Wednesday, 30 November 2011

Part Time v Full Time??

Just a quick post on part time trading as opposed to full time! So many people want to be full time traders and it is their dream!! I can fully understand this as it all sounds very good, just trading a few hours a day for an above average (in most cases) wage!!

I thought the same, unfortunately I dont at this moment in time have the correct personality to be full time. I can show a profit on the betting exchanges as i'm sure an awful lot of people can? But the problem comes when you have to produce these results for a living, it suddenly gets a good deal harder mainly because of your thoughts going into a trade or trading session. Subconsciously you are thinking I have to be perfect in the markets and can't make many mistakes as I have to earn each and every day!!! IMPOSSIBLE, you simply can't win every day and this affects you going forward, your plan becomes ragged and you start trading in a way that has never made you money in the past...so why now?? Because you are under pressure to make money.

Add that to the seclusion and lack of interaction, this is my biggest problem. I like being out and about some of the time, meeting people, banter with work mates etc.... social interaction is one of the biggest things you miss when you are trading full time and if you don't take the necessary steps to get out there and into the real world whether it be going out for meals, cinema, out with friends etc... then you can get dragged down by just being at your computer all day and repeating the process daily!! You eventually start to lack confidence when you do go out basically because your out of touch in the socialising department.

There is also the small matter of telling people what you do, most family won't understand and will think your dreaming let alone friends and acquaintances! When you are applying for some things like mortgages, car finance or whatever it will be very difficult even though may be doing well and have bank statements to prove it? They will view you as a bigger risk because the income is not guaranteed.... It's also not guaranteed because of Betfair, the new premium charge will have killed it for most big hitters I suspect? I would not put my money through a market and take all the risks for someone else to take 60%...Madness. even 20% is ridiculous but it just proves that they can do what they want and that is a dangerous worry if you have no fall back plans in place.

Now I'm not saying this is right for every full time trader as it clearly is not, what I am saying is that it's easy to get into this cycle and making money on Betfair is so much easier when you don't "have" to. For me I feel having at least a part time job as well as trading is a must as I simply don't have the character needed to do it full time and that's just a fact. It bores me and does get monotonous at times-just like a job! I dare say full time Cricket or Tennis traders will have more pleasure when trading as they have a genuine interest in the sport and they can enjoy the games also but pre race horse racing trading is pretty boring.

Also I would suggest you have some decent money behind you as-well... You need enough saved I feel to be able to pay your bills etc... for at least 3-6 months, leaving the pressure off a little when first going full time.

This isn't a post aimed at saying to people don't go full time because it can give you a great quality of life and I do know full time traders that do very well and they manage themselves impeccably as is their mindset and personality.. I just want to maybe provoke a bit of thought for some people that are maybe considering it and for them not to go into it lightly because it's not all about making big money every day. You have to put in as much work and probably more than you would have to do in a "normal" job.

Sunday, 27 November 2011

Quiet Weekend

Very quiet weekend for me, big night out last night so didn't do anything today as I always like to feel fresh when active in the markets.

The Stoke trade didn't go to plan but managed to get on the over 1.5 so that cancelled out that. I didn't think Blackburn played that badly but it's clear that they have serious problems defensively and they have conceded a silly amount of goals, they are in deep trouble.

Football hasn't gone badly for me and I am sure I have a profitable strategy to use on it, I am going to monitor to see if I would be better leaving them as bets as an awful lot of them seem to win but I will have a look and see how that progresses but i'm more comfortable greening up though.

The horse racing markets at this time of year can be unappealing and boring to trade as there is lots of small fields that lack quality. It's very difficult to get motivated to trade them and this is a game you need to be fresh and feeling good to be able to turn a profit, it's so easy to lose money and very difficult to make it which is why the best advice often given is try not to lose....I can't stress how important that is!

Hope you all had a great weekend trading

Saturday, 26 November 2011

Weekend Trading

The Champions League trades went very well with the Arsenal game being 0-0 at HT. I managed to lay off my liability at 1.65 and then greened up at HT for a decent profit. In the Chelsea game I backed over 1.5 after aroung 25 minutes and greened up after Drogba had scored early in the 2nd half.

Haven't done much in the way of horse trading this week and will probably be doing this afternoons cards as there's some good racing from both Newbury and Newcastle where we see 2010 Champion Hurdler Binocular, also the fantastic Big Bucks is in action at Newbury and is a very very short price so will obviously attract massive volumes on Betfair.

I'm not a fan of trading these very short prices as it all moves too slow and the fill rate isn't very quick, I rely on movement to make my money, Also I like to be turning over my stake very quickly when the movement isn't there which is just so hard to do when so much money is stacked either side on these shorties.

In todays early Premier League game, Stoke take on Blackburn in a game Blackburn will feel they can get something from, they have been slighlty unlucky this season and even though they have been shocking at times they can get something today. Stoke for me are too short and I will be laying them from the start hoping to get out if Blackburn score first. Over 1.5 if it gets to 1.7x will be my other trade depending on how quickly I can get that sort of price.

Not really sure about some of todays other games in the premier but may have a look in-play to see if any opportunities crop up?

Wednesday, 23 November 2011

Champions League

Tonight sees some crucial games in the Champions League as we get to the nitty gritty of the group stages. I must say that having looked at most games they all look pretty tough to call with maybe the exception of Valencia who I think will beat Genk?

I'm going to trade the Arsenal game as I feel it could be a very tight first 20-25 mins, Dortmund are in fantastic form and coming off the back of a win against Bayern at the weekend will fancy getting something at Arsenal. I am backing under 2.5 goals from the start with a view to laying off around the 20 minute mark at 1.7ish!!

Arsenal's form has improved dramatically over the past few weeks, but their reliance on Robin Van Persie is a worry for me, he surely cannot keep single handedly winning games for Arsenal with very little input from his team mates and expect Dortmund to have him well marked tonight, leaving very few chances in the game and a solid looking unders trade.

In the other games I feel Barca are too short at Milan although I aren't a layer as Milan are no great shakes and it's a game Barca could easily win. Chelsea look overpriced travelling to Leverkusen but their form is a worry and they cannot be backed with any confidence, the trade in that one maybe over 1.5 goals if still goalless at 25 mins? I will keep an eye on that one in-play and see what sort of price I can get after that time, depending how the game is going of course.

TRADE OF THE DAY- Arsenal v B.Dortmund UNDER 2.5 @ 2.0.


Good luck with your trades tonight, Add me on Twitter @TradingBetfair and let me know who you're trading.

Thanks for reading

Back With A New Outlook

Hello all!!

I'm back!! I have decided that the blog needs to take a different direction.....  I will still be trading and writing about it. Just it's not going to be a £100 trading challenge as I have to trade with full stakes to make money and I really do not like the profit and loss posting idea of blogging. I feel it gives nothing to the reader and feels wrong somehow??

I didn't start blogging with the intention of posting up the p+l as it grows and turning it into a "look at me" "look how good I am" type of blog as it offers nothing back.

I will be posting up my thoughts behind trading, Betfair and all things life in general. I want it to be interesting and for people to enjoy reading it rather than just another how much I made today.

I took the blog down after I received a few comments and emails regarding this and although thinking about it the comments were right in some way, I felt it was a bit of an unnecessary attack as my intention was not to come across arrogant and big headed. So after much deliberation I am back without the p+l screenshots although I might in the future post screen shots if I feel they are necessary to the post?

Anyway, hopefully some of you may be pleased i'm back, I know I hardly have any readers so know-one will probably even notice? Trading has been going ok if a little slow as is the norm for this time of year, I have traded some cricket which I enjoy if I get the time and have been researching a few football strategies, I am hoping to put some trades on the blog also as a trial just t see how they go, early signs suggest they are profitable but that is only a smallish sample size at the moment.

Thanks for reading and hopefully you're all green!?