As I am pretty new at this, could any Professional trader using Bet Angel tell me, is the only way of making money on Betfair by Trading price movements.
I read Adam Heathcotes blog on the main site and he seems to make an average of £1000 a day ?
How much must he be staking on each tick, it must be huge.
I have a 5K bank to kick off with, but I think I should go on the course first, how on earth does Adam manage this, can someone please give me some advice.
Cheers
Experienced Pro Traders
There are numerous pitfalls and mistakes awaiting the inexperienced trader, I should know cuz I found most of them. I've been trading (learning) for several months. I think I'm past the big mistakes (losses) now, and am probably just breaking even. At least once a week I have a 'lightbulb' moment and think I've finally cracked it - only to screw up the following day 
I've heard from some that it can take 1-2 years to be profficient - not sure about that, probably all down to how quick you learn and how much time you're willing to put in.
Bets of luck.
Graham
I've heard from some that it can take 1-2 years to be profficient - not sure about that, probably all down to how quick you learn and how much time you're willing to put in.
Bets of luck.
Graham
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TheRiddler
- Posts: 102
- Joined: Sat Apr 25, 2009 5:02 pm
Personally I think your going in way too big if you intend to put £5000 to good use. It will more than likely end up in several other peoples accounts. To be proficient at trading you do not, contrary to what most believe, have to use any money so long as you take the money which is available in the market, and make an adjustment to the price regarding your theoretical stake in relation to liquidity.
I did this and I know this was better for me than sticking in trades of 5 or ten pounds while in early development.
If you wish to use the 5 grand then good luck to you but I will not be giving it back!!!
Just kiddin.
Don't forget be a rabbit, not a hare.
I did this and I know this was better for me than sticking in trades of 5 or ten pounds while in early development.
If you wish to use the 5 grand then good luck to you but I will not be giving it back!!!
Just kiddin.
Don't forget be a rabbit, not a hare.
forget about using the 5k for a while and go on the course first!! you will get more info this way and course literature to work off too, its a steep curve with many many pitfall's and if too keen to make money, beware because greed will bite your arse more than once!
To 90% of people it does not come naturally and takes patience with more discipline than most have in the locker unfortunatley!! learning from scratch to Adams standard is to compare to running a marathon WITHOUT training 1st, i:e you wont make it!!, its a true marathon run and what most people think is, i can do it no problem,reality means training for up to a year before you run it and then its no stroll!! Learning to trade from scratch is similar, put in the hours watching patterns and testing the markets reality to your expectations, and then once these two puppies meet your on to a winner! even then its not over its ongoing and you develop with it (hopefully)!
Good luck and guard your 5k!
To 90% of people it does not come naturally and takes patience with more discipline than most have in the locker unfortunatley!! learning from scratch to Adams standard is to compare to running a marathon WITHOUT training 1st, i:e you wont make it!!, its a true marathon run and what most people think is, i can do it no problem,reality means training for up to a year before you run it and then its no stroll!! Learning to trade from scratch is similar, put in the hours watching patterns and testing the markets reality to your expectations, and then once these two puppies meet your on to a winner! even then its not over its ongoing and you develop with it (hopefully)!
Good luck and guard your 5k!
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andyfuller
- Posts: 4619
- Joined: Wed Mar 25, 2009 12:23 pm
I think people often lose all reality when they come to looking at how much they want to make a day when starting out.
Make £100 a day 5 days a week and you are on the equvilant of £33,000 a year. Make £200 and you are on the equvilant of about £72,000 a year. There can't be that many traders who would make that kind of money in a 'normal' job.
If Adam reaches his £250,000 target which I am sure he will smash through, he will be on the equivalent wage of over £410,000 for the year. There aren't that many people who make that much in 'normal' jobs. Not even the Prime Minister does. I am not say to not aim to achieve this one day but to think you will get anywhere near this to begin with is just riddiculous.
In order to make £100 to £200 a day you do not need a £5,000 bank. If you are just starting out you are going to make a lot of errors and will be on a very steep learning curve. During this period I would recommend using a lot less and then you will lose a lot less which unless you have an amazing natural ability for this you will lose money when starting out.
Losing a lot of money early on will do more harm to your confidence than the odd big win will do good. Go about your trading looking not to lose.
I am sure the course is very worthwhile but I would think getting some experience under your belt first would be worthwhile as then you will be able to get more out of it.
Make £100 a day 5 days a week and you are on the equvilant of £33,000 a year. Make £200 and you are on the equvilant of about £72,000 a year. There can't be that many traders who would make that kind of money in a 'normal' job.
If Adam reaches his £250,000 target which I am sure he will smash through, he will be on the equivalent wage of over £410,000 for the year. There aren't that many people who make that much in 'normal' jobs. Not even the Prime Minister does. I am not say to not aim to achieve this one day but to think you will get anywhere near this to begin with is just riddiculous.
In order to make £100 to £200 a day you do not need a £5,000 bank. If you are just starting out you are going to make a lot of errors and will be on a very steep learning curve. During this period I would recommend using a lot less and then you will lose a lot less which unless you have an amazing natural ability for this you will lose money when starting out.
Losing a lot of money early on will do more harm to your confidence than the odd big win will do good. Go about your trading looking not to lose.
I am sure the course is very worthwhile but I would think getting some experience under your belt first would be worthwhile as then you will be able to get more out of it.
I started making small amounts in the first year and by the second year my confidence had grown and I really began to get a lot better. I also started using bigger stakes. Since then I have managed to grow but thanks to weather, different markets and the like my results year on year vary quite a bit but still growing. I notice that the bog standard horse racing is not growing much so I think that could be a problem going forward unless Betfair really drive some more volume to them.
I see John O'Neill is in the process of writing a trading manual of what he does.
http://preracetrader.blogspot.com/2009/ ... buses.html
http://preracetrader.blogspot.com/2009/ ... buses.html
