Tuesday 30 August

[bilko]

Sorry to read that you had to close down your blog due to the stick you were getting. But that’s their loss I feel.

So bank below £5000 and turnover is above 10% and in a good day you can double up the bank. This makes you a great trader for people that have a six figure bank and make just 0.5% of their bank a day are not good traders in my eyes.

Hopefully you will find a way around the 60% TAX as it would be shame to see a talent go to waste.

But if you do decide to call it a day PLEASE sell me your trading videos that go for Peter too.

[Zenyatta]

Yes, I too would like to meet Peter and other good traders in person some day to sort out why they seem to be able to make money effortlesly out of trading, whereas some of us who tried our guts out (Jeff, Me many others I'm sure) can't seem to make a penny.

I'm sure there's no secret technique, but clearly you guys must be doing something the rest of us aren't. I got to break-even on trading, but apparently what I'm doing is still not sufficient to push me over the line.

[PeterLe]

I'm sure there's no secret technique, but clearly you guys must be doing something the rest of us aren't. I got to break-even on trading, but apparently what I'm doing is still not sufficient to push me over the line.

Hi Zenyatta
I am by no means as accomplished as some of the guys on here, but i do very well by my own standards.
I dont think there are any secrets as such. I'm sure that if you sat next to Peter or one of the other guys on here for day, it may inspire you to try things you hadn't done before but you would probably think "is it that simple?"
There was long (and good) thread on here about how people progressed from their early trading life, worth a re read?
I can relate to what you are saying; In my own case I got to a point where I thought "Right this is the last £500 (?) and when that is gone I'm finished with trading". As a last ditch effort, I changed from what I had done in the past (if you do what you've done in the past you will get the same results mentality) and tried something different, and never looked back. Yes, its a struggle and feels very uncomfortable at first, but it gets easier. I think once you are playing with "betfairs Money" it gets easier as there are no psychological problems to deal with.

I was looking at Adam's old blog the other day, just look at how his average per day grew over time..I'm sure from a psychological point of view, once you have 30-40K in your P&L it takes the pressure off?

I guess what I'm saying (and perhaps easier said that done), but if what you are doing isn't producing the goods, have a go at doing something different? You only live once (and Betfair may not be around for ever!), have a go!

regards
Peter

[Zenyatta]

Good points Peter, no point in doing the same thing over and over and not getting over the line. But I think trading is the world's toughest job, if I'm unable to get over the line after over a year, the likelihood is that I will never do so. Like I said, world's toughest job mate so I take my hats off to you all!

[freddy]

I think the biggest problem with new traders is that they simply over complicate things,
i was like a kid in a sweet shop when i first started on betfair , trying all the gizmos and graphs under the sun to predict the market direction .

turns out all i needed to profit was the info on the ladder and some experiance of the markets,
trading is actually really not that difficult, it's 90% + mental i think.

[bilko]

Please feel free to show us your P&L Freddy looking forward too it!

[freddy]

There is no point in me posting my p&l.

I was just making the point that imo most people try to overcomplicate things with trading.
thats all

[Iron]

I think some people think that profitable trading is like playing blindfolded 3d chess against a grandmaster!

My guess is that it's more like driving a car, ie you're simply doing something that you've done so many times that it's become instinctive...

I once came across a nice quote: 'Trading is like sex - if it's a pain in the ass, you're doing it wrong!'

Jeff

I was just making the point that imo most people try to overcomplicate things with trading.
thats all

[freddy]

Haha yes i would tend to agree with that

[mcfc1981]

im pretty confident anyone could learn to trade, its all in the mind.

[Zenyatta]

My guess is that ...

So you admit you still don't know what profitable trading is like

[Iron]

I was originally going to reply by writing 'Watch this space!'.

But when I do become consistently profitable, I'll be keeping it to myself. This is partly due to the hostile reception some people have received when they've shared the good news of their success. Also, turning down requests for secrets & videos would make me feel guilty!

All I'll say is that I honestly sense that things aren't far off coming together.

Jeff

So you admit you still don't know what profitable trading is like

[PeterLe]

Good points Peter, no point in doing the same thing over and over and not getting over the line. But I think trading is the world's toughest job, if I'm unable to get over the line after over a year, the likelihood is that I will never do so. Like I said, world's toughest job mate so I take my hats off to you all!

Hi Z,
If I'm honest it was almost two years before I made a profit (i very nearly gave up). The first month a small amount and the second about £2K, and it just took off then. I still have the screen shot of the first decent month as I couldn't really believe that I had made that much! I thought it a fluke!

Anyway keep going!
regards
Peter

[Iron]

They say, don't they, that when you're on the point of giving up on something, that's when you're about to make a breakthrough?

Jeff

If I'm honest it was almost two years before I made a profit (i very nearly gave up).

[PeterLe]

Yes I think so.
I almost threw caution to the wind and just went for it..put some skin in the game!