Is that really the end??

[CaerMyrddin]

Trading isn't a 'profession' than anyone can learn. It's a skill that people can develop to make money instead of having a 'real' job, a skill that most people don't posess

You are spot on, imho.

It's really hard to explain, but I think an analogy with playing football makes it easier.

I could spend the rest of my days training, but I would never be able to play like Cristiano Ronaldo or Messi. Some are born with it and others don't.

I've stopped encouraging people into trading some time ago, after seeing smart guys failing doing it, when you would think that had it all to make it pay.

@ vandaltheripper, you are probably too centered on the advantages and ignoring the whole reality of what's being a trader, makes us stop from taking your money, until you understand how to do it.

[Zenyatta]

Of course, you could try your hand at punting intead of trading. My trading may be shit, but I'm a decent punter at least. Although this statement;

So, I caught myself chasing loses in play.. and that steadily but surely lead to blow up my bank.. near 4k!

doesn't exactly inspire much confidence in your punting skills either ya know.

The Betfair markets are extemely brutal places. After the mugging committed on folks in the pre-race, the on-course boys are just waiting for the pre-race losers to chase their losses In-Play, resulting in yet another big kicking for the hapless. The depredations practiced on wile coyote by roadrunner don't even come close.

[hgodden]

I've stopped encouraging people into trading some time ago, after seeing smart guys failing doing it, when you would think that had it all to make it pay.

Me too, I've seen the same thing so many times

[enzabella2009]

Statistically 1 in 4000 people take home profits, wheter is from pure gambling or trading. I think that was rightly pointed out here that not all have the skill to trade or maybe they are not trading the sport which suit more their natural talent. There are only 3-4 members on each forum who dare to admit that despite all the hard work they do not make money with trading. It also suggests that the opposite claims misslead people and make them feel that they can turn pro as long they find discipline on their way. Unfortunaly there are many factors to consider and despite all it may not always work. What will it work then?
If you want to do this job you must know how to suffer in difficult times. You absolutely have to accept the losses and determined to lose everything rather than give up your life project or dream. I have gone to war with my family for years cause they did not accept my way and it was in those hard times that I lost more money than I could afford. So what changed in my life since then? how I managed to overcome my weaknesses?
The discipline? Maybe
.. The skill? maybe.
The peace with my family? maybe.
Luck? that surely....
Big bank? defenately....
Am I now 100% sure to make profit when I trade? ofc not...Actually sometimes I feel like I don't know how I managed to make profit and sometimes I can't understand how I have managed to turn a green into red. What is different in my opinion is that I can afford to lose and move my attention to the next available market because of my decent bank, that make externalize and manage better all the above reasons..

[chuck536]

Get a job matey.... i traded full time for some months last year and although i was making enough to live off just about it was much easier to get a job... i have now and trade part time, the pressure off my shoulders things changed massively and now im making more than i do from my regular job in the evenings.... but i wouldnt give it up for all that stress, not at least untill im a 5k a month man for several months at least.... trying to force it in the wrong conditions mentally is just the fast way to get rid of the rest of your money, im the same age as you but feel like an old man saying this.. keep the cash for now

[vandaltheripper]

I don't think anyone should go full time unless they know and have proven to themselves they can already trade successfully over a long period.

Trading isn't a 'profession' than anyone can learn. It's a skill that people can develop to make money instead of having a 'real' job, a skill that most people don't posess. It's not just about mindset. Footballers can earn enourmous amounts too but that doesn't mean anyone can just quit their job and do it. How many of the thousands of people that try actually make it? Not many. Don't get me wrong, it can be great if you make it work, as I know from my own experience, but nobody should put all their eggs in the same basket.

If I were you my friend I would honestly just write off what you've lost and do your best with the skills you have, which sound like pretty marketable skills abroad anyway

Well! I'm that smart case.. but I am also not a quitter.. especially without taking any lesson

And Betfair offered me a bargain for the lessons I've learned about myself.

What's these? Don't overestimate your ability to hold off yourself under pressure.. even though u had made in the past quite successfully.

If something doesn't work.. stop, rethink your approach and start all over again!

Patience is a virtue! And so much more

[chuck536]

looks like you made your mind up before you even posed the question... so other than what i said i'll answer it directly!

Is that really the end??

Yes you'll be broke soon. Odd's on you've given up in a month from now in fact... 10/10 for trying though, it just don't happen over night like that.

That said all the best.

[DogBolter]

Read the book 'Trading for a living', it's a very informative read. It was written well before the INTERNET but markets are markets are markets.

The simple truth is, the few successful traders out there are successful because they have information which the rest of us don't have. They may have some form software for horses and analyzed it in a unique way. They may have handicapped the horses themselves and found an opportunity in the market based on that knowledge. Most of those traders would probably make money just by backing at one of the big sportsbooks.

So I guess what I'm trying to say is this, if you believe that success is gained without many hours of background number crunching then you'd be wrong. I know I was, I thought this fantastic software would make me fantastic, but if you put water in a Ferrari it ain't going to purr.

[Zenyatta]

"The single, most important, requirement for trading profitably is information. If someone has better information than you, you're gambling without an edge, and in the long-term will lose" - Cassini, 'Green All Over'

[convoysur-2]

screenshot.1380.jpeg

just found this ,wonder what my face looks like when this happens

[hordalan]

As usual some interesting and informative views and information to be gleaned for us 'beginners'.

I have done this part time for over 2 years, started off just doing the horses pre-off plus some in play, because I had more knowledge on horses than other sports. Lost more than 4K but have a decent job so just kept topping up my bank. SILLY.

Really started to pick up on points in this forum, some very good contributors - thanks.
I now trade more football & tennis, plus a bit of horses. Just about breaking even but can see the light. Need to stop some silly mistakes, psychology again, but getting there.
Am I going to quit my job, not anytime soon?
If you decide to carry on, and I agree with most on here DON’T get yourself on an even keel again, then consider other sports. Lots of advice on strategies which you can practice with and tailor to suit your mindset.
Also I now see what enzabella2009 says, a big bank makes it easier, not that I have a one but I understand how it helps now.

Good luck with whatever you decide, love Greece and hope to be able to get back over there soon.

Regards
Alan

[Alpha322]

You can lose that money in one day as well. I've been trying my guts out for 2 years on and off and never made a penny trading.

Zenyatta are you serious, i thought the 2 year pay to learn period was where you started seing profit. I have done a 3 year road, (and thats after a couple of courses) and can say i have seen a difference in my entry and exit on swing trades but i must say to vandaltheripper that this game should be seen as a assistance income as the preasure to make money is more of a relaxed one

[george]

first of all the responsiveness from greece is around 100ms max 120ms i dont know where u getting the 500ms that tells me that u dont even know to use beangel cause at the bottom of the software it shows you next to the big red R the ms responsiveness, i trade from thailand and i get max of 330ms, used to live in greece not long time ago.

i agree that u can make 700e in one day but u can lose 10 times that in one day as well if u caught up in a losing strike.

i bet u watched few youtube videos of people trading and you thought wow thats easy i can do that, well its not easy and certainly not advisable to learn trading when u close to broke thats a big mistake be prepared to lose the rest of the money you have.

my advise to you is try to find a job and then trade on the side when u have free time till u feel confident about the way you trade, wait at least 1 year and if your betfair account is in profit then give it a second thought about changing your career.

good luck to you !

[vandaltheripper]

first of all the responsiveness from greece is around 100ms max 120ms i dont know where u getting the 500ms that tells me that u dont even know to use beangel cause at the bottom of the software it shows you next to the big red R the ms responsiveness, i trade from thailand and i get max of 330ms, used to live in greece not long time ago.

i agree that u can make 700e in one day but u can lose 10 times that in one day as well if u caught up in a losing strike.

i bet u watched few youtube videos of people trading and you thought wow thats easy i can do that, well its not easy and certainly not advisable to learn trading when u close to broke thats a big mistake be prepared to lose the rest of the money you have.

my advise to you is try to find a job and then trade on the side when u have free time till u feel confident about the way you trade, wait at least 1 year and if your betfair account is in profit then give it a second thought about changing your career.

good luck to you !

Was I talking about the responsiveness of the site when retrieving odds (which is indeed around 150ms)?? I don't think so! The lag is between me placing the bet and seeing it actually on the market.. I've set 250ms refresh rate.. and it takes from 1.5-3 refreshes to see my bet

I'm a missing something?? Does the re-direct from Malta to England doesn't happen and I have to look somewhere else?? I don't pretend I know everything

I've attended Peter Webb's master class.. but not taken to the heart his advice when starting! Crucial mistake

[Zenyatta]

You can lose that money in one day as well. I've been trying my guts out for 2 years on and off and never made a penny trading.

Zenyatta are you serious, i thought the 2 year pay to learn period was where you started seing profit. I have done a 3 year road, (and thats after a couple of courses) and can say i have seen a difference in my entry and exit on swing trades but i must say to vandaltheripper that this game should be seen as a assistance income as the preasure to make money is more of a relaxed one

Well, I took long (months) breaks from the trading, so that's not continuous effort. Also, I lost my high-paying job during the learning process, so obviously I no longer have the bank-roll to put through.

Having trading knowledge with no bank is like havaing an army with no petrol or supplies. As Rommel could tell you (Africian campaign, World War II), without proper petrol and supplies everything just grinds to a stand-stil. That's why people shouldn't try to trade without bank.