learn new skills and enjoy the process along the way.

Anything you do in life involves some sort of risk, what's acceptable risk to one person, isn't to another.

"Risk is what's left over when you think you've thought of everything." — Carl Richards (The Behaviour Gap)

Completely agree yeah. Discipline is key, especially with money management, otherwise staking will take the enjoyment out of it. However, it is important to stress it is high risk and a form of gambling. I think people like to dress it up as "trading" to avoid the stigma that comes with gambling. They are the same thing.

[ShaunWhite]

I had a look into automation and seems to rely heavily on greyhound racing for scale.

Scale comes from doing every race and probably 3 or 4 runners in all UK and Aus horses, plus UK and Aus greyhounds. Plus all football matches simultaneously if you want to, and cricket and tennis. Numbers are just numbers so scale comes from the methods you choose, the basics of obtaining value applies whatever market type it is.

[csewell1987]

I had a look into automation and seems to rely heavily on greyhound racing for scale.

Scale comes from doing every race and probably 3 or 4 runners in all UK and Aus horses, plus UK and Aus greyhounds. Plus all football matches simultaneously if you want to, and cricket and tennis. Numbers are just numbers so scale comes from the methods you choose, the basics of obtaining value applies whatever market type it is.

Yeah appreciate that Shaun. My point was more if greyhound racing heads the way its looking then that likely takes a sizeable chunk out of automation profits. Not so much a pressing issue for someone like yourself who has a tried and tested method making good money currently. However, a newcomer trying to find an edge with automation might take a good few year to find that edge (as it did in goats thread) by which time the sport itself could be clinging on and I certainly wouldn't expect market liquidity/opportunity to persist on a failing sport. I have heard yourself allude to being around 60% greyhounds and from reading goats thread he appears to be similar. A complete downturn in dogs along with the constant decline on horses doesnt make hunting years for an edge very appealing to anyone new to this.

Thats just my view anyway. I decided to stick with the scraping app I have built trying to price and identify value on runners. Been having quite a bit of success once I rid myself of ill discipline too. Luckily my focus is only top racing events so liquidity not an issue and future not looking too bad currently (potential closure of Kempton aside).

[wearthefoxhat]

Really think about what you're all suggesting to this young guy here, you are literally encouraging him to pursue a life of gambling. Jesus, no wonder this area is so heavily regulated....

The "enjoyment" is more the satisfaction of carrying the process of creating something from nothing and seeing it come to fruition. On this thread, it relates to trading/betting, in another it might be baking a cake. There will be a cost attached in both examples, both require time and finesse and a certain skillset to produce an outcome. Once achieved, then why not pat yourself on the back and enjoy it.

My posts try to demonstrate that there is more to just firing up a laptop, clicking a few buttons and hey presto a profit/loss. It requires a more planning/research and feedback from those that have been successful in their field. Hence the original OP question.

The OP has already gone through a vast amount of Peter Webb's you-tube video's. I would suggest to anyone that's struggling to get started, to do the same and approach the information provided objectively.

Of course there's a caveat, it's not for everyone. If there are distractions, inability to control emotions/chase losses...etc. then it'll be an uphill task and it'll be best to find something else that isn't gambling related.

[xtrader16]

My advice to anybody starting off in Betfair Trading is DONT.

There are proper markets out there in Currency and Equity markets that will pay you x 100 more than any horse race will over the course of 5 years.

The people who make their money from Betfair wont tell you how to do it and it will take you years to work it out. The risk to return is awful. Dont bother. Try and trade equity markets and invest for the long term.

Sports trading is for mugs unless you know exactly how/why/when/where the markets are going and nobody is going to tell you.