The problem of trading....

I left a well paid position to move into full time trading and many people were aghast at the decision. The guys I had been working with knew of the potential profit I could achieve because they had talked to me at length about the methodology. There were some people who couldn't understand it, especially those who had previously worked with me.

They were amazed that I had left a lofty position to ....................what exactly was I doing? Therein lies a problem. How do you explain to people exactly what it is that you do for a living? Most conversations follow this route

"So what are you doing now?"

"Well I trade the sports markets on Betfair, mainly horse racing"

"Bet what, never heard of it"

"It's a Betting Exchange but there are no bookmakers"

"You're a gambler then?"

"No, I trade the markets, I nip in and out and then close my position"

"You mean you bet on the horses for a living"

"No, I trade them so that I win no matter which horse wins the race"

"Yeah right, of course you do...."

By the time we reach this part of the conversation I have realised it is a total waste of my brain cells and it's time to move on. Peter Webb warned me about the use of the word "betting" or "bet" when mentioning my chosen profession. He said that people would instantly call me a gambler - he wasn't wrong!

That heaps pressure on you for a while but eventually you rise above it. My wife finds it very difficult when speaking to friends and family. "So what is Dave up to these days?" She spends an eternity trying to explain but knows that 98% of people have already labelled me as a gambler. They also know that most gamblers lose so there is often a look of derision on their face. We've both given up trying now and my wife says "He's acting as a self employed consultant" They usually smile and say "Oh, I am pleased to hear that, you must be delighted?" ....if only they knew!

My close friends know that I am pretty shrewd and that I wouldn't do anything unless there was a reward. I just wish I could get that across to some of the dissenting voices but you can't get through to some people no matter what you say. Here's funny story that happened about 8 months ago..

I went to see a client with whom I had become good friends. I had discussed the possibility of moving to full time trading but he didn't really understand what I was talking about. I asked him if he had broadband and when he said "yes" I offered to show him what I meant. I took out my USB drive and loaded up Bet Angel Professional on his office PC. I looked at the next race and saw a short priced favourite. I checked the market closely and expected the price to drift. I laid the horse at 1.82 for £1000 and the used the "auto profit" function to close the trade at 1.89 for a guaranteed profit of £37.00 across the card. I guess the whole thing took about 30 seconds after which I turned to this guy and said "That's what I mean, does it make sense now?"

He stood there open mouthed - I think he was in a state of shock! I showed him the Betfair screen and explained that Green was a profit and Red was a loss. "I don't see much red!" he said " I need to work almost 4 hours to earn that amount"

"Exactly!!"

Trading is hard work. At times it can make you feel very lonely and occasionally quite stressed. People think it must be easy but trust me it isn't. It can be done and it is profitable but you must learn the correct methods and you MUST apply them yourself. There is no substitute for trading yourself - paper trading is NOT the same thing. Peter Webb told me during a meeting that I had "served my apprenticeship" and that I deserved to succeed. There were times when I nearly quit but I knew that I had to push on and try harder. There is no substitute for hard work and experience so you must be prepared to face that head on if you want to succeed. According to Peter everyone he knows that has stuck at it and "served their apprenticeship" is now making good money from trading.

You can make good money too...it just won't happen overnight!