Is it worth starting?

[monty123]

Under the current climate of betting regulations, affordability checks etc is it worth trying to learn betfair horse trading from scratch as a beginner at the time?

What I'm afraid of is dedication a large amount of effort and time (time and effort I could be putting into something else) into it just to have befair account closed or something similar because I couldn't pass affordability checks. If it was 5 years 2018 or something Id be diving straight in but now not sure

Thanks

[jamesedwards]

As soon as you breach deposit or loss limits you will be asked for proof of earnings, such as bank statements and wage slips. If you have a sufficient 'normal' income and can prove it then you should be fine.

If you've just taken redundancy or retired and want to branch out into trading then you risk getting gubbed by an industry determined to protect you from blowing it all.

[Michael5482]

Under the current climate of betting regulations, affordability checks etc is it worth trying to learn betfair horse trading from scratch as a beginner at the time?

What I'm afraid of is dedication a large amount of effort and time (time and effort I could be putting into something else) into it just to have befair account closed or something similar because I couldn't pass affordability checks. If it was 5 years 2018 or something Id be diving straight in but now not sure

Thanks

Of course it's worth it the positives far outweigh the negatives that's for sure. Yes there's alot of negativity at the moment but don't let that stop you, no doubt in 2 years time you'll be sat there thinking I wish I made a start.

Like most things in life you only get out what you put in. So the risk is your account gets closed, so what you never had one before you started and if you manage to flip a profit it's money earned. Even making £3 a day is £1,095 a year tax free.

What do you do for work? Did you emabrak on a career and think nah I'm not bothering to learn nout as I might get layed off at some point? The answer should be no, treat Betfair trading like a career and invest in yourself. That doesn't mean buy courses it means invest time in yourself, there's transferable skills for other ventures that's for sure.

[wearthefoxhat]

Say you plan to start learning/planning to trade on betfair next year in 2025, that's around 7.5 months from now. Use this time to put together a strategy and a trading plan in a market you actually enjoy researching and recording/re-checking results.

Say you have disposable income of £400 a month, deposit 50% (£200 a month) into Betfair and you'll have £1600 in the kitty to start trading with by 2025 and a strategy to use.

The best approach is to compound your trades from your profits, avoiding withdrawing anything until your original bank at least doubles, then take out 10% to 20% and aim to double the remaining bank again. Rinse repeat.

In this example, you're not depositing or withdrawing crazy amounts, and unless I'm missing something, can't see any need for Betfair to perform any affordability checks.

[The Silk Run]

Some very, very sound advice from weatherfoxhat who often makes these gold statements.

Don't pay to much attention to the negative noise. But go for it ...

Good Luck from me.
Oh. Just made a Panang Curry for this evening

[ForFolksSake]

Some very, very sound advice from weatherfoxhat who often makes these gold statements.

Don't pay to much attention to the negative noise. But go for it ...

Good Luck from me.
Oh. Just made a Panang Curry for this evening

How long it takes will depend on your talent and commitment

...just knocked off a Chicken Tika Massala with a bottle of Cobra

[conduirez]

Some very, very sound advice from weatherfoxhat who often makes these gold statements.

Don't pay to much attention to the negative noise. But go for it ...

Good Luck from me.
Oh. Just made a Panang Curry for this evening

How long it takes will depend on your talent and commitment

...just knocked off a Chicken Tika Massala with a bottle of Cobra

Don't pay to much attention to the negative noise.

I 100% agree, weatherfoxhat gives very good advice always and is one of the best forum members to follow, I suggest you do.

The statement from The Silk Run [Don't pay to much attention to the negative noise] is the most sage advice you will get.

People will always tell you there is never a good time to enter a market, there were as many naysayers in 2018, its not about them it's about you, there are always negatives, do not listen to them go for it,.

[The Silk Run]

Some very, very sound advice from weatherfoxhat who often makes these gold statements.

Don't pay to much attention to the negative noise. But go for it ...

Good Luck from me.
Oh. Just made a Panang Curry for this evening

How long it takes will depend on your talent and commitment

...just knocked off a Chicken Tika Massala with a bottle of Cobra

WoW. Yummy. I like Massala to, with Mutton. Do enjoy

[Derek27]

Under the current climate of betting regulations, affordability checks etc is it worth trying to learn betfair horse trading from scratch as a beginner at the time?

What I'm afraid of is dedication a large amount of effort and time (time and effort I could be putting into something else) into it just to have befair account closed or something similar because I couldn't pass affordability checks. If it was 5 years 2018 or something Id be diving straight in but now not sure

Thanks

If you're thinking of learning to trade on Betfair now, you're far less likely to have your account closed than the guys that have. You've got years of advice, experience and knowledge on this forum from threads where people have unwittingly had problems with Betfair that you'd be better equip to avoid, such as deposits, excessive data usage, etc.

[senti]

Is it worth it? If it's fun enough, yes, otherwise no.

Don't underestimate passion and curiosity. Because that's your primary energy source to get the work done. I wouldn't worry too much about the future, your passion is your passion...so you do what you do and get on with it.

[Mastermind]

How was learning to walk? Was it worth taking the risk? Despite you were falling over the first time you tried it? Or riding a bike?
I think the best explanation on the topic of taking risks gives former astronaut Chris Hadfield. Enjoy it.
https://www.youtube.com/watch?v=mhpFpHLCuEA

[Fugazi]

If I could go back to when I started (which was less than a year ago) I would have spent a bit longer reading the forums and watching more of Peters videos. Wasted a lot of time blindly trying things on the ladders and it just wasn't an efficient use of time. Even just reading the manual properly from day 1 instead of diving in would have saved me a lot of time long run.

Sounds like you are in a great position to do all of the above.

[Anbell]

If I could go back to when I started (which was less than a year ago) I would have spent a bit longer reading the forums and watching more of Peters videos. Wasted a lot of time blindly trying things on the ladders and it just wasn't an efficient use of time. Even just reading the manual properly from day 1 instead of diving in would have saved me a lot of time long run.

Sounds like you are in a great position to do all of the above.

You certainly should have spent longer doing those things... and yet you were probably in the top 5% of doing those things! Great job.

[michaelg2708]

https://www.youtube.com/watch?v=727gbZIsPfg

[CloseBets]

Under the current climate of betting regulations, affordability checks etc is it worth trying to learn betfair horse trading from scratch as a beginner at the time?

What I'm afraid of is dedication a large amount of effort and time (time and effort I could be putting into something else) into it just to have befair account closed or something similar because I couldn't pass affordability checks. If it was 5 years 2018 or something Id be diving straight in but now not sure

Thanks

Nothing ventured, nothing gained.

You've little to lose giving it a shot as you'll find out reasonably soon if you're cut out for it. As a basic trader it's unlikely that the affordability checks will affect you as you should be learning on small stakes and if you 'crack' it they'd be little need to deposit. Most of the winners on here who just trade only probably can't remember the last time they deposited. If you're betting or arbing then that's a different kettle of fish.

Personally if I was starting out I'd be looking at all sports rather than limit yourself to Horse Racing which, imo, has had it's day and there are much better, and more liquid, markets to profit from. But try them all , trading isn't a one style fits all thing and some sports or strategies will fit your personality better than others.