New blog post by Ryan Carruthers! #4 Meet The Betfair Trading Community Members - Charles Cartwright
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The first post from The Betfair Trading Community's Meet the Members series was so popular, we are continuing to champion the good ones!
The first post from The Betfair Trading Community's Meet the Members series was so popular, we are continuing to champion the good ones!
If you are a regular reader of our Betfair trading site, you will know that we want to take the 95% of losing traders on Betfair and turn them into profitable traders, this is the next installments from BTC on our 'Meet the Members' series. I hope this story about one of our longest-serving members at Betfair Trading Community and will inspire you in your trading on Betfair.
Just to recap, I came up with this idea of asking the members a set of questions, they all got the same and I will be posting one a month so that you can see their answers to the trading questions, gain inspiration and hopefully learn from them.
The questions are as follows...
- Do you remember the first time you traded on Betfair? What was it like? Did you notice anything around your emotional state?
- What was most surprising to you about Betfair Trading?
- What attracted you to Betfair Trading?
- What was the biggest challenge you’ve faced in trading on Betfair? & what steps have you taken to face that challenge?
- How has your trading changed? & why do you think this has changed?
- What is your outlook for the future trading on Betfair?
- What have you learned about trading on Betfair?
- Is there an achievement you or contribution you are most proud of?
- Is there anything you think I should have asked you but I haven't?
I have no fancy order other than who responded first to me, let me introduce the second person in this ‘Meet the Betfair Trading Community Members’ series!!!
Do you remember the first time you traded on Betfair? What was it like? Did you notice anything around your emotional state?
Knew nothing about it until my brother came to visit about 5 years ago and started talking about exchanges and trading on horse racing. Can't remember the first time I actually placed a trade but I was completely clueless!!!What was most surprising to you about Betfair Trading?
When I started looking at the markets and realized the amount of money being put into ridiculously low grade horse races. Starting thinking about how you could trade pretty substantial amounts with no problem whatsoever.What attracted you to Betfair Trading?
Pretty soon became aware of the prospect of automatically trading in the markets and creating approaches that would enable me to create tax free income with relatively little daily time expenditure (had no idea how difficult that would prove to achieve).What was the biggest challenge you’ve faced in trading on Betfair? & what steps have you taken to face that challenge?
DISCIPLINE! I had absolutely none to start with and had disposable income that I could afford to put into my account. First couple of years were ridiculous and came pretty close to packing it all in. Then lost my job and had about 6 months to focus and seriously look at what I was doing. Recalibrated things and have been working to a plan ever since. Still like a daft punt now and again (who doesn't) but keep that separate from my trading.How has your trading changed? & why do you think this has changed?
Far more discipline, realistic goal setting, not just logging on to betfair and having some daft trades that have nothing to do with researched approaches. Almost complete reliance on automated trading bots as an aid to maintaining discipline and to get closer to my ultimate goal.What is your outlook for the future trading on Betfair?
My goal is to have completely automated my trading within 2 years and to have a large enough bank to generate a solid income with effectively zero time commitmentWhat have you learned about trading on Betfair?
That it is both harder than you initially think and yet so much simpler. Don't believe the rubbish that is on so called 'experts' websites. There is a lot of dumb money pumped into markets every day and you can still take advantage of that....Is there an achievement you or contribution you are most proud of?
Being very close now to having a net positive balance with betfair. Won't tell you exactly how far down I was at the worst point but it had me seriously questioning whether I had a serious issue with gambling.Is there anything you think I should have asked you but I haven't?
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@charles-cartwright I think we are all chasing to automate a lot of our trading but we really like a lot of the processes of it dont we? We enjoy it.
I know I want it automated but I really enjoy the research mostly.
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@btc said in New blog post by Ryan Carruthers! #4 Meet The Betfair Trading Community Members - Charles Cartwright:
What is your outlook for the future trading on Betfair?My goal is to have completely automated my trading within 2 years and to have a large enough bank to generate a solid income with effectively zero time commitment
That clearly was a bit of a pipe-dream!
Since I posted this I have had one BF account closed and had to start another one, and had to shred my account (which I had sworn I wasn't going to do again) to deal with some unexpected expenses.
Realistically if I can be in a position in 2 years time that I have enough disposable income from BF to pay for a couple of nice trips a year or deal with some expenses that would be great. I also don't think that this will be entirely automated since my B2L system that requires daily checking of form is by far the highest returning approach that I have in my portfolio.
