A New Life?????

[womble_wayne]

OK Here goes..............I have had a really bad time over the last 18 months. Basically I bought a pub and lost everything! I have had to move back to London, cant get a job and for the first time in 30 years i have had to sign on. I have played about with trading before and have made small profits and bigger losses, However i have decided to set myself a challenge(other than getting a job which is still a priority). I am going to start with the smallest amount in my bank and see if i can turn a profit. My initial goal is to make £400 ish so i can go on peter webbs course. Hopefully i will post now and then to show my progress.
ps These postings are part of my motivation to suceed.

[womble_wayne]

Success

Day One Trading
Start Bank £ 150.00
End Bank £ 171.00
Days Profit £ 21.00

I am very happy with today as i intend to increase my bank by 7%- 10% on each full day i trade. Today was a bit of a steep learning curve and i made a few mistakes along the way. Have learnt one thing today...dont go in running!!! However things went my day today and am getting a feel for the BETDAQ markets. Hopefully in time BETDAQ will update things on their site. One of the biggest problems i have is that there is no column telling you how mutch has been matched at what price, so no idea of resistance points. Anyway enough for now, be back soon.

[scotty875]

Good luck on 10% per day. In my limited experience I think that's acheivable with discipline. Emphasising discipline-I've managed 10% before going stupid in-running and crippling my bank. My current rules are
one open trade at a time, openning trade stake 2.5% of bank(haven't actively traded much lately so easing myself back in on smaller stakes) and stop loss at 50% of stake(self discipline not auto stoploss). I've mixed feelings on in-running, did some today successfully but it's pretty nerve racking. Obviously your rules will be built on your own experiences, set targets don't always bring results and can increase pressure. I started with a smaller bank and blew most of it and then rebuilt(twice now). I've no set targets now and with my staking plan and discipline I hope this gives me plenty of time and opportunity to learn how to improve my trading.

[LeTiss]

Most experienced traders could make 10% quite easily on smaller banks - £20 from a £200 bank would be a piece of cake

However, there's a ceiling for how much money you can push through, so picking up £2000 from a £20k bank is very, very difficult.

If you are targeting earnings, I'd create a sliding scale where your percentage starts to drop slightly, as your bank increases

[THENUTS]

there's a ceiling for how much money you can push through, so picking up £2000 from a £20k bank is very, very difficult.

If you are targeting earnings, I'd create a sliding scale where your percentage starts to drop slightly, as your bank increases

Le Tiss - Would you say it is realistic for £300 per day on a £10k bank (3%) ?

Is this the kind of bank / return that pro traders are targeting on a regular basis ?

[womble_wayne]

If you are targeting earnings, I'd create a sliding scale where your percentage starts to drop slightly, as your bank increases

I am looking to reach a certain bank level then maintaining 75-100% of that bank and then draw an income.

[spreadbetting]

Le Tiss - Would you say it is realistic for £300 per day on a £10k bank (3%) ?

Is this the kind of bank / return that pro traders are targeting on a regular basis ?

It's not the size of your bank it's what you do with it

Like Le Tiss says there's a limit as to how much you can stick into most markets in one go. Unless you're playing multiple markets or laying high prices a £10K bank certainly isn't needed. Most traders will have a high turnover of £'s just by churning over the same money multiple times thru the market rather than putting large bets into it

[steven1976]

Le Tiss - Would you say it is realistic for £300 per day on a £10k bank (3%) ?

Is this the kind of bank / return that pro traders are targeting on a regular basis ?

It's not the size of your bank it's what you do with it

Like Le Tiss says there's a limit as to how much you can stick into most markets in one go. Unless you're playing multiple markets or laying high prices a £10K bank certainly isn't needed. Most traders will have a high turnover of £'s just by churning over the same money multiple times thru the market rather than putting large bets into it

I agree that you can win small amounts with lots of turnover which is what I do. However the size of a bank can influence a market signifcantly. After all, "money moves markets". A good friend of mine uses 50k+ bank and the largest Ive personally seen is 400k. I dont believe they are gaining interest from bf by holding this amount in their accounts.

A couple of reasons that they could need the money is for example if the liquidity is good on an event, they may place a large position a long way out from the money. As the clock ticks down they eat up the money in the tick immediately in front of them and then put up a big resistance to support the position with even bigger money knowing that the market has to eat their bet first as it continues to move in/out. This would be for inplay bets obviously where time plays a factor. Another scenario could be, preoff events when money can be used to influence opinion even when there is no intention of the money being matched.

[haichless]

couldnt agree more steven1976,its a definite advantage when you get to a critical mass bank wise and can use it in the markets