Quit my job to do this as a living!

[ruthlessimon]

But to be professional pre-off swinger, min stakes need to be £5 a tick (at least) if we’re trading a very rigid strategy.

How did you arrive at that figure?

Assuming my more 'exotic' strategies are valid (& hold up longterm), £5 a tick, is the minimum stake I'd need to reach around £25k a yr. I'd deem such profitability professional standard. Given my strategies are extremely rigid (easily shareable, & testable), I'd imagine most discretionary pre-off swing traders are above this figure.

[SweetLyrics]

Your staking shouldn't be based on some narrative you've told yourself about how much you want to earn and/or are capable of earning.

It should be based on things like your bank size, your maximum realistic drawdown and how much money you can offer without spooking the market.

[ruthlessimon]

Your staking shouldn't be based on some narrative you've told yourself about how much you want and/or are capable of earning.

It should be based on things like your bank size, your maximum realistic drawdown and how much money you can offer without spooking the market.

Exactly. I trade the dross. Gimmie a Nov Stks Class 4 anyday

£5k a tick @ market is about the limit such a market can take. & interestingly you highlight the no.1 reason my stakes aren't up this level - my drawdowns are too excessive imho (the big flaw of rigidity). This is why I like probing people I deem "in the know" i.e. someone such as Kai: saying videos can help, so I need to probe it etc But I will stand up for my own techniques

This idea that the moment someone becomes profitable is the end of their journey is totally wrong. Now the real questions start!!

[ShaunWhite]

25k is equivalent to a starting salary of 31.5k gross when you pay tax. For one strategy that's huge!

I don't want to get the violins out but for perspective, my lad's just finished the first year of his mechanics' apprenticeship and he's getting a wage RISE to minimum wage, and he's been paying food and lodgings at his mum's and running a car to get there. He's completely and utterly broke and would get more on benefits, but he's learning by getting his hands dirty (and cut, bruised, frozen and burnt) and chipping in. But you're a fully grown man not a kid so you don't need telling all that. All I'll say is that if you can afford to turn down any cash in your hand you need to look to the heavens and thank someone. He's earning nothing like what you call a professional wage but by every definition it's his profession and earning anything is better than nothing.

Speaking of earnings and being practical, with no decernable means of support you'd qualify for Universal Credit. Laddo's just done that and he's getting an extra £30 a week towards his rent. It's a bit of a pain applying but for a few hours work it's a bill paid. Rumour has it he's dating a cute 30yo financial advisor (mazel tov) so £30 quid to him is the difference between staying in and .....well I'd rather not know. Everyday we're hustling Simon. Pure R&D is bloody expensive, you need to earn every penny you can.

[ruthlessimon]

It should be based on things like your bank size, your maximum realistic drawdown and how much money you can offer without spooking the market.

For example, look at that lay edge, it took a monstrous drawdown (weeks long) - personally, it's avoidable - but I dunno how. But I have deep reservations about how many people are even aware, such a bias exists. For example, most people think race type is useless

[SweetLyrics]

For example, most people think race type is useless

Do you have any evidence that it isn't?

Surely each market should be judged against what's happening in that particular market at that particular time, rather than engaging in crude stereotypes which may be well out for the market you're looking at?

[ruthlessimon]

Do you have any evidence that it isn't?

Wtf alert! wtf alert!

viewtopic.php?p=198967#p198967
viewtopic.php?p=199023#p199023

[SweetLyrics]

Nice artwork.

I've said it before and I'll say it again - you could have a decent career as a designer.

Maybe you should do it while you're still young enough to build a career that will give you a secure future.

For someone who is risk averse, you've invested a hell of a lot in your Betfair venture. I sincerely hope it eventually pays off.

Do you have any evidence that it isn't?

Wtf alert! wtf alert!

viewtopic.php?p=198967#p198967
viewtopic.php?p=199023#p199023

[SweetLyrics]

Fair play to your lad, Shaun.

It sounds like he has a great work ethic. I'm sure he'll go far.

25k is equivalent to a starting salary of 31.5k gross when you pay tax. For one strategy that's huge!

I don't want to get the violins out but for perspective, my lad's just finished the first year of his mechanics' apprenticeship and he's getting a wage RISE to minimum wage, and he's been paying food and lodgings at his mum's and running a car to get there. He's completely and utterly broke and would get more on benefits, but he's learning by getting his hands dirty (and cut, bruised, frozen and burnt) and chipping in. But you're a fully grown man not a kid so you don't need telling all that. All I'll say is that if you can afford to turn down any cash in your hand you need to look to the heavens and thank someone. He's earning nothing like what you call a professional wage but by every definition it's his profession and earning anything is better than nothing.

[ShaunWhite]

Fair play to your lad, Shaun.
It sounds like he has a great work ethic. I'm sure he'll go far.

Bit slow off the launch pad tbh, but he's doing ok now he's found his calling.
And finally he's useful hooray! I didn't have much use for an office boy, but a mechanic is something I can recoup some breeding costs from

[Kai]

It's incredible that Psychoff had actually quit Betfair at one point. There is inspiration there for us all, I think!

Forgot to mention it earlier but Psychoff soon plans to open a trading academy of sorts with live trading examples, not sure something like that has been done before. In case someone finds this relevant or inspirational etc, I'm sure there will be no shortage of interested students.