Don't have a cool looking avatar either, was thinking of maybe putting my lifetime P&L as avatar instead, just for transparency reasons obviously.
Bank roll to start
regarding the opening question i was down about 400 euros on betfair over a few weeks of betting which consisted of a lot of small deposits of 10 or 20 mostly lost trying to predict goals on football. I then started arbitraging within betfair, which was working very well at the time massively helped by the fact there was no cross matching at the time and the markets for sure were softer.
That was end 2007, mid 2008 betfair introduced cross matching which made that approach almost impossible but by that point i had improved overall and even had some hiccups and extended breaks generally profitable.
I had accounts with bookmakers and going to a local betting “kiosk“ well underage so even on betfair it was fast I had 5 years of losing.
I will say for sure Betfair advanced over time, markets more efficient with the cross matching just one example, so your best chance to become quickly profitable imo if you find some niche rather than becoming an „overall expert“ which is hard to be one in a few weeks and then try to add to taht over time.
That was end 2007, mid 2008 betfair introduced cross matching which made that approach almost impossible but by that point i had improved overall and even had some hiccups and extended breaks generally profitable.
I had accounts with bookmakers and going to a local betting “kiosk“ well underage so even on betfair it was fast I had 5 years of losing.
I will say for sure Betfair advanced over time, markets more efficient with the cross matching just one example, so your best chance to become quickly profitable imo if you find some niche rather than becoming an „overall expert“ which is hard to be one in a few weeks and then try to add to taht over time.
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ShaunWhite
- Posts: 9731
- Joined: Sat Sep 03, 2016 3:42 am
Freud would say that new avatars are a reaction to the fact that lockdown has restricted our usual ways to project our own persona. I think it's just too much time on our hands.
10k yeah it took me ages reducing the colour count, compression ratio and shaving off pixels (96x95 I think not 100x100) to get under 10k. That white circle vingnette effect trimmed off almost 1k. And I took the photo, I used to collect 60s and 70s Japanese robot toys and still have a few ..... Like I said, too much time on my hands
I second this. I built (and still maintain) my trading bank using matched betting and casino bonuses. Practice mode will only get you so far and it helps my mindset to know I'm only risking "free" money when I trade for real.sa7med wrote: ↑Tue Jun 09, 2020 9:49 pmI built a bank on betfair by doing some matched betting. Good way to learn the exchange as well as build a bankroll. Also it doesn't feel too bad if you lose it. I got lucky and found a small edge early on which kept me going, have been steadily but slowly growing since then with some bumps along the way (especially these days). It can be a tough journey to make a living out of it and it helps to have some skills (coding, data science, stats, etc).
The one other tip I would give myself if starting again is to invest in some recording software my automation (and manual trading) has come on leaps and bounds since I started recording and reviewing my trades. It's time consuming but invaluable for checking entry/exit points etc when freeze framed. The amount of times I've sat there with the vids afterwards and thought "Why the f**k did I do that ?"
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Diacritical Quark
- Posts: 175
- Joined: Tue Jan 28, 2020 10:55 pm
If I could have read and understood this 10 years ago it would have saved me a lot of time and money. However I truly believe that learning to trade profitably is a journey of self discovery that is unique in a lot of ways to the individual however there are paths we all must take and I think learning to lose is one of them.
Like a professional skateboarder, they don't have a fear of falling off, over the years they've learned how to fall, falling is a part of skateboarding they accept they're going to bail and so treat that exactly the same as nailing a great trick. Now your amateur skater tries his hardest to stay on the board at all times, has a fear of falling as they're likely to break bones and don't think about falling in the same way as the pro. Likewise with trading the amateur has a fear of losing and knows they're likely to lose hard, the pro however knows how to lose, has honed losing and accepts it's a part of trading, they don't try not to lose but instead not lose as hard.
Anyway, before I get carried away with that analogy back to finding a niche. I read years ago on another trading forum KISS (keep it simple stupid) and for years I wanted to scalp markets. Over these years I've discovered it isn't in my psychological make up, but since coming back to trading from matched betting I've found a niche that suits my personality, rather than trying to learn everything like you say it's a case of dialing in to something that you know works and becoming over time an expert in that niche.
Close enough rikrik wrote: ↑Tue Jun 09, 2020 11:32 pmall i can read into that is your comission/charge column a lot shorter than mine
