Trading on Betfair for a living
-
trader1978
- Posts: 9
- Joined: Mon Oct 12, 2009 9:49 pm
Just wondering if its really a reality to make a living from trading sports long term? Is it really a long term living or a game of short term success with big losses wiping out the short term gains? I'd love to know just how many people who trade sports really make a living doing it?
-
oddstrader
- Posts: 344
- Joined: Fri Apr 16, 2010 4:55 pm
This is my fourth year and long may it last.
It takes stages experianceing strategies (some good some silly) and at least two years to make constant gains. This all collates to good entryand exit points, disipline and paitence, i look at my P&L every end of the month and theres always enough there to fund certain things that my daytime finance usually doestrader1978 wrote:Just wondering if its really a reality to make a living from trading sports long term? Is it really a long term living or a game of short term success with big losses wiping out the short term gains? I'd love to know just how many people who trade sports really make a living doing it?
Ive been self employed for 12 years,trader1978 wrote:Just wondering if its really a reality to make a living from trading sports long term? Is it really a long term living or a game of short term success with big losses wiping out the short term gains? I'd love to know just how many people who trade sports really make a living doing it?
since i was 18 so it was never a big decision for me to go full time on Betfair.
It just sort of happend as my profits started to grow and i realised i could make far more money than what i was doing before, that was 4 years ago, so yes it is very possible.
it will last for as long as it lasts
there are no guarantees like with any job it could all end tommorow, which is why i am always looking for the next thing to move on to if necessary.
-
Green Park
- Posts: 24
- Joined: Fri Aug 06, 2010 7:31 pm
More people make a lot of noise about not making than those that do. The ones that do just get on with it.
Because they dont realise and want to do the hard work & research that has to go into it to find your edge/success. My target is to make between £8000 - £12,0000 by Feb 2012Green Park wrote:More people make a lot of noise about not making than those that do.
5 years now and hating it. Trapped because I can't get a job earning what I earn now because my skills have lapsed and the job market is full of graduates who lack experience but have qualifications. Why employ a 46 year old how has no employment history for 5 years? The job I used to do has moved on and my career break has put me back at the ground floor, my 20 years working my way up has been wasted.
I have made money but other areas of you life suffer. The hardest part of full time trading is physiological, I'm sure other FT' s will agree with me about that part.. It looks glamourous on the outside, and I'm sure there are many that will say how great it is. But be careful what you wish for. I think FT would be ok for someone semi retired, who wants to top up their income, or someone with a rubbish job or low pay and no prospects. If you have any sort of career stick to it and leave this alone, although I have made lots of money I regret not staying in employment now. Money really isn't the be all and end all.
That's what I think, many won't agree.
I have made money but other areas of you life suffer. The hardest part of full time trading is physiological, I'm sure other FT' s will agree with me about that part.. It looks glamourous on the outside, and I'm sure there are many that will say how great it is. But be careful what you wish for. I think FT would be ok for someone semi retired, who wants to top up their income, or someone with a rubbish job or low pay and no prospects. If you have any sort of career stick to it and leave this alone, although I have made lots of money I regret not staying in employment now. Money really isn't the be all and end all.
That's what I think, many won't agree.
I actually agree with you M i have always done things where a buck or two can be made, but i have always kept my Career which i do enjoy, hours are not that hard which gives me plenty of time to trade, my days off from it are when i have to fully focus on the little one, but your right i wouldnt do this fulltimemugsgame wrote:. If you have any sort of career stick to it and leave this alone, although I have made lots of money I regret not staying in employment now. Money really isn't the be all and end all.
That's what I think, many won't agree.
I agree totallymugsgame wrote:5 years now and hating it. Trapped because I can't get a job earning what I earn now because my skills have lapsed and the job market is full of graduates who lack experience but have qualifications. Why employ a 46 year old how has no employment history for 5 years? The job I used to do has moved on and my career break has put me back at the ground floor, my 20 years working my way up has been wasted.
I have made money but other areas of you life suffer. The hardest part of full time trading is physiological, I'm sure other FT' s will agree with me about that part.. It looks glamourous on the outside, and I'm sure there are many that will say how great it is. But be careful what you wish for. I think FT would be ok for someone semi retired, who wants to top up their income, or someone with a rubbish job or low pay and no prospects. If you have any sort of career stick to it and leave this alone, although I have made lots of money I regret not staying in employment now. Money really isn't the be all and end all.
That's what I think, many won't agree.
I left behind a successful sales career to become a full-time trader, but now with 3 years of no employment history and also recently turning 40, my prospects seem slim.
I started to lose my enthusiasm once I qualified for PC, and recent outages cost me £600, battering my positivity even more.
My social life and love life has suffered too, due to the long hours and the solitude of staying indoors with my laptop
It has massive advantages, but life as a full-time trader is not utopia at all
-
AReasonedView
- Posts: 36
- Joined: Wed Aug 12, 2009 9:27 pm
It can be tricky as you say - I personally wouldn't change my trading for any job - I'll probably make nearly 6 figures this year - where would I get a job paying that? - but you do get tied to it all - I wish I had more time off on weekends. I'm lucky my wife is at home with our baby & I can take my son to school etc which is great so I get fair bit of contact with others etc. I've got a degree, worked in Insurance for nearly 20years before packing it in to do Betfair so I feel I've done enough in the other business world and don't miss it. It's so nice to be your own boss and if you fancy a day off to have one. I think many people could do Betfair and work too as you say. I make most of my money at football so could do it that way if need be - but I can make more by being at home & doing the horses too + anything else eg WorldCupCricket trading.
-
CaerMyrddin
- Posts: 1271
- Joined: Mon Sep 07, 2009 10:47 am
That's an interesting view mugsgame, that's for sure.
IMHO, one has to reach a certain equilibrium by investing on other areas. You can trade almost 24 hours a day, but life isn't just about earning money.
For instance, 3 times a week I go to the gym and always take some time to chat with the people I already know. Twice a week I take dancing lessons and I make sure I don't work on all weekends.
Being married is an advantage I guess and loving what you do is another..
Honestly I wouldn't bare for long to do anything I don't like. I would try to recover my passion for the work but if I falied, I'd walk away...
IMHO, one has to reach a certain equilibrium by investing on other areas. You can trade almost 24 hours a day, but life isn't just about earning money.
For instance, 3 times a week I go to the gym and always take some time to chat with the people I already know. Twice a week I take dancing lessons and I make sure I don't work on all weekends.
Being married is an advantage I guess and loving what you do is another..
Honestly I wouldn't bare for long to do anything I don't like. I would try to recover my passion for the work but if I falied, I'd walk away...
I think trading is a fantastic way to earn a living and would not change a thing,
Good money, loads of free time and knowone to tell you what to do .
If i wasn't earning well and was spending 20 hours a day trading , i can see how like any job it would become a drag pretty quickly.
You have to get the balance right it has to be worth the time you spend on it and has to earn you the money that lets you do what you want to do in life.
Good money, loads of free time and knowone to tell you what to do .
If i wasn't earning well and was spending 20 hours a day trading , i can see how like any job it would become a drag pretty quickly.
You have to get the balance right it has to be worth the time you spend on it and has to earn you the money that lets you do what you want to do in life.
Don't get me wrong. I have a full life with plenty of other things to do, and that's fine up to a point. I am a sociable guy, I had lots of friends (who are all at work when my time is free). I keep active. But I think some of you are missing the point (except Le Tiss). There comes a point when it turns against you.
My confidence as a person has suffered. I don't mix well anymore. I used to be a fearless senior production manager, with 300 people working for me. It was high stress, but I coped OK. I'd give anything to be back there now.
Let me tell you what happens as the years go by.
You become more withdrawn.
Less tolerant of people
Lose social skills.
Your friends drift away
Your friends become jealous of your easy money lifestyle.
You feel like you have to justify your success.
When you start to make serious money, it's enviable that you start buying better cars, flash holidays, bigger house. This loses you more friends.
Even relatives treat you different. Because the way you make your money, they seem to think you should be giving them a regular handout (cos you do nothing to earn it do you?) I am happy to look after them, but things are different for sure.
It's got to the stage now where I have sold my Merc and Harley, I didn't set out to try to be flash, but if you have the money why not buy the things you always dreamed of having? I recently bought an old 52 plate Golf, told everyone I know that Betfair have restricted my account and I'm struggling to get by. The smug grins and "I told you so comments" are telling.
What I am saying is, for some it's fine. If you can handle the things that you really don't expect.
I can't handle it. I feel trapped and i really don't like it. But I realise that there are 1000's of people trapped in shite jobs and are struggling to bring up a family. Once your in it's hard to get out.
A couple of years ago I was in love with trading, and could never envisage doing anything else. Things have changed. Betfair has changed (and is changing more and more).
I want to do some voluntary work, I have gone to a couple of places and had to answer awkward questions about what I have been doing for the last 5 years. I am sure if I went in and said i'd been in prison for selling drugs to kids I'd have more success. pro gamblers are the scum of the earth. You can't even give yourself away for free!!
It's not for everyone, that's for sure. Don't let me put anyone off, but know what your getting into and the potential consequences.
My confidence as a person has suffered. I don't mix well anymore. I used to be a fearless senior production manager, with 300 people working for me. It was high stress, but I coped OK. I'd give anything to be back there now.
Let me tell you what happens as the years go by.
You become more withdrawn.
Less tolerant of people
Lose social skills.
Your friends drift away
Your friends become jealous of your easy money lifestyle.
You feel like you have to justify your success.
When you start to make serious money, it's enviable that you start buying better cars, flash holidays, bigger house. This loses you more friends.
Even relatives treat you different. Because the way you make your money, they seem to think you should be giving them a regular handout (cos you do nothing to earn it do you?) I am happy to look after them, but things are different for sure.
It's got to the stage now where I have sold my Merc and Harley, I didn't set out to try to be flash, but if you have the money why not buy the things you always dreamed of having? I recently bought an old 52 plate Golf, told everyone I know that Betfair have restricted my account and I'm struggling to get by. The smug grins and "I told you so comments" are telling.
What I am saying is, for some it's fine. If you can handle the things that you really don't expect.
I can't handle it. I feel trapped and i really don't like it. But I realise that there are 1000's of people trapped in shite jobs and are struggling to bring up a family. Once your in it's hard to get out.
A couple of years ago I was in love with trading, and could never envisage doing anything else. Things have changed. Betfair has changed (and is changing more and more).
I want to do some voluntary work, I have gone to a couple of places and had to answer awkward questions about what I have been doing for the last 5 years. I am sure if I went in and said i'd been in prison for selling drugs to kids I'd have more success. pro gamblers are the scum of the earth. You can't even give yourself away for free!!
It's not for everyone, that's for sure. Don't let me put anyone off, but know what your getting into and the potential consequences.
That is a very poignant post M.
I'm particularly impressed with your desire to get into voluntary work, something I've done very little of. Whichever way you look at it, trading has had a profound effect on your life.
Good luck for the future,
P
I'm particularly impressed with your desire to get into voluntary work, something I've done very little of. Whichever way you look at it, trading has had a profound effect on your life.
Good luck for the future,
P