Hi all,
I just wanted to have some advice really.
I've handed my notice in at my full-time employer, where I work as a Senior Copywriter. I plan to go freelance with my copywriting, but I am also keen to go full time with my trading.
I've been building up my sports trading bank over the last 3 years and I know have £5.5k to my name. This has been through largely scalping in-play football markets through careful pre-match selection and whilst watching games, as well as a little pre-off horses.
On top of my trading bank I have a further £5k in savings behind me, which should give me enough breathing space to pursue my freelance copywriting and trading simultaneously.
My question to you guys is: is £5.5k ample to trade with and earn a solid full-time income? Or am I still operating too thin? Would really appreciate your input.
All the best.
Taking the plunge full time...
I think in your position, assuming most of my profits came from football trading evenings and weekends. I would continue to do this until I was making serious money on a regular basis over a good period of time and then look at going full time, perhaps with some copy writing on the side to keep my hand in just in case I get fed up with trading or something happens that stops me making decent profits.
I would say if you were trading pre off horse markets then you would have enough money, not sure about football markets though, I don't know anything about them.
I would say if you were trading pre off horse markets then you would have enough money, not sure about football markets though, I don't know anything about them.
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bennyboy351
- Posts: 332
- Joined: Sat Jun 07, 2014 6:01 pm
As someone who has 'lost' a heck of a lot of dosh trying to sort himself out regarding trading, I'd advise that you concentrate on your Copywriting work (a steadier income?) and continue to build both your trading bank AND your experience.lewism87 wrote:Hi all,
I just wanted to have some advice really.
I've handed my notice in at my full-time employer, where I work as a Senior Copywriter. I plan to go freelance with my copywriting, but I am also keen to go full time with my trading.
I've been building up my sports trading bank over the last 3 years and I know have £5.5k to my name. This has been through largely scalping in-play football markets through careful pre-match selection and whilst watching games, as well as a little pre-off horses.
On top of my trading bank I have a further £5k in savings behind me, which should give me enough breathing space to pursue my freelance copywriting and trading simultaneously.
My question to you guys is: is £5.5k ample to trade with and earn a solid full-time income? Or am I still operating too thin? Would really appreciate your input.
All the best.
Going freelance will (should?) give you more flexibility to persue your trading dreams, but remember - if it were THAT easy, EVERYONE would be doing it!
I really wish you well and I reckon if you take things steadily, you will, in the end, come out on top.
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spreadbetting
- Posts: 3140
- Joined: Sun Jan 31, 2010 8:06 pm
Hard to say as you've revealed so little about how much you need to live on, outgoings etc. I operate with a slightly higher bank and achieve 6 figures year in year out so the bank shouldn't be a problem.
My worry would be you've only amassed a relatively small bank to operate from those past 3 years and may put too much pressure on yourself in the early days. My start as a full time trader is very similar as I gave up my job but was able to do agency work in the same field at a higher rate whilst I dipped in and out of full time trading, I probably started with less of a bank too but did have pretty much guarenteed agency work to fall back on which took the pressure off.
But you've handed in your notice now so you must have some confidence in your abilities and have a backup career to provide some income so just build up slowly and should be OK.
My worry would be you've only amassed a relatively small bank to operate from those past 3 years and may put too much pressure on yourself in the early days. My start as a full time trader is very similar as I gave up my job but was able to do agency work in the same field at a higher rate whilst I dipped in and out of full time trading, I probably started with less of a bank too but did have pretty much guarenteed agency work to fall back on which took the pressure off.
But you've handed in your notice now so you must have some confidence in your abilities and have a backup career to provide some income so just build up slowly and should be OK.
Ok, put your seat belts on because I am gonna give you a boost.
Being a full-timer is a mentality , it`s not the conditions that give the privilege to you to be a full timer but it`s your mindset.
First, do not listen to anyone who tells you , you cant do it..Not true, if you believe in challenges and compromises, sooner or later you will be a trader , a good one.
Second, doing this full time means you dedicate a good amount of concentration, knowledge, motivation, money and energy into this..It will help you to trade better, analyze your moves so actually its an advantage..
It is never about the size of your bank, your stakes or what was your previous profession about. Remind you I was a system engineer, my current trading partners were google SEO analyst and other one accountant.. One of the famous traders everyone know in this group is a physician for instance..And we all did the same, dumped everything and went all-in for trading.
I had 5k in debts, had only 500 in BF account and a credit card to pay the monthly bills including the rent when I went full time..First month, my target was to make 1k to pay the bills at least and the pressure was mountain high but managed 1490 and never looked back .
Of course there were scary times, doubts, lots of sweat and cries..Also there is always the chance of failure..
But who told you its easy to earn your freedom?
Being a full-timer is a mentality , it`s not the conditions that give the privilege to you to be a full timer but it`s your mindset.
First, do not listen to anyone who tells you , you cant do it..Not true, if you believe in challenges and compromises, sooner or later you will be a trader , a good one.
Second, doing this full time means you dedicate a good amount of concentration, knowledge, motivation, money and energy into this..It will help you to trade better, analyze your moves so actually its an advantage..
It is never about the size of your bank, your stakes or what was your previous profession about. Remind you I was a system engineer, my current trading partners were google SEO analyst and other one accountant.. One of the famous traders everyone know in this group is a physician for instance..And we all did the same, dumped everything and went all-in for trading.
I had 5k in debts, had only 500 in BF account and a credit card to pay the monthly bills including the rent when I went full time..First month, my target was to make 1k to pay the bills at least and the pressure was mountain high but managed 1490 and never looked back .
Of course there were scary times, doubts, lots of sweat and cries..Also there is always the chance of failure..
But who told you its easy to earn your freedom?
Thanks all for your invaluable feedback.
With regards to living costs, from June I've got around £850-900 that I need to make monthly in order to pay my side of the mortgage/utility bills and food.
So anything on top of that I'll be able to live off/save.
Very interesting that you are able to make 6-figure profits annually with a 5-figure bank. Would it be rude for me to ask what % of the bank you tend to risk per trade? Perhaps I'm being too conservative in my approach...
All other feedback greatly appreciated.
With regards to living costs, from June I've got around £850-900 that I need to make monthly in order to pay my side of the mortgage/utility bills and food.
So anything on top of that I'll be able to live off/save.
Very interesting that you are able to make 6-figure profits annually with a 5-figure bank. Would it be rude for me to ask what % of the bank you tend to risk per trade? Perhaps I'm being too conservative in my approach...
All other feedback greatly appreciated.
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spreadbetting
- Posts: 3140
- Joined: Sun Jan 31, 2010 8:06 pm
I play with a bank of £10K deposited and withdraw each week back to £10K but usually only ever exposed to a max of £2-3K on any one market. I rarely trade more than one market at a time and the balance is there mainly so I'm ready should an opportunity arise, PC churning and also so I wouldn't need to deposit if something went tits up too. I also have another account used for automated stuff.
My main markets are the horses and I've always been more of a pile them high sell them cheap type of trader going for easy money thru as many markets as possible. Even an average £10 a market on the nags will return a six figure pnl over the year. They'll always be a limit to what you can achieve from a market depending on your style and the market so I wouldn't start playing around with what's working for you now just because others may be taking a bigger % with their trades.
If what you currently do works and will be enough to earn you a living I'd stick with it for now dont go tweaking it this early. The more confident you get with what you do, and the more time you have , you'll start spotting other opportunities to make money. I make around £2-3K a month of the dogs just from automation I set up to churn money soley for PC purposes. I think the more consistent and aware why what you do works you also start to realise those techniques can be applied to other markets.
My main markets are the horses and I've always been more of a pile them high sell them cheap type of trader going for easy money thru as many markets as possible. Even an average £10 a market on the nags will return a six figure pnl over the year. They'll always be a limit to what you can achieve from a market depending on your style and the market so I wouldn't start playing around with what's working for you now just because others may be taking a bigger % with their trades.
If what you currently do works and will be enough to earn you a living I'd stick with it for now dont go tweaking it this early. The more confident you get with what you do, and the more time you have , you'll start spotting other opportunities to make money. I make around £2-3K a month of the dogs just from automation I set up to churn money soley for PC purposes. I think the more consistent and aware why what you do works you also start to realise those techniques can be applied to other markets.