Well that's me done on Betfair and Bet Angel.

[AVFC28]

After a few months of using Bet Angel and trading on Betfair I can say i'm going to give it up permanently. I actually think the softwares excellent and I had no trouble using it but the amount of effort and time I was putting in to get a kick in the bollocks wasn't worth it. I have no job at the moment but after using Bet Angel for two weeks I decided to purchase it as the ladder among other things made trading much quicker and easier. I could only deposit £100 in to my betfair account as well as I have little money. Now before I learnt to trade to atleast an amateur standard I found myself down at £36 and knowing that was going to be it for me, I managed over the next month or so using £2/£4 stakes and with a lot of time and effort, to get up to £100. I'd earn between £5-£8 a day (Swing trading) on horse racing which considering Im using such low stakes I was happy with. But after I put all that hard work in I layed a horse today which must of gone down by about 20 ticks and then went on to win. So i'm thinking well this is a bit shit for all the effort I put in. So now im down too £48, so I just thought to hell with this and tried to back a winner inplay for my £48 which got caught near the line . With a lack of experience and that little money I don't really think I had much chance to be honest. Guys always seemed to be coming into the market with like £4000 stakes and I can't compete with someone manipulating the market like that. I won a little money on most my trades but when I lost I got my ass kicked big time . So thats it for me, anyway cheers to Peter Webb and Itsamugsgame for putting up some really helpful videos on youtube. A lesson for anyone that doesn't cut there loses really quickly as well.

[haichless]

tbh avfc28

unless you have got IMHO 5k in reality or at the very outside 2k and a lot of patience and time to play with, trading will reap you such little rewards, that even if winning, you will end up risking extraordinary amounts to make it worthwhile, rather than see at a £100 bank a days trading of many hours see you with a fiver profit or a loss.

its like life in general, money goes to money...

[redtra]

It's not easy trading using small amounts because the amount doesn't seem much. Trading all day for a few pounds seems like a waste...but if you can make a profit however small, then that is good. Use a compound interest calculator and just work out how much a 20 pound bank will be worth in 100 days if you can make just 4% per day, it will feel much better and more worthwhile!

[AVFC28]

Yeah I would of been happy with £1 a day to be honest guys. I wasn't one of these guys that thought I was gonna earn a living off of betfair. I looked at it more as a savings account. I do think someone skilled and savvy could do it but I don't think I'm capable of it. What pissed me off the most is I got knocked back loads of times and managed to build my bank up but I was putting in like 8/10 hours of hard work a day just to get 30%,40%,50% of my bank taken again. I actually thought I was getting alright at one stage knowledge wise. To be honest before today a few things happened and I thought i'm gonna lose a lot of money soon because I'm trying to play it safe but still im feeling really uncomfortable during some of these trades. I'd rather have skill than luck anyday but it felt like I'd lay a horse and as soon as I did that a huge weight of money would come in above it and push it down.

[haichless]

at £100 4% on the month compound interst would make you 33p a month.you aint gonna make 4% day after day are you. at 12% a month thats 3 times the up days to the down at equal level profit/loss you will make 99p a month.
Unless you have 2-5k minimum you will end up making those with money even more money. Why because at 8 hrs work for a few pence you will take risks, at 33pits not worth it, unless you have a psychological profile never seen before in human history ( hey if you have,good luck), if you have not like 99.999999999% of us, you will lose unless you have lots of cash.

[Alpha322]

tbh avfc28

unless you have got IMHO 5k in reality or at the very outside 2k and a lot of patience and time to play with, trading will reap you such little rewards, that even if winning, you will end up risking extraordinary amounts to make it worthwhile, rather than see at a £100 bank a days trading of many hours see you with a fiver profit or a loss.

its like life in general, money goes to money...

Really it is not about what bank size you have. With a £100 bank size making £5 a day with a strong mindset to focus and stick to the rules and no in play (gambling) what’s so ever trading 5 days a week and doing at least 20 races (approx. 3-4 hours)depending on the fields you should at least double your bank per calander month so after a year avfc28 would of earned £1800. A nice bank size to trade profesionaly. If your mindset in this game is just to make money you will fail that is 25% of the purpose the other 75% is how you must model yourself.

[LeTiss]

I'm sorry to hear that, but this business takes time to master. It's just like serving an apprenticeship, these initial knocks are part of the business

I slightly disagree that you need £2-5k to make an impact. I could easily make 10% per day on £100, and so could most very experienced traders. In fact, making 10% per day on a £100 starting bank will give you £2000 after just 1 month

I've lost count of the newbies who have crashed on here, just because they expect to go full-time next week and be earning £200 per day overnight

Once you have a job & money isn't so tight, give it another go, but realise it's the long-term rewards you are working towards

[haichless]

see its easy with £100 bank... alledgedly...

ER NOT...
tbh thats boool sheet
like i said dont listen to what those with money say on forums...

their implication is its not that they have a big bank its that you are a she ite trder, the truth is you can be a good trader if you have a 5k bank or more, and crucially a modicum of experience and intelligence..
intelligence and experience will not see you through to profits on betfair or trading as it is now.
without the big bank you will lose.

get saving up...

[LeTiss]

You really do spout some crap

I haven't suggested anybody on this thread is shite at trading. I said you need to work at it, and once you have, making 10% per day on small amounts is quite easy

[AVFC28]

I have no doubt you could earn 10% most days Le Tiss and probably a bit more. The fact though that you've insinuated that Im one of those people that wanted to earn £200 a day is slightly comical. I am aware that there is people that buy the software and think it's an entitlement to earn money. I never would have been able to get my money back to £100 without Bet Angel to be fair. I always tried to avoid going in play, the problem I always got is i'd have ten good trades and one bad one. The bad one however would be awful and destroy 1,2,3,4,5 weeks work. I think this proves in trading it's more important being able to get out of a bad trade than it is getting into a good one. This is one thing that impressed me about itsamugsgame's videos how he got out of bad trades and how he picked the right type of races to trade on i.e liquidity.

[AVFC28]

As well... correct me if im wrong 10% of £100 a day is £10. £10 x 31 days in this month is £310 so i've obviously misunderstood something because you said your'd get £2000. Prehaps that's why I done so shit because I couldn't add up

[CaerMyrddin]

Hi, sorry to read your story.

£100*(1.10)^31=£1919

Anyway, you have to think you are facing seasoned traders that do know more than you and have many screen hours in their eyes. It takes long time to level up.

That said, you can buy some time by getting some money from the bookies bonus, it should help you raising your bank and give you time to learn more and try different stuff. Have you tried other sports?

[AVFC28]

Hey, the bookies bonus? Is this on Betfair? Yeah I done a bit of trading on Football which I know alot more about but even that doesn't really help. I did get a good one at the end of the PL season though. Man City v West Ham. I Layed (£2) West Ham at 9.0 and then when Man City scored backed them at 31.0 and greened for like £1.20 or something I think. Football seemed really risky though because it had to be inplay.

[mugsgame]

This whole circus can destroy your very soul. It promises so much, but it always seems just out of reach.
Much of trading is confidence based, this applies to all of us, whatever our level. I know when things are going badly for me even now it effects me. So for someone at the beginning of their journey it must seem impossible.

The only thing I can add is to take a break and come back when your circumstances allow. You have a great attitude and this is a massive part of being successful. I wish you all the best. MG

[Dublin_Flyer]

I'll support Mugsgame in his view, he's one of the most frequent posters here, has some battles over his views, but he's dead honest.
If you think of coming back to trading again then stop, see what went wrong with the bad ones(your liquidity not included)Did the one you backed, start acting the king canute in the parade ring? Did the jockey have to dismount to even get the horse to the start line? If you can spot your previous things that should have been red flags, then you could have cut your losses earlier and drawn a line under it. Next race.

There's plenty of phrases thrown about regarding trading and business in general, the main one I pay attention to is "The first way to make a profit is reduce your losses, bit by bit, then the profits come"

Or you could go by the route of my beloved Grandads train of thought - "Mickeys Diamond in the 3.10 Why? We used to have a supervisor in the mill back in about 1965 called Mickey, he would never give any overtime, if you got it, then it was like coal out of his arse, a fuckin diamond! Mickeys Diamond will win that." 25/1 kinda thing on a regular basis. All I could do was shake my head like an annoyed Scotsman....and I'm from Dublin