Feel a bit crap today. Tired I think of banging my head against the wall trying to make some kind of money in this trading lark. Last weeks 6 day hall from trading the horses was a loss of just over £5 - a stunning performance in terms of reducing my losses but still a long way off the the £100 a day I was told an 'average' trader should make a day. Maybe I'm just a crap trader, or maybe I was just told a little Porkie.
Anyway, decided to have a go at the football yesterday, so thought I'd do a bit of research into the Hamburg cup match last night. Hamburg odds on. I'll back them and then lay them as soon as they get in front, can't be difficult that can it? Form points to Hamburg, forums are screaming Hamburg. Result 2-2 at 90 mins, and Hamburg never in front. There endeth my football trading career for now.
So, how to make money at this game? I mean from trading and not training. We all know it's not easy, but how many are actually making a living? Not too many I don't think, and the ones that say they are making £000's are suddenly diversifying into other things or taking breaks. Hmmm...
Maybe I should go back to bed, I sound like (and feel like) I've got out of the wrong side this morning.
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I think that you're right to question whether making £100 is an "average" trader. It may well be average amongst only the successful traders, but heresay says that only 5% are profitable long-term and Betfair has stated that only 0.5% of their customers make over £15,000 per year. Thats £62.50 for a 5 day week, 48 weeks of the year (hey we all need a holiday!). Of that 0.5% presumably some of them are the successful punters and not traders. Porkies indeed.......
ReplyDelete£100 a day is probably only £3 a race with the amount of racing around at the moment, if you feel that's beyond you give up now and stop wasting your time.
ReplyDeleteIf not then start concentrating on your trading rather than what other people are making or say they're making. Think about the trades you've done where it's like shelling peas and think why it was that easy. It's possible you're overtrading races without any real strategy as to why some races make you money.
It's not easy trading the horses but it isn't rocket science either. Concentrate on the things you do right not the things you do wrong. Your negative view will just flow over into your trading and be making it a lot harder than it actually is.
Hi
ReplyDeleteI've just started my own trading blog. You might be interested in having a look.
Cheers
Allan
The quicker you forget about today the quicker those profits will return in your bank. You simply have to treat losses as a learning curve and you really do have to learn from them. Its very hard to keep picking yourself up but that's all we have to keep us going...positive thinking and an on-going drive to succeed.
ReplyDeleteBring on tommorrow is what you should be thinking :)
just started my own blog hope you can check it out
http://full-timetradersmindset.blogspot.com/
Hi Anonymous,
ReplyDeleteNot too sure on your comment about giving up if you can't make £100 a day. If it was that easy to make £500-600 a week tax free, I'm sure that trading on Betfair would be a must job for many people. I do value your other comments though. Thanks for taking the time to post.
Hi Alan,
Good luck with your efforts. Just looked at your blog (link added) and wow! Need to slow down a bit I think judging by the way you've gone in all guns blazing. I started my trading career like that and letting the bad trades go in play really does cost you more than it saves.
Hi Jack
Thanks for the advice. I see you've been trading for 4 years now, so I'll watch your blog with interest. (link added)