The BTC Football Trading Thread
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@matt-wood Thank you!
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@darri Thanks for the heads up!
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@darri said in The BTC Football Trading Thread:
@daniel-cooper once you reach a profit level on betfair they start to charge you, they take a commission right now at any level but once you start making a decent income from it they start enforcing their own version of tax, called the betfair premium charge. As long as your priority is growing the bank rather than withdrawing then it will hurt less. By the time you hit the top tier as long as you have kept growing your bank you should be fine.
wow I didnt know this, is it displayed on BF anywhere?
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@daniel-cooper once you reach a profit level on betfair they start to charge you, they take a commission right now at any level but once you start making a decent income from it they start enforcing their own version of tax, called the betfair premium charge. As long as your priority is growing the bank rather than withdrawing then it will hurt less. By the time you hit the top tier as long as you have kept growing your bank you should be fine.
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@daniel-cooper said in The BTC Football Trading Thread:
@richard-latimer this actually raises a question I thought of the other day...
As traders (myself a beginner, so maybe this is aimed at people who trade for a living)...
Are we/you self employed? Should you pay tax?
Thanks!
NOOOOOOOOOOO! lol
Gambling is tax free in the UK. The only reason to pay tax would be if you set up a company of some sort. NI is a different story though as you can make voluntary contributions to that in order to receive your full state pension when you reach retirement age. Although it is questionable that there will be any state pension in 20-30 years time.
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@richard-latimer this actually raises a question I thought of the other day...
As traders (myself a beginner, so maybe this is aimed at people who trade for a living)...
Are we/you self employed? Should you pay tax?
Thanks!
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@darri said in The BTC Football Trading Thread:
@matt-wood totally agree mate and iv lost countless banks before i got here too. thing is and martins just done a post about it the process to narrowing is far simpler than people think. FOMO is the only reason newer traders are struggling. Fear of missing a game on the system, seeing pros post trades on here or seeing others make profit. Sometimes its good on trading days especially busy ones to silence the noise and focus on your own stuff. Log off for a bit and watch the markets rather than posts on here. Once your comfortable with your approach then FOMO wont be an issue. The pros arent following every trade put on here, they have their own trading plans. Totally agree with @Martin-Futter exactly the same, for my late goals ill write down when the 2nd half will KO and then log into betfair at that time to watch the game. Would be hard to do that if i had a list of 20 games. Your whole life cant revolved around sitting at a screen waiting for the next trade. Prep, Research, Analyse inplay and Price the keys to trading.
This is why newbies should listen to the experienced people here. I'm not sure I would agree totally that FOMO is the 'only' reason newer traders struggle but it certainly is a huge hurdle that needs to be defeated.
I can say as a newbie that turning this off on a busy trading day and sticking to your own plan is the right thing to do. My red days have always been a Saturday, with last sat being an exception, and I am sure that is down to the 'noise' of everything going on and getting distracted. Most other days I am green for the day, even if it is small green. This is something I need to work on and have flagged Sat as a danger day for me personally so I may even take the action of NO trades on a sat and just observe for a while until I get a handle on it. -
tiglav from 0-2 to 2-2
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@matt-wood totally agree mate and iv lost countless banks before i got here too. thing is and martins just done a post about it the process to narrowing is far simpler than people think. FOMO is the only reason newer traders are struggling. Fear of missing a game on the system, seeing pros post trades on here or seeing others make profit. Sometimes its good on trading days especially busy ones to silence the noise and focus on your own stuff. Log off for a bit and watch the markets rather than posts on here. Once your comfortable with your approach then FOMO wont be an issue. The pros arent following every trade put on here, they have their own trading plans. Totally agree with @Martin-Futter exactly the same, for my late goals ill write down when the 2nd half will KO and then log into betfair at that time to watch the game. Would be hard to do that if i had a list of 20 games. Your whole life cant revolved around sitting at a screen waiting for the next trade. Prep, Research, Analyse inplay and Price the keys to trading.
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@martin-futter
@martin-futter said in The BTC Football Trading Thread:
Here is what I do each day, not including any BTC work:
Download all the stats for the strategies I trade and the ones I am testing.
Write them up into spreadsheets.
Check the teams motivation factors look at league tables etc.
I set alerts for games I want to trade on my phone.
I also print out my day's trading plan and then trade at the times the games are on, this is crucial for me personally for time management.
often I will get periods where I am not trading like today where the action for me is more afternoon/evening.
at the end of the day I write up all the results of the strategies I am trading and also the ones I am testing.
Uuuugh the organization levels make me ill
Hahah seriously this is probably how to be a pro trader in a nutshell. Preparation! It is king. If you know what you are planning to do in advance and have it clearly laid out for the day then when things get a little chaotic, as they will, there is no panic as you have it all laid out in front of you. Also as Martin says there too, you can far more easily analyse things post trading. If you have no clearly written plan and 'wing it' how can you look back afterwards to see where you could improve.It is this sort of thing that makes BTC such a good community, the advice on offer here is GOLD, you just need to take proper advantage of it.
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@gary-brown yes it is but y have days al the games to early or no goals
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Here is what I do each day, not including any BTC work:
Download all the stats for the strategies I trade and the ones I am testing.
Write them up into spreadsheets.
Check the teams motivation factors look at league tables etc.
I set alerts for games I want to trade on my phone.
I also print out my day's trading plan and then trade at the times the games are on, this is crucial for me personally for time management.
often I will get periods where I am not trading like today where the action for me is more afternoon/evening.
at the end of the day I write up all the results of the strategies I am trading and also the ones I am testing.
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@darri said in The BTC Football Trading Thread:
@gary-brown just nailed it on the head, pros/full time traders use pre match research, inplay stats and then base both of those and see if the price on offer is value. I think beginners try to get involved in too much early doors. The pros arent trading loads of strategies, i only trade LTD/LCS, i have 5 games to look at today. Its all about quality not quantity. Those trading 20-30 games at weekends are battling the markets, staring at their screen and just trying to make green. Just from my experience i used to scattergun and got burned now im stubborn about games. The problem with systems is you then trade every game as part of the system instead of treating every game within it on its merit. Thats why iv suggested using team lineups and inplay stats to base your trades off. Every game is different, do this and youll avoid the silly ones. It works for me and sees to work for most other full time traders iv seen or spoke to.
Well it's 16:15 already and I've had 2 so happy enough with my level of selectivity so far haha!!
Yeah, I'm defintely going to keep looking at team news and inplay stats (to ensure they are not getting a well deserved pasting) and keep track of everything so I can see how this is improving my results.
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@gary-brown said in The BTC Football Trading Thread:
I can imagine £700 a week would be around 40-50k a year job.
depend on if you sneak into the higher tax bracket.Tis about a 45k salary when you include tax and NI, so makes a huge difference not paying those
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@darri Agree 100% The only issue is as a beginner it is very hard to 'see' what those 5 games are. You need to find out what style suits you as a person and learn how to correctly select those games. Now, thanks to people on here such as yourself, Martin, Ryan, and others with experience, this process can be considerably sped up. But it still is a process than needs to be gone through in order to learn it. Add to that the psychological aspects to trading, which I am starting to see are the REAL battles, newbies have to sometimes be proven wrong before they can learn. I include myself in this as I had MASSIVE FOMO when I started and it used to drive me mad and make me second guess myself.
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@gary-brown just nailed it on the head, pros/full time traders use pre match research, inplay stats and then base both of those and see if the price on offer is value. I think beginners try to get involved in too much early doors. The pros arent trading loads of strategies, i only trade LTD/LCS, i have 5 games to look at today. Its all about quality not quantity. Those trading 20-30 games at weekends are battling the markets, staring at their screen and just trying to make green. Just from my experience i used to scattergun and got burned now im stubborn about games. The problem with systems is you then trade every game as part of the system instead of treating every game within it on its merit. Thats why iv suggested using team lineups and inplay stats to base your trades off. Every game is different, do this and youll avoid the silly ones. It works for me and sees to work for most other full time traders iv seen or spoke to.
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I can imagine £700 a week would be around 40-50k a year job.
depend on if you sneak into the higher tax bracket. -
@richard-latimer Tax free is the key
makes a BIG difference! -
@gary-brown said in The BTC Football Trading Thread:
I think Martin will trade for a certain period of time during the day and will have a few game son his list of potential trades. So he may trade for 2-3 hours throughout the day.
I think he spends most of the day not trading and enjoying the benefits of being a pro trader as being a pro trader you don't need many wins a day to walk away happy.
When you bank building you do loads of trades to build up the bank but a pro trader may only need to select one winning trade a day due to the size of their banks.
So £500 bank I may do one trade and win £5 but a semi pro trader with a £5000 bank will do the same trade and win £50 and may look for one other trade during the day.
A pro trader with a 10k bank would have won £100 on that trade and may just walk away from trading for the rest of that day.
Not to be greedy but WHEN I'm pro I want more than £100.00 a day haha!! £700.00 a week
£2,800 over 4 weeks.......I suppose it's not so bad tax free haha!
Trading Spreadsheet linked below
https://www.dropbox.com/scl/fi/3gnk1vku1krkoyfcq37y6/Trading-Bible.xlsx?rlkey=01eqhp8u73s61iy2s814sqfll&dl=0 -
@richard-latimer said in The BTC Football Trading Thread:
@matt-wood said in The BTC Football Trading Thread:
@richard-latimer said in The BTC Football Trading Thread:
@matt-wood said in The BTC Football Trading Thread:
@richard-latimer agreed. It comes down to the 'type' of trader you want to be. Think this might be something that newbies, like me, struggle with. They see all the trading go on but at first don't understand the different types of trading styles and also don't know which type suits them. It will take time to understand this and to work out which type you are more comfortable with.
I'm defintely a person who is happy to take a few losses rather than red on winning trades too much. Psychologically, and I keep coming back to that word, it would hurt me to see good decisions lose money.
I HATE HATE HATE redding out only to see a goal. I can miss a goal from not getting in quick enough if it wasn't my time so to speak but if I'm in I'm in.
The only exception is redding at 1-2/2-1 on an ELO trade. The reason being I've got a years data to back up that it's the right ting to do.
I think that is a key there for you. You know yourself and your attitude to situations plus you have years of data to back up your particular 'style' of trading, which ultimately means it works for you. Of course any style can be refined and tweaked to improve the profit but the 'core' of what you do is suited to you as the person you are. To try and trade in a different way would mean you felt frustrated all the time and ultimately unsatisfied.
But then what do I know , I've only been a member for 26 days and I have drunk a fair bit of rum today
What do I know. I'm still wagering below minimum stakes haha!!
I have a plan but you know.....
This time next year Rodders
MILLIONAIRES Del MILLIONAIRES
