Jump or Don’t Jump?
(click to view the video)
The colder weather’s set in, meetings are starting to get cancelled. Not much fun if you only trade the horses…
It won’t be long though, there’s only 3 months max where it’s likely to be cold enough to cause a problem. Everything will be back in full-flow come March!
Despite the cold snap, cancelled meetings, poor quality races on the all-weather and shortened trading-days. I’m still left with the same thing on my mind again and again, in fact its driving me nuts now!
Could it be time?
Is there even a right time to take such a leap? Leaving my stable, boring, average-paid job behind and going for it amongst Betfair’s murky waters?
Although I know what I should have done; Saved up a huge lump as a ‘safety net’. I’ve just enjoyed spending a little too much! Now I’m left at a stage where its pretty ridiculous to head into work of a morning for a whole days work. Make a figure that I can in a fraction of the time trading, whats more it’s even more frustrating with the racing finishing as early as 1530 some days (while I’m still at work) knowing I might make more at lunch than I do all day usually.
Here’s what I mean; this week I’ve only traded 28 races!!! But still the return its had and I had the whole weekend off too…
So whats holding me back?
I don’t know. But this last week I’ve been looking at house’s and other things I want and intend to pursue in the future. It’s brought a realisation to me that, if I carry on as I am with the normal job I’m just not going to get there any time soon. I mean I’ve always known this but its hit me pretty hard this week along with the rising success trading. When I look at an average over £20 a race over the course of last week it’s ridiculous to be spending a day at work for so little in comparison.
I believe one of the main reasons successful people don’t turn into a big success is because they get stuck in the 9 – 5 rat race. Having a normal job stops people from doing bigger and better things. Now it appears I’m starting to look more and more like one of those people! Not the best thought.
Anyway, I’m going to sleep on it for a few nights at the moment but the verdict is Jump right now… its time to make it happen…
I’ll stick a poll on the side just out of interest to see what the readers think.
Markets this week…
Markets in general this week seem to have been rather average. When I’ve had time to trade I’ve pressed hard. Over the last month I’ve been going from strength to strength. I attribute a lot of this to my state of mind in the moment. Understanding myself quite well when I’m trading is a real asset. I find a lot of the time I’m executing my trades pretty floorlessly. The ironic thing is that having reached such a stage where I feel like this, it’s like a self-fulfilling prophecy! I don’t even find myself keeping tabs on how much I have made or lost when I’m trading lately. I just trade what I know and that’s it! Sod the results!
I’m sure there will be more updates in the future with progress. Thanks for the comments on the previous posts, I’m glad it’s a little inspirational for some now… it doesn’t feel all that long ago since I was looking at others blogs feeling the same.
12 thoughts on “SORRY: But It’s Game Over…”
You only live once buddy and you’re a long time dead. You clearly have talent.I suppose the only real question is , if you do it and it goes tits up you have to go back to work. So you’ll need a back up plan.
Do it 🙂
Go fot it, jump big time with your results…that latest screenshot shows you are very consistent, im stuck in a 7.30 – 5 at the mo, even worse lol.
Are you mainly pre trading the horses as i’ve never got my head round it…
I guess another way to look at it is, if you quit your job and things do not work out on the trading front, how easy would it be for you to get another job?
If it is easy then it is a no brainer really.
Good luck.
Thanks for the kind words with the posts guys… kinda feel my minds made up already, just the reserve to fall back on is whats stopping me right now 😉 …dobt it’ll be for long though!
With Betfair as your partner you would have to be mad to give up a job in the current economic environment. Look at how Betfair are shifting to fixed odds and trying to kill off tradng with the premium charge. If you can keep your job and do this part time that’s perfect.
Sure, i get that although im not looking at this as a long term future career for a number of years, more a stepping stone to make alot of money in a few years before moving onto other things…. even if Betfair disapear people that prefer to use the exchange won’t, they’ll just move to the likes of Betdaq or Smarkets.
Also i’d like to thank those who have emailed me, it means alot and some good points.
Caan
Hi Caan. Love that P&L mate! I’d stick your job out for another few weeks, maybe just up to March. Just remind yourself every day that it’s not long before you tell your boss to stick it up his arse. Live like a hermit and save as much cash as you can. Then you can crack-on at Cheltenham with a bit of a cash buffer.
Cheers – Dave.
If you can keep up that consistency you won’t last long on Betfair with the super PC. It’s easy to make £100K+ pa but unless you plan ahead you’ll find it very hard to keep motivated or even make decent profits with betfair leeching 60% of your winning and the reality is it’s more than 60%. Either look at way now to start generating commission or look for some long term job prospect you’ll thank me for it later as it doesn’t take as long as you think to hit that £250K
the last post sounds like good wise advice. I would add my 2 cents — always leave a parachute in the back of the plane, just in case. I am self-employed and learning the harsh lessons right now of not leaving something in the stash for hard times… haven’t traded much since June, but have found work that I will email you about that may provide the right balance or give you an idea… Jump when you feel ready, but not without a parachute. Once you have realigned the responsibilities, commitments and pressures and know how to motivate yourself around the change, you will do well.
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Great articles, I’m considering jumping to full time trading from march next yr I figured I would only need to make 40 pound a day to average what my day job pays (without all the stress)
I should have a bank of in excess of 2.5k is that enough . Thoughts?
Thats enough Shaun but i really wouldnt advise it untill your ready and freely making that figure in your spare time anyway…. or the ‘stress’ as you mention could be worse 🙂