First of all - hello I'm glad that I'm part of this wonderful community.
As you can see I'm new in the forum and in the trading but willing to learn!
Here's the thing. Like anyone here, I'm trying to find the thing that will make me some money. I know this thread probably will look stupid to most of you but hey, you've been a newbie too.
My bank:
-50 euro(not much but it's what I can afford)
Target:
-5 euro per day(enough for me. Don't want to be greedy)
Method:
???
I've read a lot about trading sports lately and blew my first 50 euro bank like a typical punter, but I don't take it as a loss. More like an investment.
So I'm thinking of pre/inplay scalping football/horses.
Really interested to hear your advices!
Excuse me for all my spelling mistakes. English is not my native language :\
E50 is a very limiting bankroll - given mimimum bets on Betfair are E2, so u will be risking 4% of your bankroll per trade.
Even if that wasnt the problem, what are u really hoping to scalp per trade ? 10% wins 20c .. thats a lot of work, for a v low return.
I understand u have to learn, but, rather think u should trade 'play' money .. or paper trade, till u have a bank roll of at least E200.
It will take fantastic discipline to place trades, which are under 5% of your bankroll. Also, even if u win, placing E5 trades, I am not sure, it teaches u that can win placing E50 trades, which is probably where u want to get to.
I would place the odds at u being successful, using a bank of E50, to be over 50/1. Basically, u are saying, u will win E5 a day, and never look back. For someone with a lifetime of experience, thats probably possible, but, as a newbie, it just v unlikely.
Good luck .. keep a v detailed record of your trades, and maybe even post them, so, maybe u can get constructive advice.
I've been playing poker in the past and I'm familiar with proper bankroll management and I know how important is it due to the variation.
Actually you're right. I need to lower my target to something like 1 euro per trade and probably try to get at least 100 euro bank. It's not optimal but it's better for sure.
The first time I've deposited 50 euro, I've played with 50 euro per trade, "risking" 100% of my bank. I've had some success but at the end, didn't managed to get at least break even.
The learning process is also complicated even with all these videos at youtube. I feel like the things changed since these videos was created. But market changes and we need to adapt.
Keeping diary, recording my trading sessions and re-watch the videos after are the 2 main things that I'm planning to make this time in order to improve myself.
Read as much as you can, watch the videos etc and start using the Practice mode..!
Once you feel more confident and you go live, you can start compounding some of your profits, you can soon build up a better bank..
Check out the Blog link on the right of this post and type in "Ten Pound Trader"..
It's inspiring what can be achieved with 100 euro bank and proper bank management.
I've watched most of the videos in YT in english and russian. Now I'm reading threads here and there but I guess the best thing will be to try and find set of strategies that work for me. And hopefully some day I'll make enough to buy BA professional to help myself and say 'Thanks' for your warm welcome
Start off slow as you were planning to start with. Peer pressure from those such as Megarain can cause newbies to panic, thinking that they are not earning enough. Small starting balance and small stakes; very wise, and once you gain confidence and a better understanding of the markets, then would be the time gradually increase your stakes.
Before the above post, I had spent some of the weekend thinking of your post as a Poker player, and how u were using 100% of your bank, per trade. U obviously found that wasnt optimal.
Making a success of trading, is a myriad of factors, but, by the far the most important, is bankroll management.
Once u get this, u can look for trading strategies.
I cannot stress enough, I respect everyones bankroll .. E100 is a fortune to those earning low wages - not so, to high flyers.
Using a 'small' account, u can learn the technical factors of using software, and not worry so much, about making errors that will cause u to lose confidence. (especially if u use practice mode).
This is good, and neccesary, but, at some point, u have to get to the level, where your trades, can allow u to accumulate enough weekly income for u to survive. If u can really do that, using E2 trades, (which I doubt) then, u can do it, using E10 trades - with, IMHO, little difference to profitability.
The mkts on Betfair are fairly robust. Some of the soccer mkts, will have 5k sitting at the head of the queue .. adding your E2, u will have a long wait - which made me wonder, how u were going to trade soccer - but, maybe there are sub-mkts etc.
Starting out, cant be easy. Its best, to find a profitable trader to learn from, but, they are in short supply, especially those willing to donate time.
I want u to 'get' the process, and from there, decide whether its possible to get a + EV return, after time/expenses. Using practice mode, maybe even better, for the first 2 mths, whilst u get started - thou, I have never told my students to use this .. as, it just doesnt tell me, whether a student could actually pull the trigger, with real money, and a student cares more about a real money trade, than a practice one.
It is never my intention to put Peer pressure on people, I am only trying to give help, using my experience.If its not helping, then, sorry.
U must decide for yourself, what HELPS u to trade and get to the winning line most. Blowing up your account, is not always, the worst thing to happen, in the early days.
megarain wrote:I cannot stress enough, I respect everyones bankroll .. E100 is a fortune to those earning low wages - not so, to high flyers.
You're absolutely right. In my country and especially my city, the average wage is like 200 euro monthly. That's why I'm trying to make a living from something different than working on a job for 200 euro, where they take your soul for them.
Anyway, back to the point. I don't think I'll play in training mode because of the difference in the pressure. While waiting for my money to be transferred from PP to my bank account, I'm training myself with 'what-if' trading. I know it may sound weird. I'm just pointing the place with my cursor and follow how the trade goes and what was about to happen if I was invested in that position.
Regarding to the software, I don't have problems using it. I'm kind a tech savy and a bit of practise was enough to get used to it.
As for the trades, I was trading pre-race and pre-match. I'm more into football, but seems that you need larger bank to make nice profit because things happens slower. Pre-race was something new to me and often I've experienced "the phenomenon" - it's always going agains me!
Generally I've faced the basic problems of trading. They're the first thing that I have to fight with. I struggle to pick pre-race or pre-match trading or may be in play football. After that I can move on to breaking even trades/days. And at some point to get more profit than loss
You seem like a really nice guy who realizes it will take a lot of effort to achieve what you want, so I wish you all the best and I hope we will see you getting some success within the next few months!
Naffman wrote:You seem like a really nice guy who realizes it will take a lot of effort to achieve what you want, so I wish you all the best and I hope we will see you getting some success within the next few months!
Thank you! Appreciate all of your help, guys!
Will keep an eye on the forum every day and ask silly questions, while trying to do my best to get to the green
Also planning to start a journey thread as an additional motivation to me and to show my success/failure to all the newbies that will come after me, so they can learn from my mistakes.
First of all nice name maybe that will change over time
You said in your posts that you earn about 200 euro a month, which puts you in a big advantage, to make even 400 euros you only need a small bank and make small trades.
@megarain, so basically I have to lay the draw(tied match - No) on cricket? I have to read about that sport a bit because I don't know anything about it.
Actually tried laying the draw(or current score[0-0, 1-1] on football matches and had some success. I've tried to find matches where there is a favourite so a goal is more likely to come. But to be honest, that's seems like more like a gambling than trading to me.
It's perfectly possible I misunderstood the graph provided. Sorry for my stupidity if that's the case :\
I'm glad that I'm part of this wonderful community.
