A beginners guide…

[norfolk_bet]

Hi there,

I am really hoping for some guidance to be honest... I've recently finished a masters degree and the job market is seriously depleted at the moment... I've been looking for a job, but to no avail. Over the course of the summer I started to become interested in trading, reading the countless blogs, looking at the videos, and giving it a go using betangel basic (using £2 stakes)... I first began using Betfair for matched betting-got me through university! This initial trading went ok, not amazingly, I seemed to have quite a few winning trades and then the odd one that would mess up completely. My biggest problem (I’m sure I’m not the only one) is that I can't seem to cut my losses and start again. If it starts to go wrong, I leave it too long to get out, in hope that it'll start coming back. Not only does this end up making me lose money, it also means that I don't really learn anything. I think that using Betangel basic is obviously one of the problems here...

Now here is my dilemma... how are you suppose to begin trading if you are skint? It is so expensive to begin with. Betangel pro, courses (peter's), books, exchange secrets... all them things. And what if it just doesn't work for me? It's a lot of money to spend (and find!). How did people here start off? How did you decide to 'take the plunge'? and buy the software etc.

Matched betting has only got me so far... you are not going to make a living out of it!

Also, some people on the forum that say they aren't making anything? How are you surviving? Do you have jobs as well? Because it's kind of a catch 22 isn't it, trading is best on weekdays - when people usually work! I believe that unless you totally go for it, and trade everyday, you wont learn anything. But then you obviously can't work.

Sorry, I'm kind of just thinking out loud here! If some people out there could help that would be much appreciated. So stories of how people first started would be great, how long until they started making a profit...(and if you are). This sort of thing will help people to decide if it is all worth it. I have an idea of the concepts (like a lot of others), but need to get the confidence to try them out.

I’m hoping that this thread could be like a beginners guide perhaps… consolidating people’s views and experiences, in order to help other people in my situation and help them decide whether this is for them. Hopefully we can all help each other, to make a lot of money!

(There is also the slight possibility that a lot of people are exaggerating what they are earning…in order to make themselves money, through their ‘systems’ and ‘programs’! I don’t actually believe this, but don’t tell me you haven’t thought it at least once! – that’s why it’ll be good to hear from other everyday horse racing traders, who will be honest, and ultimately have nothing in it for them.)

Thanks for reading.

[Cran]

Matched betting has only got me so far... you are not going to make a living out of it!

But it will pay for the software and some of the equipment and a small bank to get you started.

[norfolk_bet]

Yeah, I agree. It will get you started. But only if you have another income for general living. As matched betting is my only income at the moment, I need the money to get me by. And if I get a job, then I wont be able to trade at the most benefical time, during the week. This is my problem, and I'm sure many others'. That is why if we can get some information about how others did it, their experiences and ideas, then it would help all of us newbies. Do people start at the weekends trading for example? And then move on to weekdays when confident? How do you then decide to quit your job?! Would be a massive decision and you'd have to be very confident!

[bugrit]

Learning to trade on betfair is no different to learning to trade on any type of exchange, it takes time and money. Betfair is by far the cheapest, you can (should?) start with a tenner, and software costs are very low compared to the likes of tradestation. To start on any financial market will cost several thousand or more!!
Becoming successful has far more to do with the right mindset than the right method, part of this is not having to win, as such you will give yourself a far greater chance by getting a job first and learning to trade in your spare time. If you can stand it a nightshift is best, it gives you all afternoon to trade.
As far as a course goes, you will get much more value from using the money to practise at minimum stakes, £400 for a course goes a long way at £2 stakes, even further once you learn to cut your losses!!
A course is not a fast track to success, you must put the work in to succeed, just like you did for your degree.

[norfolk_bet]

thanks bugrit. that's a great help. definitely the fact about having the right mindset... if the pressure is off, by not having to win, I can see how the learning process would be much more beneficial, as you wouldn't be constantly worrying and then you can actually take it in more.

great comments so far... if anyone else has any thoughts that would be great as well.

[ThePom]

As a beginner, I'm approaching sports trading as I would any other discipline, ie. hard work and study along with patience. By sticking to using small stakes, and quickly eliminating my early mistakes, I'm starting to see improvements in my performance.

I'm a long way off making "a living" from my activity, but have the belief that I will get there. In the meantime, I don't expect to make very much, so unless you have funds to support you, then would suggest taking any kind of job in order to pay the bills while devoting spare time to learning to trade. That way, you're not putting undue pressure on yourself which could lead to poor decisions.

Hope this helps!

ThePom

[LeTiss]

I tried different systems, different stake levels and varied mental approaches for 5 years before going self-employed.

Experience is a huge factor in being a successful trader

[norfolk_bet]

cheers guys. this is all good help. from your advice, i think that having a job and trading part-time is the best way to succeed.

ThePom- i am very much at the same position as you i think, using £2 stakes and trying! to cut my losses as soon as possible. that is much harder than you would think! i think that it is very important to seperate the different price movements. if you miss out on the movement, or are too late, then staying in the market, hoping that it is going to come back in your direction is just pure gambling! cutting your losses and getting out asap, i have learnt, is the most important thing.

LeTiss- so you are now full-time, do you write a blog? would be good to read about some peoples stories, from £2 trader to full-time.

thanks guys. if anybody else would like to add some move advice to the thread that would be great

[sbetts]

Here's my beginners lesson from yesterday; always check/reboot windows after MS Update has run. With about 3 mins to go before the off my laptop shut down on its own leaving me with an open position! I didn't spot the "Restart now/later" box on the 2nd monitor and it merrily counted down and switched off the power!

I just managed to get it restarted in time and closed out for a small loss, luckily.