Copying Full Time Traders
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I'm curious to see what BTC members that trade full time do on a daily basis. Is there ever a dry spell in trading and do you trade multiple sports or just one?
Also I've seen that Martin tends to trade £10 stakes but how many trades would you have to do daily to make enough to pay your utility bills or even the mortgage? Maybe someone could give me an indication as to what size bankroll is needed to become a full time trader.
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@julian-drake-clarke Morning, I trade horse racing and football because there is a lot of events which means I can spread my risk and variance is reduced. I bet 1% of my bank roll as its quite big but used to bet 2-3% depending on confidence I had in the bet.
I've recently joined this group to socialise as sports trading can be a lonely sitting in a room all day existence so you should be aware of that. I'm still learning and trying to focus more on automated trading. I hope that helps. -
@richard-morris That is by far the most practical assessment of full time trading that I have seen, many thanks for that!
I'm curious to find out what sports you trade and typically, how much you put into each trade. I'm guessing that its more than £1 per trade
I'm fortunate that I can call upon a healthy bankroll but at this stage , like many of us, I'm reluctant to trade more than £10 a time before being confident that I know what I'm doing. Perhaps you could tell more about your trading story, how you started and how your trading has evolved. -
@julian-drake-clarke Hi Julian I'm new here but can help you with number 7 as I keep a whole family on my earnings from trading and share investments. (I hold dividend yielding shares)
Its not easy bankroll management and the right psychology are key (for me anyway)
To make 27k per year you need to earn £520 per week.
If you have a portfolio of strategies or even one that, for arguments sake, produces an ROI of 5% you need to get £10400 a week into play / matched. So approx £1500 per day.
This over the long term will produce that income if all else is sound.
The "long term" is not defined but the more bets matched the better. 1500 £1 bets likely going to work better than 1 £1500 bet
Hope that makes sense
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@karl-pick said in Copying Full Time Traders:
@julian-drake-clarke number 6 and 7 are brill questions fella!
Step 3 in the Start here videos shows this
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Watch the videos and listen to the podcast martin does its every helpful. I went into full time trading without really following there advice and was back working my 9-5job(actually 3am to 5pm) 3months later. No single person can trade without a dry spell its impossible but with the right money management and following your systems strictly your winning months will cover your losing months.
Also search betangel on youtube peter has some very good advice on trading order flow etc. But the advice from martin and ryan and a few other in the BTC is priceless -
@julian-drake-clarke number 6 and 7 are brill questions fella!
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@ryan Sure...I've seen many of your videos and they do answer quite a few of my initial questions but I'd be really interested in updating the context for new users.
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I've seen that a lot of your videos were created pre or during COVID. Post COVID, if you were to make these again would you change anything? Has COVID altered the nature of professional trading on any way?
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If you were to ask someone considering trading full time to audit their suitability, what traits would make them a candidate for success?
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You've decided to be a full time trader, joined BTC and spent a month trawling thru the videos, blogs and software. First of next month you're going to give it 100% and you tell your boss to 'shove it where the sun don't shine' . What does day one look like? What equipment/bankroll/support do you need?
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As a professional trader, how do you break up your day? When do you start/finish? Do you focus 'x' number of hours a day, like a J-O-B or is it integrated with social/family time?
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What defines 'profit' to a professional trader? Is it anything above your initial bankroll or is it defined as anything else?
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Is there an effective way to exit a losing trade? What factors indicates that you should bail on the trade?
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Is there a structured way to growing your trades to create a full time income (based on living wage at £27000pa)?
Loads more on my mind but I've a bus to catch/drive
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@julian-drake-clarke Can you list all the Q's you have around this on this thread then I can look to build this with Martin as well.
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@julian-drake-clarke I don't trade £10 stakes, I test strategies using that as a baseline as it is easy to work out mathematically.
Have you read this? https://betfairtradingcommunity.com/en/blog/betfair-trading-bankroll-staking-strategy-how-much-do-you-need
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@ryan Yes, how you decide on % of stakes...1% to 5% and reasons behind this for different bets or strategies?
We New Starters would all like to know how to make a living but this has to be balanced with not blowing large quantities in a short term (eg:- protecting the bank), but on the other hand £10 on odds on shots, is never going to get you enough money for quite a while to live off unless your doing loads of bets a day. So how do you balance the risk/reward? -
@julian-drake-clarke This is potentially a really good blog post / Video / Podcast
Anything else anybody else wants to be included in this?
