Market Manipulation

[superfrank]

I feel the same way. It's Ok for those with huge wealth that can live off investment income, but I need to pay the rent and live a bit.

My advice for any newbies is not to bother. It sounded too good to be true, and it was.

[andyfuller]

I don't think I would say not to bother, I would say think very very long and hard about giving up your job and consider ALL of the implications of trading Full time. You can currently make £250,000 which is still a good chunk of money. But consider the opportunity cost.

It all depends on personal circumstances I guess.

I think I would say the dream of going Full Time permanently is gone for most, full time for a short period is still there (2 to 3 years) and part time as a second income is still well alive.

But if you plan to go Full Time you need to have a solid exit plan and be aware of the implications of what it means to have spent time as a full time sports trader.

And finally be ready to change those plans with about 2 weeks notice.

[CaerMyrddin]

This is going OT, I'm sorry to take it further

But the one thing I have decided is that there is no future for me in sports trading

tbh, I've been thinking about these changes in a similar way as you Andy. I'm considering doing this for a couple of years and unless something happens, simply move on to the next thing. Yesterday I read the boys at Betfair's castle are considering cutting the threeshold and put everyone in the 40%-60% PC. Should this happen and it's instant bye bye betfair, hello 'proper' job for me

It's just a rumor, but I wouldn't be laying any bets on it!

[SamWilson82]

I don't think I would say not to bother, I would say think very very long and hard about giving up your job and consider ALL of the implications of trading Full time. You can currently make £250,000 which is still a good chunk of money. But consider the opportunity cost.

It all depends on personal circumstances I guess.

I think I would say the dream of going Full Time permanently is gone for most, full time for a short period is still there (2 to 3 years) and part time as a second income is still well alive.

But if you plan to go Full Time you need to have a solid exit plan and be aware of the implications of what it means to have spent time as a full time sports trader.

And finally be ready to change those plans with about 2 weeks notice.

I would agree that 'Right now' is not a good time to be considering a full-time career with sports trading but I wouldn't be so negative about the near future. The concept of a fair exchange cant just disappear and I'd like to think that Betdaq can eventually be that place.

What kind of implications are you talking about Andy?
I can see how some employers may turn their noses up as do many when the words "sports trader" are mentioned but equally I would say that some would be very interested by your decision to do this full-time and if you've proven to be successful at it then surely its a plus.

The only other implications I can think of are our friends in the Banks

[hgodden]

But the one thing I have decided is that there is no future for me in sports trading

Yesterday I read the boys at Betfair's castle are considering cutting the threeshold and put everyone in the 40%-60% PC.

It's just a rumor, but I wouldn't be laying any bets on it!

Where did you hear that?

[Euler]

By all accounts Betfair have already changed terms on the new charge, if my experiance is anything to go by. Still waiting for Betfair to clarify before I comment.

When I'm back behind my desk full time I'll comment on all the other comments as well

[rubysglory]

If Andy's rumour is right, thats the end for me. Will probably go back to handicapping. Thought would share the following though given the changes currently being undertaken:

" at the end of the year I had the uneasy sense that the game was starting to change just as I begun to understand it. I had scaled a mountain, but as I admired the view the ground was crumbling beneath my feet." Andrew Beyer (The Winning Horseplayer - 1983).

rg

[Euler]

I don't think even Betfair would be daft enough just weeks after introducing the charge to change it's scope radically such as lower the threshold.

I do think they have underestimated people's anger and willingness to do someting about it though.

[RafterP]

By all accounts Betfair have already changed terms on the new charge,

For the better?

[andyfuller]

If Andy's rumour is right, thats the end for me.

Just to clear something up, it wasn't my rumour. CaerMyrddin talked about it. I never mentioned it and would be of the same mindset of Peter that I doubt even BF would be so stupid as to introduce such a change so soon. They need time to fully understand what the current change has actually meant so I doubt you will see any change for at least a year. For example we haven't even had one game of the Premier League yet so there is no way they could have a clue about the actual impact on these major markets.

I would suggest it is just rumour and will remain as such.

Here is what was actually said and not by me:

Yesterday I read the boys at Betfair's castle are considering cutting the threeshold and put everyone in the 40%-60% PC. Should this happen and it's instant bye bye betfair, hello 'proper' job for me

It's just a rumor, but I wouldn't be laying any bets on it!

[andyfuller]

I would agree that 'Right now' is not a good time to be considering a full-time career with sports trading but I wouldn't be so negative about the near future. The concept of a fair exchange cant just disappear and I'd like to think that Betdaq can eventually be that place.

What kind of implications are you talking about Andy?

As I said I think given time Betdaq could become a viable alternative but I don't think I am willing any longer to stick around and see if that happens. If it does happen great but if it doesn't it will have meant wasted time I could have spent moving on to a more secure future.

We have seen how quickly the goal posts can be moved and I am not saying Betdaq will or won't do the same but I have learnt from this episode that it is not the basis upon which I any longer want to plan my future on.

It all goes back to the personal opportunity cost I guess.

With regards to the implications I was meaning things like you mention, such as banking, mortgages, social impacts, working on your own, work the hours you want but the pressure this can also place up on you, the freedom it brings, how you will be viewed by others, the impact it has on your CV both good and bad as you point out etc etc. There are many many factors to consider.

[hgodden]

If Andy's rumour is right, thats the end for me.

Stop spreading rumours Andy!!!

[CaerMyrddin]

Oh yes, it was me who posted the rumour.

As we say here, I'm selling it for the same price I bought it

Check it out here:

http://www.facebook.com/pages/Betfair-P ... 2673473703

Read the post by Peter Browne on monday.

[RideTheLightning]

I must say today so far I have found nearly impossible!

[pt9091]

your not the only one, ive been spanked all day, biggest losing day for a while, so much dodgy stuff going on today, my tourettes has been in overdrive!