Taking the plunge.. Advice Needed!!

[Nero Tulip]

I've been trading since 2003 full time, like Anna List said, I can't tell you what to do, I don't know your particular circumstances or the people around you.

I was in my early 20s when I began, and conversely to Anna, looking back, I now consider that to have been an advantage for the most part. Sure, being young, I was sensitive to others, had a narrow World view and little experience to draw upon, but, I had few overheads at the time, time on my side, little pressure and an already established trading bank that I felt comfortable with. My family were unsure, 'problem' gambling had existed in our family before and my parents particularly were always extremely weary of gambling, and it had left an impression on me. Perhaps that was why I was very risk averse to begin with, and maintained an extreme lock on myself psychologically. To be honest, I wish I still had the lock now, but I am older, looser and comfortable with risk in a very different way.

I too have seen this 'job' ruin or stifle lives, even those of former professionals, very smart people, who understand risk, but didn't focus on the big picture, didn't follow their plan and over traded and over worked. Which is surely one of the bigger hazards to this 'profession'. This is one self employed job where you can't simply work harder to make ends meet, it has an adverse effect. I've seen many people work themselves into the ground trying to recover losses or make more, it is very tempting, but you only make things worse. A break is far more beneficial, if you are trading in a discretionary manner. Thus, make sure you have enough saved to give yourself time off.

Also, overheads won't always be so cheap, plan ahead if you want to do this for a long time, it's insane how expensive a growing family can be. Also continually update your view on the platforms and their rules/regulations you are using, I'm quite pessimistic regarding the way exchanges are going liquidity wise and the way they are run, but that's probably another thread. I consider myself fortunate to have arrived on Flutter's website when I did.

Good luck with whatever you decide, there is more to life than the next trade.

[Rstrach]

I've been trading since 2003 full time, like Anna List said, I can't tell you what to do, I don't know your particular circumstances or the people around you.

I was in my early 20s when I began, and conversely to Anna, looking back, I now consider that to have been an advantage for the most part. Sure, being young, I was sensitive to others, had a narrow World view and little experience to draw upon, but, I had few overheads at the time, time on my side, little pressure and an already established trading bank that I felt comfortable with. My family were unsure, 'problem' gambling had existed in our family before and my parents particularly were always extremely weary of gambling, and it had left an impression on me. Perhaps that was why I was very risk averse to begin with, and maintained an extreme lock on myself psychologically. To be honest, I wish I still had the lock now, but I am older, looser and comfortable with risk in a very different way.

I too have seen this 'job' ruin or stifle lives, even those of former professionals, very smart people, who understand risk, but didn't focus on the big picture, didn't follow their plan and over traded and over worked. Which is surely one of the bigger hazards to this 'profession'. This is one self employed job where you can't simply work harder to make ends meet, it has an adverse effect. I've seen many people work themselves into the ground trying to recover losses or make more, it is very tempting, but you only make things worse. A break is far more beneficial, if you are trading in a discretionary manner. Thus, make sure you have enough saved to give yourself time off.

Also, overheads won't always be so cheap, plan ahead if you want to do this for a long time, it's insane how expensive a growing family can be. Also continually update your view on the platforms and their rules/regulations you are using, I'm quite pessimistic regarding the way exchanges are going liquidity wise and the way they are run, but that's probably another thread. I consider myself fortunate to have arrived on Flutter's website when I did.

Good luck with whatever you decide, there is more to life than the next trade.

Thanks Nero,

Some sound and solid advice from someone in the game for as long as you have been, coming from a similar position to myself will be noted and i will keep in touch with how things go also i would like to hear your stories to!

Cheers

[spreadbetting]

Morning All,

A while back i made a few posts regarding my financing trading and my thoughts on going full time. After a few months savings and luckily stumbling into a small fortune through a scam email (no really!!) i am taking the plunge to full time. A few things are putting me off at the moment however! I am finding my days consistent but i feel i am having to work harder and smarter to achieve my profits?? Is this a sign of the markets changing or my technique failing me - who knows. Another main point for me is at a mere 20 i am having doubters, my family think i am a compulsively lucky gambler they simply wont see there is a sustainable no-to low risk method to trade sports market and this is actually having a real effect on me and my trading. Any recommendations to help me through as this is 100% my goal to do full time. I have the market sense and the right determination and time management to do well i just don't want to let my family see me as a drop out.

I always appreciate the feedback i get on here and i'm sure you guys will help me through again! Cheers

You're 20 years old and going full time, I'm guessing you didn't go uni so what else are you going to do, work in a shop? Can't imagine many 20 year olds know what they want to do in life let alone next month so just go with the flow and treat it like any other job , if it lasts 6 months or 6 years it really shouldn't matter to you at your age.

Not sure what you mean by working 'harder and smarter', physically we're hardly digging ditches and mentally we're usually following a set plan especially if you're having consistent days. If you are finding things harder in these early days just make sure you don't going chasing profits or cutting corners to seek extra profits, stick to what you know works and other opportunities always start to crop up simply because you're watching the markets day in day out.

As for convincing family and friends I'm not sure you ever will, that's their problem not yours just don't do flouting any wins or losses to 'big' yourself up to them it's not worth it. I've been doing this since the days of flutter and spreadbetting and despite having a mortgage free house sticking kids thru uni etc plenty of people will still see you as some sort of dosser who spends all day watchng tv.

Just go for it, you're 20 you shouldn't be limiting yourself to what you can do at this age, make sure you maintain a healthy social life, all work and no play etc. If you see new opportunities crop up milk them for all it's worth as they rarely . Always keep an eye out for other opportunities to get into because like others have said once you hit 40%+ PC bands it's a real killer to your motivation as well as profits. If you manage to last a year and are still earning decent money that's the time to come back and look for advice for all the boring stuff like pensions and long term futures for now concentrate on one thing.

[Rstrach]

You're 20 years old and going full time, I'm guessing you didn't go uni so what else are you going to do, work in a shop? Can't imagine many 20 year olds know what they want to do in life let alone next month so just go with the flow and treat it like any other job , if it lasts 6 months or 6 years it really shouldn't matter to you at your age.

Not sure what you mean by working 'harder and smarter', physically we're hardly digging ditches and mentally we're usually following a set plan especially if you're having consistent days. If you are finding things harder in these early days just make sure you don't going chasing profits or cutting corners to seek extra profits, stick to what you know works and other opportunities always start to crop up simply because you're watching the markets day in day out.

As for convincing family and friends I'm not sure you ever will, that's their problem not yours just don't do flouting any wins or losses to 'big' yourself up to them it's not worth it. I've been doing this since the days of flutter and spreadbetting and despite having a mortgage free house sticking kids thru uni etc plenty of people will still see you as some sort of dosser who spends all day watchng tv.

Just go for it, you're 20 you shouldn't be limiting yourself to what you can do at this age, make sure you maintain a healthy social life, all work and no play etc. If you see new opportunities crop up milk them for all it's worth as they rarely . Always keep an eye out for other opportunities to get into because like others have said once you hit 40%+ PC bands it's a real killer to your motivation as well as profits. If you manage to last a year and are still earning decent money that's the time to come back and look for advice for all the boring stuff like pensions and long term futures for now concentrate on one thing.
[/quote]

Thanks for your comment. Today i have been workingmost of the day and really f/#cked me off. Im doing it. Tomorrow the notice goes in and im living it thanks for your help.

Regards

[LeTiss]

Rstrach, you've probably heard numerous oldies and middle-aged people state, they regret the things they didn't do, as opposed to the mistakes they actually made. In 25 years you will be the same, mate

If you don't do this, whilst you are passionate and living the dream, you will always wonder what would have happened if.....

If you go for it and it's not what you hoped, then at least you will know, and you can get on with the rest of your life

[Naffman]

I handed my notice in at 18 at a mundane job I had, 21 now and never looked back! Surely better than getting a degree in a line of work you don't even want to do just to "fit in" so I think you are doing the best thing as you obviously seem very passionate!

[Rstrach]

Rstrach, you've probably heard numerous oldies and middle-aged people state, they regret the things they didn't do, as opposed to the mistakes they actually made. In 25 years you will be the same, mate

If you don't do this, whilst you are passionate and living the dream, you will always wonder what would have happened if.....

If you go for it and it's not what you hoped, then at least you will know, and you can get on with the rest of your life

Thanks again LeTiss,

love the positive vibes and im taking the plunge tomorrow just typed my notice and set up my configurations for B.A to my most profitable (i have been experimenting with different layouts of market screens etc.) and planned my days. Luckily for me with a big-ish festival taking away a lot of smaller races im making more dough. Epsom a delight today! You shall hear how it goes

Cheers,
R

[Rstrach]

I handed my notice in at 18 at a mundane job I had, 21 now and never looked back! Surely better than getting a degree in a line of work you don't even want to do just to "fit in" so I think you are doing the best thing as you obviously seem very passionate!

Thanks for kind words Naffman! As a young trader yourself i believe we probably both must be of similar mindset.. no d.r to oldies hehe! It's a very different world to grow up in now and the traditional ways of making money can be put to the side with a bit of knowledge and balls! I am passionate about sport and will use all my spare time and newly found wealth that i would have normally given the tax man to travel and live happily. Figures to me are not romantic as enjoying what you've worked for and enjoying your work full time must be very rewarding no?

With regards to HMRC i've read conflicting info do you any tips for going around it? Read somewhere that due to trading the markets risk free you can be alleged to be a bookmaker.... surely ball-of-an-ox??

Cheers
R

[LinusP]

No tax is paid on gambling winnings at present, good luck!

[trader44]

"my family think i am a compulsively lucky gambler "
i find this tends to fade away the more successful you become and your out for a meal with your family and you say 2 this one on me "
also 2 situations
a financial trader enters a room , people are fascinated maybe thinking he can make them some money on stocks and shares " he is seen as an "entrepreneur" a maverick
a betfair trader/gambler walks in the room people are already judging him as a bit of a chancer/gambler thinking that wont last
the lesson i have learnt is i dont try and explain to anybody what i do now, only to fellow traders or to people who are genuinely interested..

my mate is a novice trader small stakes and spends a lot of time trying to learn it
WIFE : walks in . what you wasting your time doing that for
MY MATE : . i want to become a betfair trader
WIFE.. what gambling for a living that will never work
so my mate starts to tell her all about it , listen he says i back then lay and get a free bet then green up ,she turns away and says your a gambler then walks out.
i met him for a coffee afterwards and was rolling about laughing when he told me ,
lesson dont try and explain what you do and if you crack it and start giving the wife wads of cash she wont give a s**t what your doing in fact she will be delighted to tell everyone

[trader44]

the term lucky gambler was refering to rsrachs post

[ShaunWhite]

lesson dont try and explain what you do and if you crack it and start giving the wife wads of cash she wont give a s**t what your doing in fact she will be delighted to tell everyone

Lesson, if you do crack it then DON'T give her wads of cash. Support works boths ways, you reap what you sow. Next time you might get a bit more backup from someone who's supposed to be on your team.

[ruthlessimon]

says your a gambler then walks out.

Could be worse, she might start treating him like this: https://www.youtube.com/watch?v=EnycltfYeIo

[trader44]

ruthlessimon

[trader44]

shaun i do agree but most women want security, obviously if you do become successful then probably support comes but at the begining in my experience they dont understand it or panic thinking you might lose everything