Hi All,
I have to take my hat off to all you full time traders out there. I've just had a week off work and instead of clearing off to Mallorca as I usually do I thought I'd get some trading practice in.
I traded eight days in a row (I had to miss today, unexpected hospital visiting duties) and gradually felt more and more frazzled as the week went on. Maybe, when you become profficient at it, it is less "demanding" but this week has burned me out. I'm looking forward to an easy week at work to compensate,
cheers, P
Is it time to go full time?
Here's the funny thing in my case. I found a profitable In-Play strategy within a few days of first using BetAngel, but failed to find a profitable pre-race trading strategy for 8 months 
Determined to tackle what is probably the hardest damn thing to do (UK pre-race trading) I slogged on for 8 months, hacking away using trial and error with big stakes (which in retrospect probably wasn't the brightest idea) and losing money at a horrendous rate. Finally, I realized that since I was losing money much faster than trading at random, all I actually had to do was reverse what I was doing
Still, I definitely don't recommend the pre-race UK horse race trading to the man on the street, they are likely to take brutual losses for months on end before getting anywhere. Sheer bloody mindedness is what kept me going in my case.
Determined to tackle what is probably the hardest damn thing to do (UK pre-race trading) I slogged on for 8 months, hacking away using trial and error with big stakes (which in retrospect probably wasn't the brightest idea) and losing money at a horrendous rate. Finally, I realized that since I was losing money much faster than trading at random, all I actually had to do was reverse what I was doing
Still, I definitely don't recommend the pre-race UK horse race trading to the man on the street, they are likely to take brutual losses for months on end before getting anywhere. Sheer bloody mindedness is what kept me going in my case.
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CaerMyrddin
- Posts: 1271
- Joined: Mon Sep 07, 2009 10:47 am
Funny fact about trading for a living:
I decided to open an account on an electronic banking service and today I phoned them to figure out how should I describe my occupation and was advised to tick the "housekeeper" box
Had to laugh on the phone. I am still trying to figure out if I'm going to take this valuable piece of advice
I decided to open an account on an electronic banking service and today I phoned them to figure out how should I describe my occupation and was advised to tick the "housekeeper" box
Had to laugh on the phone. I am still trying to figure out if I'm going to take this valuable piece of advice
ouch, better not give up the day job just yet. Lost a thousand pounds today in running trading.
Not really sure how, and I am a bit worried I don't feel more concerned.
The worst thing is that I will certainly have to pay my first premium charge of the year on Wednesday, if I had had today's losses yesterday I wouldn't have had to pay anything.
Anyway, I only withdraw money after bad losing days so I shall be paying myself a healthy salary in the morning to cheer myself up, avoid the temptation to chase (anymore) and to get back to basics.
Not really sure how, and I am a bit worried I don't feel more concerned.
The worst thing is that I will certainly have to pay my first premium charge of the year on Wednesday, if I had had today's losses yesterday I wouldn't have had to pay anything.
Anyway, I only withdraw money after bad losing days so I shall be paying myself a healthy salary in the morning to cheer myself up, avoid the temptation to chase (anymore) and to get back to basics.
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spreadbetting
- Posts: 3140
- Joined: Sun Jan 31, 2010 8:06 pm
I'd see that as a positive that you're detaching from the loss, realise tomorrows another day and in the long run you'll recover it. Most people get into problems by chasing insignificant losses and compounding them, with a big loss you generally come to the conclusion chasing it is far too big a risk to take.sweetybt wrote:and I am a bit worried I don't feel more concerned.
I disagree regarding no feeling when taking a loss.
It's normally a sign for me to wake up - I have either become complacent or don't value the money enough.
Good luck with what you decide sweety bt.
I'm in a similar position at the moment and will be full time from January.
Mark
It's normally a sign for me to wake up - I have either become complacent or don't value the money enough.
Good luck with what you decide sweety bt.
I'm in a similar position at the moment and will be full time from January.
Mark
Wow! What an inspiring story!
You kept picking yourself up and persevered despite the haunting voices of self-doubt. Well done!
Did you have a eurika breakthrough moment that changed your trading, or was it a gradual process of improvement?
Jeff
You kept picking yourself up and persevered despite the haunting voices of self-doubt. Well done!
Did you have a eurika breakthrough moment that changed your trading, or was it a gradual process of improvement?
Jeff
Yantraman wrote:I am a part time trader, who does eventually want to go full time. This year i have been making strides in that direction. I have a job in a hotel and in May decided to reduce my hours to just 8pw, and try to depend more on the trading.
THere is a lot to be said for that regular wage packet every month though - for a start it covers my rent. But I have felt the extra pressure of having to make the trading work - I dont think I could do it if I had kids or a mortgage.
Heres a bit of my story.....
The tourism industry is one i fell into rather reluctantly and with only a few GCSEs to my name my options in the Cumbria were limited. I love living here and resented the thought of having to leave to follow a career.
For years i have been looking to get out and whilst dabbling with what little savings i had in the murky world of daytrading (which I loved, but was under capitalised and just wasnt good enough at it to make a consistant living) I came accross Peter Webb at a daytraders meeting in the NW. He gave a talk about betfair, i was impressed as much as i was confused but a few weeks later I looked into it a bit more.
When i started trading 2/3yrs ago I did not have lots of capital to fall back on. Then on one horrible day, 3 months in, I lost my bank and nearly all my savings (boy - that was a bad day!). But I just thought "Sod it! I've got to make this work!"
They were tough times I really was playing with all the money I had left, and continuing was going against the grain of thought of everyone around me. There was no encouragement, no pats on the back and no sympathy if I had a tough day. I learned to stop talking about my work and kept the ups and downs to myself.
Inspiration came from those traders who were successful, I knew it was possible, and the persistance is now paying off.
When I look back on the day that I lost nearly everything, what I was doing was naive and insane - chasing loses by going in-play. Despite all the hard times I dont regret any of it an can honestly say that meeting Peter Webb that day is was the best thing that could have happened to me.
I would say that i am definately not a natural trader and still HATE losing too much - that makes me way too cautious considering how consistant i am.
But, I love the fact that I can work at home, I am my own boss and that ,every penny I earn on betfair comes from what I have TAUGHT MYSELF;)
Good Luck with your decision Sweetbt
Well I am back at work. I asked for redundancy several weeks ago but it seems I may have missed the boat.
My boss told me today your problem is your not sh*t at your job". I said I can work on it but it looks like at best I may get the chop at the end of 2011 or if not I will have to walk away with compensation.
There are lots of friends who have got the package but I don't think I will. One of them is setting up a Belgium Pub is Chile !!!!
On the positive side I am still only working 80% with each Thursday and Friday off. I have a free Gym, the pay is ok, great cheap staff restaurant, 10-15 minute commute, and I don't mind the people I work with.
Lots of people would like my problems so what will be will be.
My boss told me today your problem is your not sh*t at your job". I said I can work on it but it looks like at best I may get the chop at the end of 2011 or if not I will have to walk away with compensation.
There are lots of friends who have got the package but I don't think I will. One of them is setting up a Belgium Pub is Chile !!!!
On the positive side I am still only working 80% with each Thursday and Friday off. I have a free Gym, the pay is ok, great cheap staff restaurant, 10-15 minute commute, and I don't mind the people I work with.
Lots of people would like my problems so what will be will be.
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Crackerpot
- Posts: 8
- Joined: Thu Apr 16, 2009 11:04 am
Sweetybt
I went full time trading about 5 months ago.... after making good profit for 6-7 months before that, although it has to be said I've been through the mill for a couple of years before that.
When I started trading full time the pressure did ramp up on me and it affected my trading, and my profit and how I was acting. But within a month the fear of failing left me and things settled down and the profits started again.
Nothing in life is forever, nothing is written in stone, but making your own money and making your own way is the best feeling I've had for a long time. Wish I'd done it earlier.
In your position, with kids and stuff, the safe way would be to cut your hours down and keep money coming in regularly. But don't let the dream die on you, you only get one life make the best of it!!!
Good luck in whatever you decide to do
I went full time trading about 5 months ago.... after making good profit for 6-7 months before that, although it has to be said I've been through the mill for a couple of years before that.
When I started trading full time the pressure did ramp up on me and it affected my trading, and my profit and how I was acting. But within a month the fear of failing left me and things settled down and the profits started again.
Nothing in life is forever, nothing is written in stone, but making your own money and making your own way is the best feeling I've had for a long time. Wish I'd done it earlier.
In your position, with kids and stuff, the safe way would be to cut your hours down and keep money coming in regularly. But don't let the dream die on you, you only get one life make the best of it!!!
Good luck in whatever you decide to do
Well I missed out on the redundancy last time in 2010, but the company is again looking for 100 posts to accept a package.
I was at my bosses door this morning asking "where do I sign" it is not a done deal yet but hopefully by the summer I will be out of a job.
In 2010 I wasn't sure, it didn't seem right with the financial doom and gloom and the PC2. Now I am sure I need a change and with Laddaq on the way I hope the time is right to go full time.
I have 3 kids of 11, 10 and 3 so this is a serious decision to make.
Wish me luck and feel free to PM me any full proof strategies which will allow me to make a mint and switch off my brain.
I was at my bosses door this morning asking "where do I sign" it is not a done deal yet but hopefully by the summer I will be out of a job.
In 2010 I wasn't sure, it didn't seem right with the financial doom and gloom and the PC2. Now I am sure I need a change and with Laddaq on the way I hope the time is right to go full time.
I have 3 kids of 11, 10 and 3 so this is a serious decision to make.
Wish me luck and feel free to PM me any full proof strategies which will allow me to make a mint and switch off my brain.
Good luck, if you want somebody to mess up your plans for financial independance you have my number 
I can honestly say that leaving my last 'normal' job was the best thing I ever did. But at the time it was a real step into the unknown. But opportunties just started to appear around each corner once I had started.
I can honestly say that leaving my last 'normal' job was the best thing I ever did. But at the time it was a real step into the unknown. But opportunties just started to appear around each corner once I had started.
Good luck
It might help that you have kids around. I know Peter manages his time between work and family with expertise. It's the area I've struggled with most over the 5 years of being self-employed. I have no kids, and wasn't in a stable relationship when I started. Trading has led to me becoming quite isolated socially, something I regret
It might help that you have kids around. I know Peter manages his time between work and family with expertise. It's the area I've struggled with most over the 5 years of being self-employed. I have no kids, and wasn't in a stable relationship when I started. Trading has led to me becoming quite isolated socially, something I regret