When to stop?

[simontrading]

Hi all,

I was wondering if anyone has pondered when to stop trading? i have been trading about 6 weeks and my plan was to make this a part time job (In the future)

I have watched lots of videos esp from bet angel but i am struggling to generate any profits (Although using small stakes)

I'm not the type of person to give up but it seems the market sees me coming a mile off and too many trades head south and I'm unsure when to get out. The only thing i am thinking is i go horse racing a lot and know the sport pretty well but i am unsure how to use this too my advantage?

My actual question is this something i just need to go through? while learning or to stop now.

Any thoughts welcomed

Simon

[Derek27]

Hi all,

I was wondering if anyone has pondered when to stop trading? i have been trading about 6 weeks and my plan was to make this a part time job (In the future)

I have watched lots of videos esp from bet angel but i am struggling to generate any profits (Although using small stakes)

I'm not the type of person to give up but it seems the market sees me coming a mile off and too many trades head south and I'm unsure when to get out. The only thing i am thinking is i go horse racing a lot and know the sport pretty well but i am unsure how to use this too my advantage?

My actual question is this something i just need to go through? while learning or to stop now.

Any thoughts welcomed

Simon

There's no definitive answer to the question but it's certainly not after six weeks. I would imagine some successful traders have taken a year or two to become consistently profitable, if you achieve it in a few months you've done well.

Don't set yourself a make-or-break deadline, you need to keep reassessing yourself. Are you learning and making progress? Have you tried your hand at a few different sports and markets? Do you look back at your trades, consider what could have been done differently and adapted your strategy?

[simontrading]

Hi all,

I was wondering if anyone has pondered when to stop trading? i have been trading about 6 weeks and my plan was to make this a part time job (In the future)

I have watched lots of videos esp from bet angel but i am struggling to generate any profits (Although using small stakes)

I'm not the type of person to give up but it seems the market sees me coming a mile off and too many trades head south and I'm unsure when to get out. The only thing i am thinking is i go horse racing a lot and know the sport pretty well but i am unsure how to use this too my advantage?

My actual question is this something i just need to go through? while learning or to stop now.

Any thoughts welcomed

Simon

There's no definitive answer to the question but it's certainly not after six weeks. I would imagine some successful traders have taken a year or two to become consistently profitable, if you achieve it in a few months you've done well.

Don't set yourself a make-or-break deadline, you need to keep reassessing yourself. Are you learning and making progress? Have you tried your hand at a few different sports and markets? Do you look back at your trades, consider what could have been done differently and adapted your strategy?

Thank you for the reply, at the moment is to try and follow the money like the videos i have watched, using the range that is provided. I am recording a video and watching back but I'm struggling to see a mistake i regularly make. I have only used horse racing at the moment but know football pretty well but I'm not sure sure how to enter this market.

I suppose i am at a point where do i want to continue but im struggling to have a specific strategy.

[Derek27]

Hi all,

I was wondering if anyone has pondered when to stop trading? i have been trading about 6 weeks and my plan was to make this a part time job (In the future)

I have watched lots of videos esp from bet angel but i am struggling to generate any profits (Although using small stakes)

I'm not the type of person to give up but it seems the market sees me coming a mile off and too many trades head south and I'm unsure when to get out. The only thing i am thinking is i go horse racing a lot and know the sport pretty well but i am unsure how to use this too my advantage?

My actual question is this something i just need to go through? while learning or to stop now.

Any thoughts welcomed

Simon

There's no definitive answer to the question but it's certainly not after six weeks. I would imagine some successful traders have taken a year or two to become consistently profitable, if you achieve it in a few months you've done well.

Don't set yourself a make-or-break deadline, you need to keep reassessing yourself. Are you learning and making progress? Have you tried your hand at a few different sports and markets? Do you look back at your trades, consider what could have been done differently and adapted your strategy?

Thank you for the reply, at the moment is to try and follow the money like the videos i have watched, using the range that is provided. I am recording a video and watching back but I'm struggling to see a mistake i regularly make. I have only used horse racing at the moment but know football pretty well but I'm not sure sure how to enter this market.

I suppose i am at a point where do i want to continue but im struggling to have a specific strategy.

I forgot to say, trading takes an enormous amount of patience.

I would suggest trying a handful of strategies but spend an adequate amount of time on each one. There's nothing wrong with learning to trade on more than one sport, especially as they often take place at different times of the day. I've traded horse racing for years before switching predominantly to football. It took be over a year to really get to grips with it.

[Euler]

You've only just started and at quite a hard time of the year. So it's definitely too early to stop.

[The Silk Run]

You've only just started and at quite a hard time of the year. So it's definitely too early to stop.

I like the pitch Peter. Have you ever considered Dragons Den

[sIGNAL]

Hi all,

I was wondering if anyone has pondered when to stop trading? i have been trading about 6 weeks and my plan was to make this a part time job (In the future)

I have watched lots of videos esp from bet angel but i am struggling to generate any profits (Although using small stakes)

I'm not the type of person to give up but it seems the market sees me coming a mile off and too many trades head south and I'm unsure when to get out. The only thing i am thinking is i go horse racing a lot and know the sport pretty well but i am unsure how to use this too my advantage?

My actual question is this something i just need to go through? while learning or to stop now.

Any thoughts welcomed

Simon

Just 6 weeks and you expect to be in profit?
You might want to revaluate your expectations abit.
I've been trading literally 8 hours a day, 6 days a week for the past 5 months now and am still breaking even. Unless you can identify an Edge then you won't make profit long term.

Today I think I've finally found a small edge to work with, it's been hard going but feels like abit of a relief as I've been determined to find one, so keep it up and don't expect miracles overnight. Good luck.

Just to add, read this forum top to bottom. Read through all of the comments on the various bots etc. There are some gold nuggets here on this forum from other users and thanks to reading so much here it's pointed me towards the edge I've identified.

[Derek27]

Just to add, read this forum top to bottom.

Yes, just steer clear of the non-trading threads.

[tryingtotrade]

You cant expect to be doing well after 6 weeks, some smart people specialising for years. If you enjoy it just keep at it and see where you go over time

[geoffjbaker]

Hi Simon, not sure I'm the best person to answer given this is my second attempt at betfair trading. I used to do matched betting but ran out of bookmaker accounts so started looking for ways of earning from Betfair. Obvious one was pre-off Horse Racing. Tried 4 years or so ago and could never get any consistency. As with most beginners would back when it seemed likely that the odds would continue to drop only to see the odds fly out or vice versa. Gave up after 6 months or so and tried to build an affiliate marketing empire but after about 4 years and the latest Google updates decided that I wasn't able to make a success of it (My definition of success was only 600 or so per month - maybe a bit more with the recent inflation we've had)

Now I'm back looking at it again and have gone with BetAngel rather than one of the competitors I used before. So far have not done very well. Probably getting about 50% of my decisions correct but my losses greatly exceed profits. Just today as an example first two races at Cork had a short price fav. As money seemed to be coming in for fav. I laid the 2nd fav and in the first race the price eventually moved up so I could take a few ticks of profit. Tried the same setup on the second race where the price of the fav dropped 10 ticks shortly after I place my lay on the 2nd fav and despite this the price refused to budge even one tick. While the fav continued around 5-10 ticks lower the 2nd fav then dropped 10 ticks in a flash and boom my loss is 10 times my profit on the first race!

I just don't seem able to identify the right "signals". I would have thought a favourite that had 70% of the money on it and had dropped 10 ticks would cause the 2nd fav to move at least one or two especially as its share of the market is decreasing as well but clearly I was wrong.