Yup, I'd agree with a lot of the previous posts. You should look at it as taking a gamble in itself (after all, isn't every decision you make in life a gamble?). What's the worst case scenario? What's the potential upside? What's your exit plan if things don't work out as you expect?
Back when I went full time I didn't have much of a back up plan other than the fact that I didn't have many responsibilities and just hoped I could get another job again if I needed to.
I have to say I was a bit naive in expecting it to be easy. I can only say that today I feel extremely lucky to have been able to build an edge in the time that I did, and that I probably shouldn't have took the plunge and left my job so quickly. I was just lucky my gamble worked out without having much of a back up plan.
I would suggest you take a reasonably long holiday from your day job (say 2 weeks or so), then trade full time during that period to see if you like the life-style / pressure or not.
Good luck!
Going Full-Time Professional on Betfair
I think the marekts are so much different these days.
If I had gone full time anywhere from 2007 to 2012 I would have definetly made it.
If I had only joined betfair from 2012 onwards (ie I was new to trading) Im not so sure I would have been able to generate the same level of income than that i was getting though my career. Im not sure I would have made it.
Its only through the money I built up in the first five years that Im still able to speculate in terms of strategies (I see it as a cost of sale and it just offsets the PC anyway!).
Good Luck Anyway
Regards
Peter
PS I think SweetyBT ended up going full time last year. Are you still around; how did it work out for you Paul?
If I had gone full time anywhere from 2007 to 2012 I would have definetly made it.
If I had only joined betfair from 2012 onwards (ie I was new to trading) Im not so sure I would have been able to generate the same level of income than that i was getting though my career. Im not sure I would have made it.
Its only through the money I built up in the first five years that Im still able to speculate in terms of strategies (I see it as a cost of sale and it just offsets the PC anyway!).
Good Luck Anyway
Regards
Peter
PS I think SweetyBT ended up going full time last year. Are you still around; how did it work out for you Paul?
Afternoon all, from what I've read unlike the majority of yourselves I am quite new to betfair trading.
That being said I find myself in a somewhat similar position to Oliver, at the moment I work in the oil industry self employed, however with the nature of the industry and the times things quite unpredictable.
I'm interested in attempting over the next few years to learn to trade to provide additional income to fund luxuries generate savings etc.
Over the last couple of months i've been able to built up an account balance of around £1000 (secured without risk via free bet offers etc.) and intend to grow that whilst I learn more about trading until such point I can record consistent results.
I'm attempting to teach myself about charts and technical analysis whilst using betangel in practice mode.
Really great to read everyone's tips can anyone share their opinions of betdaq's potential?
That being said I find myself in a somewhat similar position to Oliver, at the moment I work in the oil industry self employed, however with the nature of the industry and the times things quite unpredictable.
I'm interested in attempting over the next few years to learn to trade to provide additional income to fund luxuries generate savings etc.
Over the last couple of months i've been able to built up an account balance of around £1000 (secured without risk via free bet offers etc.) and intend to grow that whilst I learn more about trading until such point I can record consistent results.
I'm attempting to teach myself about charts and technical analysis whilst using betangel in practice mode.
Really great to read everyone's tips can anyone share their opinions of betdaq's potential?
I'm finding the big difference is with pre-event markets - they are absolutely dead as a flipping doornail, the fill rate is like having teeth extracted! It appears the main money and strategies now centre around 'in play' actionPeterLe wrote:I think the marekts are so much different these days.
I'm not sure if that's because PC killed off many of those pre-event traders, or whether it's because BF have tampered with the exchange so much, to the point of actually compromising it's integrity, that people have simply turned to 'in play', as the one thing BF cannot control is the result of the sporting event!
LeTiss, Betfair have diverted a huge sum of money to the sportsbook for pre off markets. They have even done it to the point where even the price rush never reaches the exchange now as they originally promised.
I do think it's funny that people are hailing Breon like some sort of god, when all he has done is shift revenue from lower margin exchange to higher margin sports book business. It's a bit like a farmer harvesting all the wheat and not leaving any seed to grow future wheat. It's the epitome of bad short term capitalism.
That said, there is still plenty of opportunity but at the high end of the market it's tough to put through any decent sums now. I'm often amazed to see £500 sat there with only a few quid every few seconds being taken. But if you are not aiming for a decent six figure sum there is still lots of opportunity.
I do think it's funny that people are hailing Breon like some sort of god, when all he has done is shift revenue from lower margin exchange to higher margin sports book business. It's a bit like a farmer harvesting all the wheat and not leaving any seed to grow future wheat. It's the epitome of bad short term capitalism.
That said, there is still plenty of opportunity but at the high end of the market it's tough to put through any decent sums now. I'm often amazed to see £500 sat there with only a few quid every few seconds being taken. But if you are not aiming for a decent six figure sum there is still lots of opportunity.
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spreadbetting
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I'd echo those points Euler, pre off markets seem to have lost their constant flow of money and are very jerky. Seems to come in stops and starts these days and large amounts can sit there forever being nibbled at by bots for the odd fiver here and there before a move generates and everyone seems to pile in for a short while.
I'd guess that's just a symptomm of Betfair driving away current players with their high PC charges and continual greed to grab every penny. 'Innovations' like x-matching have driven away a whole host of would be market makers and their liquidity plus by stealing any value at source that liquidty never actually shows up on the exchange either.
But there's still money to be made, just have to be a lot more flexible and work that little harder to stay ahead of the game.
I'd guess that's just a symptomm of Betfair driving away current players with their high PC charges and continual greed to grab every penny. 'Innovations' like x-matching have driven away a whole host of would be market makers and their liquidity plus by stealing any value at source that liquidty never actually shows up on the exchange either.
But there's still money to be made, just have to be a lot more flexible and work that little harder to stay ahead of the game.