Hi all
Just joined. New to trading, old to losing money mug betting.
To give a very quick over view of myself.
Ben, 33, work for the NHS earning £16500 a year. Realistic in what I can achieve, if in 6 months time trading could bring me in an extra 300/400 a month I would be ecstatic. If I could ever make enough to go part time in my normal job I'd be even more so. But again, I'm realistic so....
I'm not a stupid man but I do admit to struggling when it comes to studying and learning. It takes me longer than some for certain things to hit home and sink in. Trading prodigy I am not.
Purchased a certain scalping course 6 months ago and finally going to watch through the videos but have been watching the forums a while before signing up and can see they are a wealth of information. So much information. If anyone would be kind enough to point out a few threads that would be best to start with, as a beginner, that would be amazing.
Obviously seen a few threads with titles including the word beginner in so will check them out.
Idea is to start on practice mode on BA and eventually trade for real with a very small. Bank of £200 trading £2 a pop. Would rather win pennies than lose pounds.
Any tips or pointers a for a newbie / novice will be greatly appreciated
Enjoy the sunny weather all
Ben
Newbie looking for some direction on the forum
search out jollygreens posts, he done a load specifically for people new to trading, if i remember correctly mainly horse racing (could be wrong), also i think james1st had a good one that would be relevant to you, your have to search i cant remember what it was titled.
jollygreen is a good place to start.
by the way its quite hard work.
jollygreen is a good place to start.
by the way its quite hard work.
Hi Ben
Welcome to the forum, you have chosen the best place to start your trading journey
Careful with practice mode, if you stay on this too long you could have a problem with your account as Betfair dont like people pulling data without placing real bets
Prob best to just use practice mode for a bit to get used to how Bet Angel works and then jump in with £2 stakes and start clicking around making lots of mistakes which you can begin to learn from.
And obviously never use money you can't afford to lose as you will almost certainly lose to begin with.
Make your first goal to be able to trade consistantly to scratch, so go a week or a month without losing. That would be a big step in the right direction.
Best of luck
Welcome to the forum, you have chosen the best place to start your trading journey
Careful with practice mode, if you stay on this too long you could have a problem with your account as Betfair dont like people pulling data without placing real bets
Prob best to just use practice mode for a bit to get used to how Bet Angel works and then jump in with £2 stakes and start clicking around making lots of mistakes which you can begin to learn from.
And obviously never use money you can't afford to lose as you will almost certainly lose to begin with.
Make your first goal to be able to trade consistantly to scratch, so go a week or a month without losing. That would be a big step in the right direction.
Best of luck
Hi Ben, have you done any matched betting? That can easily bring in 300/400 a month with just a bit of patience and very low risk, its how most started and gets you used to how the markets operate.
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spreadbetting
- Posts: 3140
- Joined: Sun Jan 31, 2010 8:06 pm
That's probably the best advice you'll get, there are people on here that have been trying to trade for years and aren't getting near that per month. Matched betting teaches you how the maths works and how to spot potential movers early on. It'll be a better grounding than plodding through hundreds of posts all with conflicting ideas.
Thanks Buddy! Yeah i wasnt planning on staying on practice mode too long for that exact reason, just a few days to figure out what everything is, week tops. Then hopefully on to £2 trades!dt888 wrote: ↑Mon May 07, 2018 12:51 pmHi Ben
Welcome to the forum, you have chosen the best place to start your trading journey
Careful with practice mode, if you stay on this too long you could have a problem with your account as Betfair dont like people pulling data without placing real bets
Prob best to just use practice mode for a bit to get used to how Bet Angel works and then jump in with £2 stakes and start clicking around making lots of mistakes which you can begin to learn from.
And obviously never use money you can't afford to lose as you will almost certainly lose to begin with.
Make your first goal to be able to trade consistantly to scratch, so go a week or a month without losing. That would be a big step in the right direction.
Best of luck
Appreciate your advice, im literally going to stick £30 to £40 in there and go with that. Im "happy" so to speak to lose that!
Ah sadly yes., i did that about 2 years ago for about 3 months. Safe to say ive exhausted most of the sign up offers!! But thanks for the idea!!
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northbound
- Posts: 737
- Joined: Mon Mar 20, 2017 11:22 pm
Hi Ben,
To begin with, I would advise to follow this simple "random" strategy as much as possible.
- Pick a UK/IRE horse race with a favourite at odds around 2.00-3.50
- With 10min to the off, back the horse with £2
- In the minutes until the race start, observe how your horse's odds move
- Observe how other horse's odds movement affect yours
- Observe whether odds movement are bigger in certain race types (e.g. Maiden) as opposed to other (e.g. Handicaps)
- Observe how things that Peter explained in his videos happen
- When the race is due to start, exit the trade
You'll win some money, you'll lose some money. It's not important at this stage to make a profit.
It's important to get weeks/months of screen time, get a feel for how the odds move.
In due course, you'll start noticing things you didn't notice before and that no video told you. Bit by bit you can then build strategies that suit you and that will result in winning more than you lose.
It's a long, gradual, but very exciting, process.
To begin with, I would advise to follow this simple "random" strategy as much as possible.
- Pick a UK/IRE horse race with a favourite at odds around 2.00-3.50
- With 10min to the off, back the horse with £2
- In the minutes until the race start, observe how your horse's odds move
- Observe how other horse's odds movement affect yours
- Observe whether odds movement are bigger in certain race types (e.g. Maiden) as opposed to other (e.g. Handicaps)
- Observe how things that Peter explained in his videos happen
- When the race is due to start, exit the trade
You'll win some money, you'll lose some money. It's not important at this stage to make a profit.
It's important to get weeks/months of screen time, get a feel for how the odds move.
In due course, you'll start noticing things you didn't notice before and that no video told you. Bit by bit you can then build strategies that suit you and that will result in winning more than you lose.
It's a long, gradual, but very exciting, process.
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Bunchie3174
- Posts: 24
- Joined: Sun Apr 08, 2018 3:54 pm
I'm in the same boat. Sacked off practice mode and went in on £2 trades. Some success, even more fails, but......the important thing is to learn (I know I need a bigger bank) and to set realistic targets. My current goals are; a 10% increase in my bank on trading days and learning not to chase losses. I'm getting there, disciplined days earn me way in excess of my 10%, other days I'm down.
Beware reliance on the bots. They don't work on every race/game. That's something else I've learned. Trade on the ladder and remember a small profit is still profit, and a small loss is better than a big loss.
Beware reliance on the bots. They don't work on every race/game. That's something else I've learned. Trade on the ladder and remember a small profit is still profit, and a small loss is better than a big loss.
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ShaunWhite
- Posts: 9731
- Joined: Sat Sep 03, 2016 3:42 am
The last thing you want is daily targets. Within a year of 10000 races, arbitrarily slicing that up according to when the sun rises and sets is not a useful number. A week or even better a month would be a better timescale. If you make yourself a coin toss spreadsheet using your current strike rate you'll see that even a successful strategy can have some pretty long losing streaks.Bunchie3174 wrote: ↑Mon May 07, 2018 6:54 pmMy current goals are; a 10% increase in my bank on trading days and learning not to chase losses. I'm getting there, disciplined days earn me way in excess of my 10%, other days I'm down.
As for monthly targets in general for newer people, forget the positive numbers. Just try not to lose more than 20% of your bank. Breakeven could take quite a while and you don't want to run out of ammo just before you get there. - 20, -15, -10, -5, 0, +5 etc would be doing pretty well.
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Bunchie3174
- Posts: 24
- Joined: Sun Apr 08, 2018 3:54 pm
That's enlightening.
But surely trying not to lose any more than 20% of your bank is still a 'target' whether it be daily or monthly? I record daily progress to inform my weekly, monthly, annual and tri-annual reports. Knowing what you've done to arrive where you are is important, or so it would seem reading/hearing stories of 'best practice'.
But surely trying not to lose any more than 20% of your bank is still a 'target' whether it be daily or monthly? I record daily progress to inform my weekly, monthly, annual and tri-annual reports. Knowing what you've done to arrive where you are is important, or so it would seem reading/hearing stories of 'best practice'.
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ShaunWhite
- Posts: 9731
- Joined: Sat Sep 03, 2016 3:42 am
I think the word I should have used was an 'aspiration' rather than a target according to recent governmentspeak. 
It was just that you mentioned daily £ targets and imo that's way too short. I never said don't keep records or don't have an aspiration/target/objective.
But another perfectly valid school of thought is that improving your execution should be the main consideration. Afterall, Profit = Edge * Execution. It's a multiply not a plus. Make it something you measure in whatever way suits you and improve it.
If you can't execute your strategy perfectly week in week out, how can you measure how effective it is? When you analyse those monthly stats how will you know which figures were as planned and which were cock ups?
Step away from the £ signs and measurably improve what it is that makes them. I'll be the first to admit that's really really difficult for lots of reasons but that mindset is important.
It was just that you mentioned daily £ targets and imo that's way too short. I never said don't keep records or don't have an aspiration/target/objective.
But another perfectly valid school of thought is that improving your execution should be the main consideration. Afterall, Profit = Edge * Execution. It's a multiply not a plus. Make it something you measure in whatever way suits you and improve it.
If you can't execute your strategy perfectly week in week out, how can you measure how effective it is? When you analyse those monthly stats how will you know which figures were as planned and which were cock ups?
Step away from the £ signs and measurably improve what it is that makes them. I'll be the first to admit that's really really difficult for lots of reasons but that mindset is important.