Sunday, 7 October 2007

Giving money away?

I've been away for a week and havn't posted since then. during my time away I received a comment posted on the blog, which is similar to the ones that pop up every so often, along the lines of "give up, you guys are just giving money to the pros". The thing is, by the nature of bet exchanges, it is peer to peer betting. For each matched bet there is going to be a winner and a loser, it's as simple as that. Getting the skills needed to make a profit doesn't happen overnight (unless you're someone really exceptional). The only way to really learn is by doing. It's fine doing some paper trading, but the emotions are not there. You can be ice cold calm and sensible paper trading but when there is real money on the line then the emotions kick in and that's one of the factors that need to be controlled. So, if the only way to learn is by doing and as there are a number of skilled traders out there, it makes sense that there will be a period where you will take a hit. As you learn the lessons and get better and also new people join and others just throw money in without thought, you will rise up the ranks and with that your profit levels will rise too. For each of the people out there that say, "it can't be done", there are many people who are making profits. Look at fellow bloggers Mark Iverson or the Betfair Trader. They're taking profits and know what it is like to pay your dues.


Mark Iverson said...

Hi Rich,

Thanks for the mention!

Don't let the buggers get you down. We know it can be done and nobody picks this up at the first attempt. It takes a lot of effort, a lot of discipline and a good knowledge of all sports but apart from that it's easy :-)

Seriously though, stick with it - for starters take a look at my latest post and ask yourself if you're managing your stake sizes. It's a good place to start if you haven't done so already.

All the best and keep up the good work.


Blaine561 said...

Nice website, here is something that is not quite the gamble, if you understand what you are doing. If you are going to survive in these boisterious times then you have to learn how to beat the system at its own game. I found a great website for learning to trade options and just found out they will soon be offering Forex courses as well. You can see the new website, still under construction, and get a feel for what they do at

Anonymous said...

If you'd had the decency to publish my comments even once, I would have been willing to take you under my wing,in private , and teach you something very neat. Instead you act like a censor and deprive others from learning from my posts something which you clearly didn't have the perception to see. Had you been the master pschologist and NLP practitioner you dream of, you would have seen beyond the words I had written. So, I DO know you will never , ever be profitable trading. You are simply one of those who can't. It doesn't make you a bad person, it just makes you a loser and I needed to find that out before offering to tutor you. Boy you just BIG time and you never knew it. So I suppose you can think of yourself as a double loser now. Fancy risking your family's inheritance like that. Oh, triple loser.

Richard said...

If I get a comment that is just saying something like, "you're a loser" or something similar or looks like a spam post I won't publish, especially if it is posted with no name. If it is a criticism with a modicum of reasoning behind it then I'll post it. if you look back at previous comments you will see that is the case. I don't know who you are, as you have commented anonymously and to be honest don't know why you keep coming back here if that is all you have to say. If there is some deep hidden meaning then sorry I missed it as I scanned and deleted your unhelpful looking comments.

If you are a successful trader then great and I hope you continue to do well, as for your comments, if you continue commenting and have something useful to say then I'll post it. if not, then I won't.