Trading isn’t going to be for everyone, and it’s certainly not a ‘get rich overnight scheme’. But isn’t £6 a race worth your time?
Over the last few weeks, we’ve released a batch of YouTube videos. Possibly 6-8 new updates showing some on-screen trades, answering followers questions and generally providing some insight and value for nothing…
But it doesn’t seem to go down so well in some quarters. Are we wasting our time?
Here’s a little more explanation along with comments from the wonderful wide web…
There’s a been a couple from a similar angle but as an example. See some recent YouTube feedback:
It saddens me a little to see such comments like this. Over the years I’ve made every effort to be realistic and let readers know – it’s unlikely everyone will start banging out £60 profit per race. Some will never manage it.
But equally, when I’ve shared smaller stakes clips people respond ‘boring’ or ‘what’s the point’.
So I wanted to share this:
The point is; you have to start somewhere. If you can’t make £6, and or you aren’t willing to sit down and trade for ten minutes to achieve it. Trading isn’t likely to be for you.
Maybe you’d be suited to Bitcoin, MLM or other fan-dangled schemes.
When I started out if you go back far enough [first blog linked here]. I was quite happy to poodle along with for £2, £4 or £6 a race. There’s quite a few each days, particularly this time of year, so it soon adds up. I started with a £600 balance and compounded my way up the ladder. A few banks were blown in the early days, but it didn’t deter me. Sure I’d have loved to pull out a few monster results or even sizeable ones like the £60 in question, but it didn’t really happen like that.
You see – it’s not just the bank that makes the money. Anyone can load up their account with £20,000 or £10,000 and get trading – in most cases it just means they’ll lose it faster.
Watch the Video Mentioned Above
Here’s another comment, not wanting to single the previous comment out…
I’d also argue that people with a £300 bank are far less exposed, finding it easier to whip a couple of stakes through the market unseen.
Last year I did a little mini-challenge on the blog with a £400 balance. See the challenge posts here. Some said that was pointless too!
…one last note would be – the API freezes no matter what size your bank is, and yes it has hurts a lot more than a £300 ever could.
What’s Realistic? What to Expect:
I’d like to open up the comments section at the bottom of this post – what do you think? should we not bother with such YouTubes?
Some others also commented about ‘competitors’ leaving negative comments under false accounts. I don’t think that’s the case with either of the above, they’re genuine thoughts.
What do you expect from trading?
I have a small bank around £225 and make £2/£3 per race and with 25 to 45 races every afternoon, 7 days a week it is quite possible to earn a tidy sum depending on how many days you trade. It would be nice to have a large bank but as Caan says sometimes small banks are better.
Nice one.i would love to learn to make £2 or £3 every race
Those results look in-line with that kind of bank, well done.
Personally, I think that the YouTube posters you’ve quoted are missing the point – it’s not the size of the bank that they should be concerning themselves with; the important factor (and most difficult to achieve) is being able to trade profitably on a consistent basis – 60p per race, £6, £60… it matters not – if they can’t ever get to that stage, then their bank size is completely irrelevant.
Thanks 🙂 appreciate the comment. I think its easy a mixture of things, some misplaced expectations, occasionally it’s things misconstrued via text and even emotional comments when someones had a bad day trade.
If someone isn’t happy with £6, perhaps they don’t realise just how many races there are each day, how much time it takes to learn a new skill, or, they could just be plain old greedy. Haters will always pop up no matter what you post, don’t allow them to change anything you do. As Aristotle said “there is only one way to avoid criticism, do nothing, say nothing and be nothing”.
I think they should not forget that £6 is not tax or national insurance on it.
Indeed Louis – having wasted many years of my working life doing 9-5 in a crappy office, doing crappy jobs, trying to hit targets, KPIs & deadlines, whilst painfully having to suck up to clients – for around £10 an hour (minus tax, NI & pension contribs). Christ, if I ever get to the stage where I can consistently make £6 a race I’ll be in dreamland! 🙂
Caan just keep doing what you do. Your free content (and paid) is excellent.
Bottom line, all things considered, some people will never be traders, and they can’t handle that fact, so they’ll take it out on you.
I wouldn’t pay much attention to the negative comments. Anyone that is gaining some attention always gets some negative comments as well. As others say, keep doing what you’re doing Caan, because a lot more people appreciate it. People that think making £2-6 a race consistently is ‘pointless’ will never be successful at it.
Give a man a fish………..
Coming from a casual punter and forex dabbler I find people like yourself really inspirational. I will be making a living from trading at some point – taking my time with a small bank. I am trying my best to make every mistake there is coz that’s how u learn imo.
The more gambling non believers means more opportunity for pros yeah?
You can’t save everyone Caan
Absolutely agree with you. You can burn your 10k bank, or you can make that bank starting with £500 if you are skillful enough.
I am learning. I use a £100 bank, and £5 stakes. And I am happy when things happen how I thought. Usually 60p in green make me happy:)
SInce you won’t make an unashamed plug for one of your books Caan, I will. https://caanberry.com/product/pre-race-trading-guide/. This guide once digested helped me become a successful trader more than any other resource on the web. Your regular FB and Twitter posts lend inspiration and sometimes a dose of reality so I always look out for them. Speaking of reality, you have to actually work at it to make money (who knew eh?).
I’m am an unashamed advocate and affiliate of Mr Caan Berry and I won’t post my affiliate link here just scroll a bit further down please , and yes that was my post quoted on the YouTube comments. I didn’t mean to be negative. Retrospectively £6 per race is a great return per race I just meant for the Cheltenham Festival it didn’t seem a big return. On a “Normal” days racing that is a great return. But glad to inspire a great blog post of which most of the readers can benefit from. Carry on trading.
Hey G, thanks for commenting. Sure, obviously results vary per-race and they’re not all the same.
The size of the bank is irrelevant! If you do not learn/understand market behaviour, achieve trading consistency and trading discipline you will blow any bank eventually. Anyone who trades and makes any amount of profit consistently regardless of amount is doing it right! Bank size is down to financial circumstances, it has no bearing on being able to deploy a successful strategy that brings in long-term profits.
I agree, I also heard a comment elsewhere recently which I thought was apt – it wasn’t trading related but applies. Rate yourself on who you was yesterday, not who someone else is today.
P.S. It has taken me over a year and a half of mistakes, reading, more practice and Caan’s video pack module repetitions to finally have cracked it!
I’ve only been trading with real money for 3 weeks & I’ve almost doubled my small starting bank (£300) mainly on football, before that I practised with virtual money for a few weeks using Geeks Toy.
I’m also making regular small profits scalping the horses with £2 stakes, Once I feel confident enough to up the stakes I will & hopefully continue to grow my bank, £6.00 per race sounds great to me.
I’ve learnt so much from the many YouTube videos you upload, keep em coming.
As you said in the post above if they had read your old blog posts, when you were burning money on a regular basis. They would know you just can’t start trading and expect to profit £20-£100+ per race.
Most of these people blame every aspect of their life on someone else, they never take responsibility for their actions or lack of action, their favourite sayings life is just not fair , life dealt me a crappy hand and l came from a poor family, l could go on and on.
Caan just concentrate your time with the people who appreciate what you do and continue to be inspired by your story from flipping burgers to pro trader.
I have a £200 bank and I am focusing on the process rather than the profit. I have my balance hid on Geeks Toy; I don’t want to know. My current number one goal is not to lose money. From that I always want to have valid reasons to open trades (and close them quick if I’m wrong) and to never go in play. I have found that the £1 – £2 soon adds up when the process of trading is the focal point. Keep the videos coming Caan, they are extremely helpful.
Those that complain about the amounts are destined to fail. I was obsessed with amounts in the beginning but after sustaining loss after loss due to focusing on my amounts per race/day and breaking money management rules (which is so important) to achieve them, I switched my focus to implementation and process. The amounts look after themselves providing you are sensible. Another powerful tool is compounding. Those complaining that £6 a race isn’t enough need to look at the whole picture, even on a £1200 bank and over 20 races that’s a 10% bank increase. Extrapolate that over a 20 day trading period and you’d be looking at a £6800 bank increase. If you’ve proved to yourself that your edge is profitable at lower stakes, providing it’s scaleable then the amounts they crave will follow. I for one take a great deal from your videos and use them for reference on many occasions. So thank-you. This pre-race malarky is a marathon and not a sprint. Something I wished I’d learned a long time ago.
I for one look forward to your videos , £2 to £5 pound per race is more than an average wage when all added together , although I am not full time trading yet your YouTube videos and your video pack has been a huge help. Keep up the good work buddy.
If I could make £3 per race consistently I’d never leave my screen
my aim is not to lose on a race, if i just break even thats a good result any thing else is a bonus
Good outlook to have, David.
I now make between 6 and 20 pound per race , after finally getting to grips with it all and the video pack was a great help , although I didn’t understand it at first and I blew a few banks. But for me the benefit of being home with family is something money can’t buy. Also at low odds even with a small bank you can still scalp with £1000 pound stakes on the lay side and make a tidy profit a Newmarket race yesterday was a great example and it worked out well for me scalping with £1200 pound stakes with a small bank ( also thanks to the video pack) .
Boos usually come from the cheap seats. If they are coming from the free seats I really wouldn’t even let it bother me.
Your content has always been fantastic and I have admired the way you have helped the community especially new aspiring traders over the years.
If people choose not to see that expected value is different from profit, let them live their life and move on.
Focus on the people who are willing to learn.
After over 12 month of trying to learn all this stuff inbetween full time work and get to a point where as I’m profitable, I’ve never once thought you get those results because of the size of your bank, you get those results from being profitable and building your bank. Stake sizes increase with confidence and in Turn so does profit. I value the free content on YouTube too and always look forward to the updates on there as well as the website. Please don’t stop because of the nay sayers!