My future as a trader
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Hi all, this post is about me and my plan to move forward as a full time trader. I am posting this because i simply want some expert advice and as you will get to know me I'm in a lonely world so any help is positive help.
So my name is stephen, I am 40years old and I live in Melbourne Australia. I started betting on horses back in 1995 at the age of 13(I had a friend who's family owned a pub and they let me place bets) By the age of 15 i looked old enough to bet at betting shops(TAB). I have worked in the horse racing industry for over 20 years now and I'm at the stage of my life were ive had enough. Betting on horses is a lot of fun but working in the industry is HELL no matter what you hear in the media or word of mouth let me tell you straight up people who work in racing stables earn less then the trolley boy at the supermarket earn less then the 16year old at mcdonalds, work longer hours the a nurse at the hospital. Being in a stable for 22 years you are also isolated from the rest of the world you live work and party with the same people week in week out due to the hours worked.
So in 2006 after having multiple betting accounts with bookies i discovered betfair. I didnt really get into it or understand what the exchange was about except i could back or lay horses and do it in play. Then covid hit and i discovered trading through betfair i found Bet Angel and so my casual part time journey began as a trader.
In 2020 i was making good money trading and decided to quit my job of 20years and go full time. I wasnt part of a community like BTC or know anyone the understood what it is i was doing. So i really didnt know how to go pro and what i needed in resources and finance. So after 6 months i was broke I was'nt making enough to keep a day to day life and maintain a healthy betfair account. I was just eating away at my balance. Yet at the time i was making a profit trading i was just living a more expensive life style the my profit would allow me. I went in with NO savings and $5000(about 3000pnd) in my betfair account.
So 6months ago i went back to full time work in a racing stable and because of the time difference my trading is reduced to 2 or 3 days a week but im making profit. -
@stephen-oleary said in My future as a trader:
@martin You did a video on becoming a full time trader. Might have been a podcast. I remember something about its not an easy life as you can forget home loans credit cards etc.
Ok I'll take your word for it but if you are worried about that stuff just declare your income for tax and you will be self employed for yourself effectively.
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Going fall time trading in 12 months but after weeks of research looks like living there is 6months of savings spent so id need 12 months saved and ito do that in 12 months is well impossible. So ive decided to try again here but in a different state so im away from temptations and who knows i may have an incredible year and can afford to move in 2 years.
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@martin You did a video on becoming a full time trader. Might have been a podcast. I remember something about its not an easy life as you can forget home loans credit cards etc.
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Renting I am not sure of, I mean you could always offer to pay X upfront (it doesn't always scream drug dealer!).
It also depends on the part of the country I have found, what some landlords in some places ask for others dont.
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Can some anyone tell me, if they are a renter and full time trader in the uk how they manage to get a property? it seems from what ive read you have to have an income? and in a video i watched by @Martin on becoming a full time trader you can kiss away any chance of credit cards loans and buying a property. So im guessing thats the same with renting a property.
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@stephen-oleary I am just dropping in to say hello, I don't have anything to add as Martin has already done an excellent job!
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@martin Thanks for these videos ive watched the first two and ive already learnt things. These are things i knew about but never really saw the practical side of there methods till i watched your video.
Ive already decided as of today my bankroll is $2000 aus dollars about 1100 pound and il see if i can make it to 10k over the next 12 months only trading 2 hopefully 3 days a week(i work 7 days a week so to trade uk races and sport mean 0hrs sleep usually from saturday to monday and the odd mid week.) i can see myself being full time and then starting with a bankroll of 10k. Instead of just throwing in 10k in 12months and hoping i can succeed. Its these little things that make a HUGE difference. I made so many mistakes last time i never used a % on my trades, if a trade went south i went in play hoping it'll go north(in racing) I then started chasing buy dutch betting and not trading. Its hard when you have no support and no backup savings to fall back to.
Thank you martin and the BTC team -
@stephen-oleary said in My future as a trader:
Any advice of living in the uk or starting a career as a full time trader would be a help!
Ok so I think you are right to live up North to save money, I live in the North West and moved up here from the South and to be honest standard of living is pretty much identical, I've lived in quite a few different parts of the UK. North East is a good option too and cheaper I believe. When you settle on an area let us know as we can help you with what towns/villages in that area are nice to live in, that's the key in my experience.
Regarding being a full-time trader I definitely think you are doing the right thing being a part of this community, you are right about it being lonely otherwise! It's why I joined 7 years ago!
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@Stephen-Oleary wow this was a fascinating read thanks for sharing this!
I think your goals are realistic and I like the fact you aren't rushing anything or adding unnecessary pressure to yourself.
I've got plenty of stuff on bankroll management to get you started: Bankroll Management
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Not sure why my first post went up whilst typing there must be a limit on the amount of characters you can have.
Back to the journey....Ive decided trading is my calling and so ive put in a plan so in 12months time il have 6months of wages set aside and a 10k betfair starting balance.
Is this realistic? Can i make a living with a 10k starting bank and 25k in savings?(Australian dollars) Im doubling my starting balance and im going in with savings so i wont feel as much pressure to make big profits fast. I also wont try live an expensive life style. When you trade all night in australia it gives you alot of free time during the day and being so anti social meant some long and very expensive days in pubs and casinos drinking and punting.
So the other change im making to try and succeed at trading is im moving to the uk in july 2023. As a duel citizen i can live in the uk without any issues and it means trading will be alot easier then then in australia where i start at 9.30pm till 8am in the morning.
Not sure where il move to looking north as its a lot cheaper to live.
Not sure if this is the right decision but it just seems right to move to the time zone where 95% of my trades are with 6months of wages saved and a healthy starting betfair balance.
I know with the BTC and Bet angel software and the help of BTC and Bet angel community i wont fail as a trader with question is with i make enough trading to live a manageable life style?I dont know if this post/topic makes sense to people but ive been playing it in my head for 2months now so i decided to post.
Any advice of living in the uk or starting a career as a full time trader would be a help!
Thank you for taking the time to read my post
