Need to earn 150.00 per day 5 days a week. Is this realistic?
I am only useing the before race system.
I am totally new to this, and will be going on the training at a later date. Wish me success
Practice
Day 5 of practice.Records kept and hoping to go live tomorrow!
Need to earn 150.00 per day 5 days a week. Is this realistic?
I am only useing the before race system.
I am totally new to this, and will be going on the training at a later date. Wish me success
Need to earn 150.00 per day 5 days a week. Is this realistic?
I am only useing the before race system.
I am totally new to this, and will be going on the training at a later date. Wish me success
hello phoebe,
Keep up your enthusiasm and being positive, but dont push yourself into a corner by trying to define a set amount you wish or need to make. The days you dont reach your target what do you do?
You can then put yourself in a position to maybe lump on money to chase losses. As the saying goes... 'it's a marathon not a sprint'...
USE SMALL STAKES £2/£4... At the end of the day you will get the same outcome.. you will lose money or you will gain money.. find out first if you can make money in a live market... staying in the game is the most important rule... so if you blow your bank trying then you will not be able to play anymore..... with small stakes you can make mistakes and play for longer then learn not to make mistakes...increasing your bank and your stake slowly
It's taken me 7 years, two visits to Peter course, travelling the country to meet people... watching markets all day....learning new things like excel (and that is hard when you're 44).. and now I can scrape a bit from the footy markets each week.,, but sometimes the gods of probability take some from me... It's all part of the long term game.. for me it's just beginning.
I am not suggesting that it will be that long for anyone else... all I know now is not to expect, always ask for a price... and wait. Then discipline becomes your friend.
I might not end up being the best trader, but for the first time in my life I am doing something successful that I have control over. From that I would like to buy a house, but that is off in the future waiting for me if I listen to myself.
I hope this is helpful. I wish you all the best.
herbie
Keep up your enthusiasm and being positive, but dont push yourself into a corner by trying to define a set amount you wish or need to make. The days you dont reach your target what do you do?
You can then put yourself in a position to maybe lump on money to chase losses. As the saying goes... 'it's a marathon not a sprint'...
USE SMALL STAKES £2/£4... At the end of the day you will get the same outcome.. you will lose money or you will gain money.. find out first if you can make money in a live market... staying in the game is the most important rule... so if you blow your bank trying then you will not be able to play anymore..... with small stakes you can make mistakes and play for longer then learn not to make mistakes...increasing your bank and your stake slowly
It's taken me 7 years, two visits to Peter course, travelling the country to meet people... watching markets all day....learning new things like excel (and that is hard when you're 44).. and now I can scrape a bit from the footy markets each week.,, but sometimes the gods of probability take some from me... It's all part of the long term game.. for me it's just beginning.
I am not suggesting that it will be that long for anyone else... all I know now is not to expect, always ask for a price... and wait. Then discipline becomes your friend.
I might not end up being the best trader, but for the first time in my life I am doing something successful that I have control over. From that I would like to buy a house, but that is off in the future waiting for me if I listen to myself.
I hope this is helpful. I wish you all the best.
herbie
Herbie,
Thankyou so much for your reply and kind words. I am hoping to find a "buddy" to speak with and learn with or just even to discuss things with, are you up for that? do you live in this country? Shamrock replied to an earlier post offering to help however he is in Austrailia !!! still very kind of him.If you are willing I will send you my email details. One thing to bear in mind, I am not a fruit loop or storker !! just someone who is desparate to find an alternative to this rat race we call life !!
Once again thanks and if I do not get a reply, nothing lost.
Thankyou so much for your reply and kind words. I am hoping to find a "buddy" to speak with and learn with or just even to discuss things with, are you up for that? do you live in this country? Shamrock replied to an earlier post offering to help however he is in Austrailia !!! still very kind of him.If you are willing I will send you my email details. One thing to bear in mind, I am not a fruit loop or storker !! just someone who is desparate to find an alternative to this rat race we call life !!
Once again thanks and if I do not get a reply, nothing lost.
Hi Phoebe,
Just to give you a realistic idea. I finally got to the point where I could eke out small gains on the UK horse races after nearly 2 years of trying.
My profit and loss from yesteday was as follows:
Total bets placed: 1 497.02
Total profits: 13.38
So I had to put $1 497.02 in bets through, to win $13.38 for the day.
Just to give you a realistic idea. I finally got to the point where I could eke out small gains on the UK horse races after nearly 2 years of trying.
My profit and loss from yesteday was as follows:
Total bets placed: 1 497.02
Total profits: 13.38
So I had to put $1 497.02 in bets through, to win $13.38 for the day.
Phoebe,
I've been a self-employed trader for nearly 4 years.
Don't try to achieve a daily target, it's totally unrealistic, unless it's a paltry amount.
What happens if you make £0 today?
Will you try and win £300 tomorrow?
It just doesn't work like that, and you'll start making rash decisions to chase your desired target. Also, what happens when you've made £150, do you shut down for the day?
Opportunities constantly present themselves, so why restrict yourself to a set amount? You might have made £500 had you stuck with it
You will find practice areas are very different from competing in the actual bullring. Your attitude to managing losses will force you into different decisions, and you'll have a tendency to take a profit too soon.
Just as an additional note to Zenyatta, these are my Wednesday figures
Total bets £43789.23
Total profits £126.74
ROI 0.28%
I worked from 7.45am to 10.15pm, with just 1h 20mins off for food. It's a 13 hour day, which results in less than £10 per hour, and I haven't even deducted PC from that!
This is a much harder game than you possibly imagine.
Good luck though!
I've been a self-employed trader for nearly 4 years.
Don't try to achieve a daily target, it's totally unrealistic, unless it's a paltry amount.
What happens if you make £0 today?
Will you try and win £300 tomorrow?
It just doesn't work like that, and you'll start making rash decisions to chase your desired target. Also, what happens when you've made £150, do you shut down for the day?
Opportunities constantly present themselves, so why restrict yourself to a set amount? You might have made £500 had you stuck with it
You will find practice areas are very different from competing in the actual bullring. Your attitude to managing losses will force you into different decisions, and you'll have a tendency to take a profit too soon.
Just as an additional note to Zenyatta, these are my Wednesday figures
Total bets £43789.23
Total profits £126.74
ROI 0.28%
I worked from 7.45am to 10.15pm, with just 1h 20mins off for food. It's a 13 hour day, which results in less than £10 per hour, and I haven't even deducted PC from that!
This is a much harder game than you possibly imagine.
Good luck though!
These are the best markets to work out a strategy i do better on Footie than pre horse race. You must practice disipline and work on percentages for your trades and not Monatary fundsherbie wrote:hello phoebe,
and now I can scrape a bit from the footy markets each week.,, .
herbie
Good Luck
Hi Phoebe
First of all welcome and good luck in the weeks, months and years ahead.
I agree with many of the posts pointing out that having a daily target is a thoroughly bad idea.
I have been trading for seven years and reckon I am profitable on around 90-95% of days, but I have no idea what those profits will be on a daily basis.
On the pre-race horse racing markets, the charts can vary hugely from day to day. On some days the movements can be mostly within certain narrow ranges, and on others there are massive swings. To think you can profit equally from both is unrealistic for most traders (myself included).
Also different types of races can trade very differently too. Watch out for the NHF races (bumpers) as the markets tend to be very volatile. Use smaller stakes in those markets.
By contrast, big meetings (such as Cheltenham, coming up soon) will move very slowly because of the huge amounts on both sides. Unless you have a massive bank it might be best to leave those alone for now, or just scalp a tick by placing bets on both sides while always being ready to get out fast if the market moves strongly.
I would finish by saying that if you're making any kind of profit so early in your trading career you're doing brilliantly well. Unless you're an exceptional trader, it's going to take some considerable time before you are making £100 plus a day. Use very small stakes and build up slowly; preserve your bank and stay in the game. Many potential traders get blown out of the water before they've really learned how the markets work.
Good luck
Richard
First of all welcome and good luck in the weeks, months and years ahead.
I agree with many of the posts pointing out that having a daily target is a thoroughly bad idea.
I have been trading for seven years and reckon I am profitable on around 90-95% of days, but I have no idea what those profits will be on a daily basis.
On the pre-race horse racing markets, the charts can vary hugely from day to day. On some days the movements can be mostly within certain narrow ranges, and on others there are massive swings. To think you can profit equally from both is unrealistic for most traders (myself included).
Also different types of races can trade very differently too. Watch out for the NHF races (bumpers) as the markets tend to be very volatile. Use smaller stakes in those markets.
By contrast, big meetings (such as Cheltenham, coming up soon) will move very slowly because of the huge amounts on both sides. Unless you have a massive bank it might be best to leave those alone for now, or just scalp a tick by placing bets on both sides while always being ready to get out fast if the market moves strongly.
I would finish by saying that if you're making any kind of profit so early in your trading career you're doing brilliantly well. Unless you're an exceptional trader, it's going to take some considerable time before you are making £100 plus a day. Use very small stakes and build up slowly; preserve your bank and stay in the game. Many potential traders get blown out of the water before they've really learned how the markets work.
Good luck
Richard
Hi All,
Thanks to all of you who replied. Well day 7 of practicing , didnt get to go live so still practicing!
The thread from all of you is to go very carefully which i intend to listen to. I am going to read Peter Webbs training manual again and again, however there are many things I read witin that book that I really do not understand so this time I am going to ask what I do not understand.Anyone suggest easier reading such as the Betfair for dummies? is that worth looking at?
Best of luck to all
Thanks to all of you who replied. Well day 7 of practicing , didnt get to go live so still practicing!
The thread from all of you is to go very carefully which i intend to listen to. I am going to read Peter Webbs training manual again and again, however there are many things I read witin that book that I really do not understand so this time I am going to ask what I do not understand.Anyone suggest easier reading such as the Betfair for dummies? is that worth looking at?
Best of luck to all
Interesting. No one else wants to touch the bumpers or their flat season equivalent (maidins) but I love those races... the right strategy can easily rake in huge profits in these racesfuzzer54 wrote: Also different types of races can trade very differently too. Watch out for the NHF races (bumpers) as the markets tend to be very volatile. Use smaller stakes in those markets.
in fact NHF/maidins is my best type of race, profit-wise.The type of race I despise are the typical jumps handicaps with many evenly priced runners. That type of race has cost me a fortune.
Hate to be a nay sayer but this is totally unrealistic for someone who has never traded with real money before. You should be aiming to break even to start with. If it was possible to make 150 a day from the start my dog would be doing itPhoebe wrote: Need to earn 150.00 per day 5 days a week. Is this realistic?
Short answer is no. I bought this book a few years ago and all it really does is explain how the exchange works, it doesnt offer any gems on how to make money. Books and courses can be useful (and expensive) but there is absolutely no substitute for time spent day after day in the market learning how to cope with losses more than anything else. Eventually things will start to make sense providing you havent blown bank after bank which is what many new traders do (me included).Phoebe wrote:Anyone suggest easier reading such as the Betfair for dummies? is that worth looking at?
Best of luck to all
One word of warning practice mode is nothing like real time trading. In practice mode your orders are fired into the market instantly, in real time there can be a fraction of a second delay. Doesnt sound like much but its a real eye opener when you start trading real money.
Like other posters have already said you'd be best to trade using small stakes to begin with and not to expect much to start with.
Good luck
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steven1976
- Posts: 1744
- Joined: Tue Jan 19, 2010 6:28 am
The markets certainly react different when using real money as to demo mode.
Hi Pheobe
Why not contact Peter about the things you don't understand?
I've found him very helpful when I've had questions.
Good luck in your trading journey.
Jeff
Why not contact Peter about the things you don't understand?
I've found him very helpful when I've had questions.
Good luck in your trading journey.
Jeff
Phoebe wrote:I am going to read Peter Webbs training manual again and again, however there are many things I read witin that book that I really do not understand