Financing Trading

[Rstrach]

Hi guys i am curious, as i am planning as mentioned in previous posts going full time. How did you all start and how much did you start with i have a 3k bank is this enough to make a living from. Predominantly horse racing but trade any markets when i can! Thanks in advance!

[cybernet69]

If you have +EV system or method then go for it. That size bank is more than enough. Just don't risk too much on each trade to start with.

If plain betting then I would divide your bank by 100. If trading/scalping then divide it by 25.

Whatever the risk you wish to take, just remember to always protect your bank etc.

Cheers,

[to75ne]

if you have to ask that then i doubt if you should be attempting to make a living from trading.

only you know how much income you need/require/wish for, each day/week/month/year.

only you know how good/successful you are and if you are capable of making enough money over each time period above.

[iambic_pentameter]

Hi guys i am curious, as i am planning as mentioned in previous posts going full time. How did you all start and how much did you start with i have a 5k bank is this enough to make a living from. Predominantly horse racing but trade any markets when i can! Thanks in advance!

I wouldn't want to be going full time until I'd proved to myself that I could be profitable for at least 6 months and, ideally 12 months.

You may also want to consider having 6 months living costs in the bank for instances when you have a bad run or, heaven forbid, suffer from illness.

Best of luck with it.

Iambic

[marko236]

Agree with iambic, about a year ago i went part time at my work to try and push my trading along and try and go full time trading, i was earning close to half what i needed to live on and had savings to cover the rest this gave me 6 months to try and improve my trading.

Sadly i didn't improve my trading and had to go back to full time work next time i would only do it if as iambic says i was earning enough to live on before i made the jump which is what im pushing for this year.

I wish you the best of luck and hopefully it will work out for you.

[Rstrach]

Thanks for all input guys obviously i know i can be succesful ive increased my bank 7 fold in just under a year but i use a riskier method than some and many times i can have a loss but other days ill be up 500 or more easily. I need to gauge a bank for a safer method of trading its easier to make money with money so to speak!!

[spreadbetting]

I need to gauge a bank for a safer method of trading its easier to make money with money so to speak!!

I think you're going about that the wrong way round and should be looking to guage the size of the bank you need to succesfully trade with your current method. It's a lot easier to find a bank than a method of trading that is succesful and obviously already fits your own mindset.

If your current systems works why mess around with it, your bank will naturally grow if it's consistent. I think one of the most important things about going full time is to be prepared to fail so you need to ensure you've done as much as you can to have all parts in place. That includes back up cash for living expenses to take the pressure off failing into the usual pitfalls of chasing profits and losses.

[marksmeets302]

I'm with to75ne. Aside from that, a warning: The biggest mistake a trader can make is to start undercapitalised. Ask yourself when do you get worried? You might behave irrational once your bank drops below a certain point. Blowing your last thousand by putting it all on the favorite is not unheard of. Trading becomes much easier if you don't give a fuck if you're up or down at the end of the day.