making tenner a day for newbie possible or am i expecting to
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newbietrader
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I'm pretty new to all this, is it possible to make tenner with 200£ starting bank? not trying to get rich quick just tenner a day that will help with mortgage need your opinions
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evertonian
- Posts: 81
- Joined: Thu Apr 16, 2009 10:34 am
If you have no experience of trading and haven't experienced the markets then no ! If you understand trading and why prices move the way they do then easily !
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newbietrader
- Posts: 91
- Joined: Sun Nov 02, 2014 10:54 am
^ hi thanks for the answer, well been learning from 2 months watched every video multiple times on youtube, read all blogs forums and stuff, just watching market without getting involved and doing kind of okay, just needed you guys opnion if I can make it when I use real money or everything gonna change when money is involved? I can give 5-6hrs a day to make that tenner too
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newbietrader
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^ scared coz money is involved bro, is my expectations alright about tenner a day? I straight layed 4 horses all they lost would have made 8£ with 2£ stakes but I heard its not safe
Just laying is gambling, with the new api you can now use smaller stakes i.e 10p, use small stakes and learn how to trade, i'v been doing this for a year now and just getting the hang of it.newbietrader wrote:^ scared coz money is involved bro, is my expectations alright about tenner a day? I straight layed 4 horses all they lost would have made 8£ with 2£ stakes but I heard its not safe
You have to be a good trader to even make £10 a day for £200 bank.
It's definetly possible. Don't attempt to straight lay or back, and avoid the in-play markets. Stick to trading and try scalping (1 or 2 tick movements). Put your exit trade in first so you can be closer to the front of the que and only enter the trade when you have confidence that it is going the right way.
Your profit won't be great but if you are only aiming for a tenner a day then it should work.
Good luck ... it can take a long time to get the hang of it.
Your profit won't be great but if you are only aiming for a tenner a day then it should work.
Good luck ... it can take a long time to get the hang of it.
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newbietrader
- Posts: 91
- Joined: Sun Nov 02, 2014 10:54 am
hi marcko thanks for comment, yes I heard its not safe that's why I'm not straight laying, so it takes time just to make around 8-9£ a day regularly? I've lot spare time to learn now and 7,8 or 9£ would make me happy for a day
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newbietrader
- Posts: 91
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yes murgo I'm trying to avoide letting it go in play, made once and blow 60% of bank, thankfully my bank was just 20£, I'm not looking for 300-400£ a day but just 8-9£ a day, what stake should I use to make just 7-8 quids
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evertonian
- Posts: 81
- Joined: Thu Apr 16, 2009 10:34 am
The fact that you're asking what stake to use suggests that you don't understand enough about trading yet. Good trading is about how many times you can turn your stake.
Depending on your knowledge of the markets you may only need to turn this stake once on a steamer or a drifter, on other markets you will be looking to scalp or trade within ranges, looking for bounces, resistance points, when the book price starts tightenening, has a trend ended, is a trend carrying on Stake size is irrelevant to begin with.
If you can trade succesfully with 2 pound stakes then you can trade succesfully with 1000 pound stakes because the concepts are the same, it just takes you longer for your stake to fill.
My advice to you will be to see how you get on trading using a very small tick size to begin. This will test your discipline, your risk management, whether you can cope with the losses. Psychology plays a big part in trading. Slow and steady will always win the race so take your time and learn how the markets work properly. Certain markets follow certain patterns. Get to know these and trade them effectively.
Depending on your knowledge of the markets you may only need to turn this stake once on a steamer or a drifter, on other markets you will be looking to scalp or trade within ranges, looking for bounces, resistance points, when the book price starts tightenening, has a trend ended, is a trend carrying on Stake size is irrelevant to begin with.
If you can trade succesfully with 2 pound stakes then you can trade succesfully with 1000 pound stakes because the concepts are the same, it just takes you longer for your stake to fill.
My advice to you will be to see how you get on trading using a very small tick size to begin. This will test your discipline, your risk management, whether you can cope with the losses. Psychology plays a big part in trading. Slow and steady will always win the race so take your time and learn how the markets work properly. Certain markets follow certain patterns. Get to know these and trade them effectively.
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newbietrader
- Posts: 91
- Joined: Sun Nov 02, 2014 10:54 am
oh I asked coz I was wondering I'll need to make at least 1£ per race to reach 8-9£ a day, what stake would be required to achieve that if I just take one tick at a time? would love to take all advices before going live, tick size you mean that option in far right? I saw some using 5£ tick size, I still don't understand bet angel totally, aware me on what is it?
Ah newbie ... many have stood at the place you now find yourself. What others have said is good advice. You should become familar with tick increments on betfair ... there are specific odds ranges with own minimum increments. These minimum increments usually called “ticks”.
From 1.01 to 2.00 one tick is equal to 0.01.
From 2.02 to 3.00 one tick is equal to 0.02.
From 3.05 to 4.00 one tick is equal to 0.05.
From 4.1 to 6.0 one tick is equal to 0.1.
From 6.2 to 10.0 one tick is equal to 0.2.
From 10.5 to 20.0 one tick is equal to 0.5.
From 21 to 30 one tick is equal to 1.
From 32 to 50 one tick is equal to 2.
From 55 to 100 one tick is equal to 5.
From 110 to 1000 one tick is equal to 10.
From 1.01 to 2.00 one tick is equal to 0.01.
From 2.02 to 3.00 one tick is equal to 0.02.
From 3.05 to 4.00 one tick is equal to 0.05.
From 4.1 to 6.0 one tick is equal to 0.1.
From 6.2 to 10.0 one tick is equal to 0.2.
From 10.5 to 20.0 one tick is equal to 0.5.
From 21 to 30 one tick is equal to 1.
From 32 to 50 one tick is equal to 2.
From 55 to 100 one tick is equal to 5.
From 110 to 1000 one tick is equal to 10.
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newbietrader
- Posts: 91
- Joined: Sun Nov 02, 2014 10:54 am
oh I understood tick bro what I don't get is 5£ per tick what does that mean? bet angel use stakes required to make 5£ per tick or am I getting it wrong?Murgo wrote:Ah newbie ... many have stood at the place you now find yourself. What others have said is good advice. You should become familar with tick increments on betfair ... there are specific odds ranges with own minimum increments. These minimum increments usually called “ticks”.
From 1.01 to 2.00 one tick is equal to 0.01.
From 2.02 to 3.00 one tick is equal to 0.02.
From 3.05 to 4.00 one tick is equal to 0.05.
From 4.1 to 6.0 one tick is equal to 0.1.
From 6.2 to 10.0 one tick is equal to 0.2.
From 10.5 to 20.0 one tick is equal to 0.5.
From 21 to 30 one tick is equal to 1.
From 32 to 50 one tick is equal to 2.
From 55 to 100 one tick is equal to 5.
From 110 to 1000 one tick is equal to 10.
I think making 1 pound per race as a newbie is totally unrealistic. I wouldn't however be surprised if you lost 1 pound per race. Start off really small or start on practice as that is what it is there for. Sorry to sound pessimistic but 99.9% of traders will lose before they start winning, so I wouldn't rely on Betfair income until you consistently make profits week in week out.
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newbietrader
- Posts: 91
- Joined: Sun Nov 02, 2014 10:54 am
I would gladly accept 50 pens per race, not looking betfair as primary income but as I've lots of free time til march and nothing to do I thought let's learn this and if I make 8+£ a day with this I'll be glad, never said I'm looking to make 100 or even 50£ per day coz I know its not that easy but after watching peter and other traders making lot I thought expecting odd fiver or tenner wouldn't be that difficult?Naffman wrote:I think making 1 pound per race as a newbie is totally unrealistic. I wouldn't however be surprised if you lost 1 pound per race. Start off really small or start on practice as that is what it is there for. Sorry to sound pessimistic but 99.9% of traders will lose before they start winning, so I wouldn't rely on Betfair income until you consistently make profits week in week out.