Mine is 50eur and I'll be trading a couple of months with 2eur stakes so I can get a "feel" for the markets.
What is/was yours?
What is/was your starting bank?
I can't remember how many starting banks I've had! Seriously, the advice is to start with smallest stakes/practice version until you start earning consistent profits - then you can worry about bank size and staking. If you've still got your 50 euros after 2 months, you will have done well.
I agree completly - I'll post my results or number of banks blown in a couple of monthsWyndon wrote:Seriously, the advice is to start with smallest stakes/practice version until you start earning consistent profits - then you can worry about bank size and staking.
Just curious with what bank did others start or are starting?
You're probably not getting answers to this question because it's been asked many times before.
e.g.
viewtopic.php?f=2&t=9287
viewtopic.php?f=17&t=9118
Probably others too. Just search "starting bank" and have a read.
Ultimately most important thing is not to use more than you can afford to lose. You can get started with very little (50EUR should be fine). I started with £200 and haven't looked back.
e.g.
viewtopic.php?f=2&t=9287
viewtopic.php?f=17&t=9118
Probably others too. Just search "starting bank" and have a read.
Ultimately most important thing is not to use more than you can afford to lose. You can get started with very little (50EUR should be fine). I started with £200 and haven't looked back.
Well, I know what a starting bank should "look" like (in poker for example it is a minimum of 1000bb in 6max cash games or 2000bb in cash game heads-up), but would like to know from first hand with what amount did all the semi-pros and pros start 
Last edited by andrejt on Tue Jan 27, 2015 6:54 pm, edited 1 time in total.
Agree, I started with virtually nothing and ended up with significant sums, but it's more important what you do with the bank than the size itself. You probably want to split up your capital into say three chunks so when you have the odd moment you still have another bank to fall back onto.xitian wrote:Ultimately most important thing is not to use more than you can afford to lose. You can get started with very little (50EUR should be fine). I started with £200 and haven't looked back.
But you don't actually need a giant bank to trade well. There are so many events you just move from one to the other. I trade over 10,000 events a year so the average per event doesn't need to be huge to get a decent total over the year.
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andyfuller
- Posts: 4619
- Joined: Wed Mar 25, 2009 12:23 pm
You can quite easily have the issue of trading with too big a bank.
An important thing is to learn what stakes a market can take.
As for a starting bank, it can be very little, £100 is more than enough. And as for the line that is often trotted out about how everyone blows banks when they start.....not everyone does.
An important thing is to learn what stakes a market can take.
As for a starting bank, it can be very little, £100 is more than enough. And as for the line that is often trotted out about how everyone blows banks when they start.....not everyone does.
A
Check out this blog post :-
http://www.betangel.com/blog_wp/tag/ten-pound-trader/
From memory Peter stated it with a £100 Bank..
As long as your methods are sound, you will soon build the bank
Regards
Peter
Check out this blog post :-
http://www.betangel.com/blog_wp/tag/ten-pound-trader/
From memory Peter stated it with a £100 Bank..
As long as your methods are sound, you will soon build the bank
Regards
Peter
I guess that is referring to my post - although I would never suggest that it applied to everyone. As a matter of interest, do you think that anyone starting out trading today would find it harder than 2009?andyfuller wrote: And as for the line that is often trotted out about how everyone blows banks when they start.....not everyone does.
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andyfuller
- Posts: 4619
- Joined: Wed Mar 25, 2009 12:23 pm
In passing it was referring to your post but not as a dig at you. It is just that it is a line that is often stated by people and imo creates the impression that you should approach learning to trade with the view that you are going to blow your banks which I think is wrong.
You should approach it with capital preservation high up on your list. Looking to avoid losses as opposed to winning money. The winning will take care of itself if you control the losses.
As for starting now, I do think it will be tougher but that was the line that was trotted out probably back in 2009 as well. The potential to profit has changed a lot in this time not least due to the premium charge which also can have an impact on the ability to carry on. But if starting from a fresh it is possible to do things from the off to avoid its impact which for others is far more harder to do retrospectively.
Would I start now, probably, but I would approach it differently to how I did.
One thing that has very much remained the same is the wish to crack the horse racing markets. I feel other markets aren't explored enough by people.
Good luck to anyone starting out, be prepared for some deep soul searching and tough times but try and appreciate the good times as much.
You should approach it with capital preservation high up on your list. Looking to avoid losses as opposed to winning money. The winning will take care of itself if you control the losses.
As for starting now, I do think it will be tougher but that was the line that was trotted out probably back in 2009 as well. The potential to profit has changed a lot in this time not least due to the premium charge which also can have an impact on the ability to carry on. But if starting from a fresh it is possible to do things from the off to avoid its impact which for others is far more harder to do retrospectively.
Would I start now, probably, but I would approach it differently to how I did.
One thing that has very much remained the same is the wish to crack the horse racing markets. I feel other markets aren't explored enough by people.
Good luck to anyone starting out, be prepared for some deep soul searching and tough times but try and appreciate the good times as much.
It's been by mantra for some time but I've been accused of glamorising it when I write like that. So it's nice to see somebody independently come up with the same view.andyfuller wrote:It is just that it is a line that is often stated by people and imo creates the impression that you should approach learning to trade with the view that you are going to blow your banks which I think is wrong.
You should approach it with capital preservation high up on your list. Looking to avoid losses as opposed to winning money. The winning will take care of itself if you control the losses.
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andyfuller
- Posts: 4619
- Joined: Wed Mar 25, 2009 12:23 pm
Agreed - the focus is far to often on winning. You can also learn a lot more I feel about looking into your losses and why you lost than you can by looking at your wins. That is not to say you shouldn't still look at your wins.
One thing I did was record all my trading sessions and spend an hour or two the next morning reviewing the losses and the better wins and anything else I noted down from the day. I learnt a lot from doing that.
Something else I should have added was that it is important to accept losses no matter how much you try and eradicate them, they are part of trading and should be embraced. Once I learnt to do this and it took a long time to realise I needed to, my trading went to another level mainly because it freed me mentally from focusing on the loss I had just had and move to looking at the opportunity that was coming up.
One thing I did was record all my trading sessions and spend an hour or two the next morning reviewing the losses and the better wins and anything else I noted down from the day. I learnt a lot from doing that.
Something else I should have added was that it is important to accept losses no matter how much you try and eradicate them, they are part of trading and should be embraced. Once I learnt to do this and it took a long time to realise I needed to, my trading went to another level mainly because it freed me mentally from focusing on the loss I had just had and move to looking at the opportunity that was coming up.
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steven1976
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- Joined: Tue Jan 19, 2010 6:28 am
"One thing that has very much remained the same is the wish to crack the horse racing markets. I feel other markets aren't explored enough by people."
Agreed 100% and often wonder why so much discussion is about horses. I only really do well with markets that have a definate direction like football as you know at certain times, scare money can onky sit for so long at certain prices in a game and 1 tick earned on football adds up to the same as 1 tick on the horses.
I imagine a lot of people read Adams blog and that Leroy the Fixers blog (or whatever his name was) and took to horses! Cost me a fortune them two!
Agreed 100% and often wonder why so much discussion is about horses. I only really do well with markets that have a definate direction like football as you know at certain times, scare money can onky sit for so long at certain prices in a game and 1 tick earned on football adds up to the same as 1 tick on the horses.
I imagine a lot of people read Adams blog and that Leroy the Fixers blog (or whatever his name was) and took to horses! Cost me a fortune them two!
Haha! You should talk to Andy about that Leroy the Fixer dude. Think he might know him.steven1976 wrote:...and that Leroy the Fixers blog (or whatever his name was) and took to horses! Cost me a fortune them two!
So Andy, are you still abstaining from Betfair at 40% PC? Or if you're on 60% PC are you not interested in trying to reclaim that 20% back? Surely that's potentially worth 10,000s or even 100s to you.andyfuller wrote:As for starting now, I do think it will be tougher but that was the line that was trotted out probably back in 2009 as well. The potential to profit has changed a lot in this time not least due to the premium charge which also can have an impact on the ability to carry on. But if starting from a fresh it is possible to do things from the off to avoid its impact which for others is far more harder to do retrospectively.
Would I start now, probably, but I would approach it differently to how I did.
I understand your argument about there becoming a point whereby you can earn more money with the same time elsewhere, but I personally struggle to think what else that might be for people in the 6 figure a year bracket. Or perhaps I'm being a bit presumptuous about how much you can earn on Betfair. No need to comment if I've been too blunt (I apologise if I have). But just thinking about myself, even with PC it's hard to think of anything else with the same return on investment (risk/reward ratio). And by "investment" I mean both time and money.
I guess all newbies (with me included) need to learn that as fast as possibleandyfuller wrote: Something else I should have added was that it is important to accept losses no matter how much you try and eradicate them, they are part of trading and should be embraced. Once I learnt to do this and it took a long time to realise I needed to, my trading went to another level mainly because it freed me mentally from focusing on the loss I had just had and move to looking at the opportunity that was coming up.
