Going full time and doing Sports Trading on Betfair for a living is a dream for many however it is not a decision you should be taking lightly. I often get plenty of emails from people who want to pursue Sports Trading as a full time venture.
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Many want to leave their current jobs to go full time and, as we know, everyone’s situation is different but this article might give you some pointers to show whether or not you are ready to take the plunge if you have been considering it.
1) You Have Done A Minimum of One Year Profitable
Before you even consider going full time as a Sports Trader you need to have been profitable for at least a year previously. I am astounded to hear of people who have quit their jobs or scaled down their hours after a profitable couple of months which leads them to think they have “cracked it”. A year should be the absolute minimum before you even start considering going full time. A year should be a long enough time to show you that your strategy and your implementation is profitable and not just a run of luck or variance. It must be stressed that this does not mean that every month within the year should be profitable as you can always have losing months in this game but as long as you are profitable over a year then you could be in a position to think about going full time.
2) Your Trading Income Exceeds Working Income
Just being profitable is not enough. Ideally you want to know that your trading income is replacing or increasing your current income from your job. You would not take a pay cut to move from one job to the next and this is no different. You might be reading this and thinking this is stating the obvious but I have seen people quit their jobs to try this full time as they feel they will “eventually” match the income but then they struggle with the mental block when it comes to upping the stakes. Ideally you want to be exceeding your current working income from your trading before you decide to go full time.
3) You Have Minimum Of 3 Months Living Costs Saved Up
This is another absolute must. It is important you have that safety net of 3 months living costs saved up just in case things go wrong. Do remember that nothing is ever guaranteed in the world of Sports Trading and Betfair. Your strategy might cease to be profitable, you might find the markets get harder or you might even find Betfair shut your account for whatever reason. It is important you expected the unexpected and have at least 3 months of rent/mortgage + bills to live off so that if something does go wrong you have enough time to get back on your feet.
4) You Are Mentally Detached From Your Trading
Going full-time in this game is not easy. When you are trading part time to make “bonus” money you are under less pressure and it is then easier to make the right decisions and not doubt yourself. Once you start relying on your profits in order to pay off your mortgage or so you can eat then things change very quickly. There are some traders that are full time at this and don’t even blink when they get a 4 figure loss since they know they are profitable in the long term. If you are at a stage with your trading where losses do not affect you adversely then that is a definite sign that you ready to go full time.
There is no special badge for doing Betfair trading full time and so you should not so do so unless really necessary. There are many who work corporate jobs and trade only on the evenings and weekends to supplement the income.I know of a reader of this very site who matches his corporate income by trading football on Betfair only on the weekends but he will never quit his job since he has long term job security at his current employer which is very important.
If that is possible for you then that is a much better option then taking the plunge and going full time as the markets can be pretty unforgiving. To sum up, you should only go full time on Betfair if you simply have no choice. This could be from losing your current job or knowing that if you do not go full time you will not be making as much money.
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