I often notice that many people start out sports trading and have the aim of going full-time right from the offset! It obviously sounds great as you can lead the life you want, wake up when you want and be your own boss, however I think too many traders are putting unnecessary pressure on themselves by having this goal of going “Full-time”.
It is almost as if some people don’t realise you can be a part time Betfair trader and still be successful. I am actually going to make an argument to suggest that being a part time trader might actually help you more then if you were full time!
You will probably see many articles explaining the benefits of becoming a full time trader however I am going to be different and explain the many benefits of being a PART TIME trader!
1) Less Pressure
Your whole income and livelihood doesn’t rely on how much you make. It’s actually bonus money if you do make something. This makes things much less pressurised and you will trade better as a result.
2) You can make better quality trades
Since you have less time to trade you will be more inclined to only trade on events you truly have an edge in. As soon as you have more spare time on your hands you might end up trading things you shouldn’t be trading and that’s where the silly losses come in.
3) Keep a clearer mind
Being full time and spending most of your working day on your own or at your trading desk can actually make you a bit crazy. Having social interaction or something to take your mind off the markets helps you massively once you start trading again.
4) Trading feels fun!
Its no secret that when you do anything everyday and as a job it sucks the fun out of it. Sports trading is no different. Once you find a strategy that works well for you then its just case of repeating it again and again.
So if you are just starting out you shouldn’t try and rush your trading progress. There is nothing wrong with being a part time Betfair trader and it can be a fun thing to have as a hobby. You should only start considering going full time when you simply have no other choice. This could be through redundancy or the simple fact that you are earn way more from trading then your day job does!
Your first aim should be to become successful in your part time before you even consider going full time!