Steven1976
Thank you for the words of encouragement, a couple of years ago I did have a good system in place trading pre-off and then closing in running but that has now eroded as there are more bots and real people that react quicker than I do.
I am working on a number of different ideas for different sports etc.
5 Jobs losses in 4 years time to make this pay
LeTiss 4pm wrote:Zenyatta is misleading people here. He blew the vast majority of his £34k on travelling, drinking, and shagging. If he lost £30k in 2 months trading, then he is either chasing losses, or applying inappropriate stakes to his trades
Reminds me of the George Best quotes..Luck Bugger!
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Ha, haLeTiss 4pm wrote:Zenyatta is misleading people here. He blew the vast majority of his £34k on travelling, drinking, and shagging. If he lost £30k in 2 months trading, then he is either chasing losses, or applying inappropriate stakes to his trades
Yes, just to clarify, LeTiss is correct, most of the 34K was not lost trading, it was spent on me travelling around Europe. It's just a shame trading couldn't sustain my desired lifestyle...I would probably have kept going indefinitely 
If I was looking to try to make a living out of trading over again, I would first look for easier sports than UK Horse Racing - perhaps going the way of LeTiss and moving into tennis, or trying soccer.
Most of the UK races are just too fast moving and confusing for me, to coin a phrase from LeTiss, all that ever happens is me getting my gonads kicked in, over and over and over. And I suspect that would be the case for most people.
For those newbies really set on the UK horse racing, I would advise to concentrate your energies on a few quality races on Thurs, Fri or Sat in the summer time and forget the rest. To coin another great phrase from mugsgame, it's much better to win one race than play and lose 20.
In fact, I believe you could make a decent living just focusing solely on Group 1 Feature Races, and betting huge amounts on those few races. In the Melbourne Cup in Australia the amounts of money being thrown around are stupendous...on just the tote alone in Australia there were 10s of millions in the pool! That shows me that in theory you could make a decent living just betting once per year on that one race!
Cheers!
Most of the UK races are just too fast moving and confusing for me, to coin a phrase from LeTiss, all that ever happens is me getting my gonads kicked in, over and over and over. And I suspect that would be the case for most people.
For those newbies really set on the UK horse racing, I would advise to concentrate your energies on a few quality races on Thurs, Fri or Sat in the summer time and forget the rest. To coin another great phrase from mugsgame, it's much better to win one race than play and lose 20.
In fact, I believe you could make a decent living just focusing solely on Group 1 Feature Races, and betting huge amounts on those few races. In the Melbourne Cup in Australia the amounts of money being thrown around are stupendous...on just the tote alone in Australia there were 10s of millions in the pool! That shows me that in theory you could make a decent living just betting once per year on that one race!
Cheers!
That's great guns, if you can make it sustainable you're on your way.dmbusa wrote:A brief update, over the last seven days trading 5 or 6 football matches a day I have increased the bank by 25% or by 80% of what I was making per week in my last job, a good start I think.
Although I thought you were a hardcore tennis trader?!
Don't forget, when you're self-employed this is your only income!
You need a decent trading bank to make this pay, but you also need savings that will cover at least 6 months expenses. Otherwise, you will start using your trading bank to pay for other things, this in turn will result in less earnings, and before you know it....it's all gone belly up!
This is how I started after redundancy - I had total expenses each month of £1500.
Therefore, I needed £50 * 30 days from my trading.
I predicted that earning 1% per day (pre-PC!) should be attainable for an experienced trader, so my bank started at £5000.
However, in order to make me relaxed about my lifestyle as a pro-trader, I made sure I had 6 months worth of expenses covered in my Current Account(£9000)
This was extremely important in allowing me to see the big picture, as I wasn't sweating buckets to pay the bills straight away.
You need a decent trading bank to make this pay, but you also need savings that will cover at least 6 months expenses. Otherwise, you will start using your trading bank to pay for other things, this in turn will result in less earnings, and before you know it....it's all gone belly up!
This is how I started after redundancy - I had total expenses each month of £1500.
Therefore, I needed £50 * 30 days from my trading.
I predicted that earning 1% per day (pre-PC!) should be attainable for an experienced trader, so my bank started at £5000.
However, in order to make me relaxed about my lifestyle as a pro-trader, I made sure I had 6 months worth of expenses covered in my Current Account(£9000)
This was extremely important in allowing me to see the big picture, as I wasn't sweating buckets to pay the bills straight away.
Dmbusa I'm not very active on the forum anymore for a few reasons, but I can offer my experience thus far..
I went full time at the start of this year with trading being the primary aim, but my problem was without a job and only a few betting tricks to keep the money coming, I was going into every trade feeling the pressure.
If you really go for it, build up a substantial reserve. Trading from a perspective of desperation, or without confidence is worse than operating a one tick stop loss.
I took 4 months away from trading and dedicated it simply build my reserves. Then I recently started back into dipping into the racing markets regularly again, and the results are far better because I don't rue losing trades.
My plan is to keep doing this dipping in and out when I spot a potentially good opportunity. I wont up stakes beyond £10 until I see at least 6 months profit this time; having fooled myself two/three times that I'd managed to crack it.
I hope this helps, good luck
I went full time at the start of this year with trading being the primary aim, but my problem was without a job and only a few betting tricks to keep the money coming, I was going into every trade feeling the pressure.
If you really go for it, build up a substantial reserve. Trading from a perspective of desperation, or without confidence is worse than operating a one tick stop loss.
I took 4 months away from trading and dedicated it simply build my reserves. Then I recently started back into dipping into the racing markets regularly again, and the results are far better because I don't rue losing trades.
My plan is to keep doing this dipping in and out when I spot a potentially good opportunity. I wont up stakes beyond £10 until I see at least 6 months profit this time; having fooled myself two/three times that I'd managed to crack it.
I hope this helps, good luck
Thanks LeTiss and L.o.S for your very helpful and supportive comments.
I am in a position where I have some financial support that will cover most of my expenses for the next 6 months and have a buffer of enough savings to cover the balance for the same period so I can be a little more relaxed about each trade. It also means I can concentrate on building my bank to a level that in 6 months when that support stops I am in a position where it will not cause an issue.
I hope you are both successful with your trading
cheers
Simon
I am in a position where I have some financial support that will cover most of my expenses for the next 6 months and have a buffer of enough savings to cover the balance for the same period so I can be a little more relaxed about each trade. It also means I can concentrate on building my bank to a level that in 6 months when that support stops I am in a position where it will not cause an issue.
I hope you are both successful with your trading
cheers
Simon
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steven1976
- Posts: 1744
- Joined: Tue Jan 19, 2010 6:28 am
dmbusa wrote:A brief update, over the last seven days trading 5 or 6 football matches a day I have increased the bank by 25% or by 80% of what I was making per week in my last job, a good start I think.
Good work. Stick to football if you feel comfortable.
L.o.S wrote:
I went full time at the start of this year with trading being the primary aim, but my problem was without a job and only a few betting tricks to keep the money coming, I was going into every trade feeling the pressure.
If you really go for it, build up a substantial reserve. Trading from a perspective of desperation, or without confidence is worse than operating a one tick stop loss.
You put far too much pressure on yourself if trading is the only source of income. It only takes a few bad beats to make a dent in the bank, and once the bank starts getting reduced, more and more mathematical pressure goes on....you have to hold the stakes constant to meet expenses, but with a declining bank, there is less and less margin for error (since you are staking a larger and larger percentage of bank) and soon over-staking results in more bad beats...resulting in a rapid death spiral.
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JustLuckin
- Posts: 5
- Joined: Mon Dec 20, 2010 6:05 pm
I've been enjoying reading this thread. I suspect it strikes a chord with many of us who 'dabble' and would like to do more with trading.
Like many I've had my share of redundancies, etc and often wonder about taking trading more seriously, especially now that I'm older, only have part time work, and I'm starting to think there isn't much to lose (apart from money of course )
I note that many who have commented are fulltime and have been around a while (I've been 'stalking' the forum for a couple of years). I liked Le Tiss' post about calculating what he needed, and wondered if anyone else has preparation advice? The don't do it comments duly noted
What do you think of training courses, subscription services, etc - all place an overhead, are they worth it?
Like many I've had my share of redundancies, etc and often wonder about taking trading more seriously, especially now that I'm older, only have part time work, and I'm starting to think there isn't much to lose (apart from money of course
)I note that many who have commented are fulltime and have been around a while (I've been 'stalking' the forum for a couple of years). I liked Le Tiss' post about calculating what he needed, and wondered if anyone else has preparation advice? The don't do it comments duly noted
What do you think of training courses, subscription services, etc - all place an overhead, are they worth it?