Setting Realistic Targets

Apparently, 'in X weeks I shall be retired' is the new "This time next year, Rodney..." After you have compounded your early winnings and without regard for losing streaks, ill health or other unforseen circumstances you set yourself the bold task of retiring early.

Only you won't be retiring because you intend sports trading from now until the monarch of the day sends you a congratulatory message on your 100th birthday. Trading is not a passport to an easy life, regardless of what others might have you believe. If anything you are setting out on the highway to a harder more stressful life.

Maybe because you enjoy sports trading so much you don't count it as real work but I can assure you it will be the hardest work you have ever done and probably for less income than you could have gotten elsewhere. Again that is not a problem for you because trading is the life you want to do in your "retirement". Maybe it's also because you've only had a pension fund for less than 10 years and you could do with the cash to keep you going.

I wish I could regard sports trading as not real work then I wouldn't be so exhausted at the end of the day with my eyes seeing in double vision and my back aching from sitting in this chair all day long. Betfair is no fault resistant stock exchange and my bots need a beady eye to keep them on the straight and narrow when the exchange throws a wobbly. Other traders may have simple bots trading with low stakes. My bots are precise and use larger stakes. I use them to trade multiple markets, which I couldn't do manually. I need to monitor my bots constantly and can never walk away from them.

It is good to see that one of the blog writers I read on occasions has taken a good dose of reality and changed his mind about early retirement. Of course, he can't admit that he is not as good a trader as he think he is, which is the real reason for his change of heart. His trading statistics never match his prose. Bankrolls are split up amongst systems and asset classes and quietly forgotten when they tank. A short run of success is followed by the inevitable wipe out. Honesty is the best policy because blog readers are not mugs. A hobby that pays a small income is better than a hobby that hopes to become a money spinning business but fails because of incompetence.

I have but one target, survival. The only way I am going to be a millionaire is when the last silver bullet of our increasingly corrupt financial system fails to hit its target and we go through a period of hyperinflation. I am sure the tin of beans I shall be buying with my 1 million pound note will be very tasty.

7 comments:

  1. A high dose of synicism in this article James!!! I'm right on the edge at the moment! The dream of becoming reasonably wealthy from sports trading is slowly being ebbed away on one hand. But on the other it's very much alive with a 'never give up' and 'can do' attitude. Ultimately, I believe anything is possible. Just depends how much pain you're prepared to go through to achieve your goal!

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    1. So long as you are realistic as to what one person alone can achieve against large syndicates for whom money and manpower are easy to come by.

      It's like the book I recently reviewed, The Perfect Bet - http://www.betfairprotrader.co.uk/2016/07/the-perfect-bet.html - and syndicates winning lotteries when there is a positive edge.

      When people with lots of money see an edge then they will throw their money at the problem to win small percentages over and over.

      One person with limited resources and money can never compete. Be it finance or sports. That is why sports trading is only part of my portfolio.

      My activities have grown my portfolio by 13.7% so far this year, which is not bad but I am still not "rich". Realistic but not rich. Comfortable. I am at the tennis club when others are tugging forlocks but I am still not rich.

      But I am rich in time. I do as I please and when I please. That is the kind of rich that I prefer. I wouldn't know what to do with a serious amount of money. I guess the Richard Bransons of this world were born to make lots of money and then use it. I wouldn't know where to start if I had his money. A small two-bedroom house in the countryside and give the rest away would be my plan.

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  2. Be careful James! You're beginning to sound like those sports traders you adore so much that boast about there monthly profits and how they only spend 4 hours per day trading to achieve it! lol.

    Unfortunately, these very traders have personally made me very skeptical of anyone who purport's to offer advice to anyone learning to trade sports. I really question their motives. After all why do they care if you're successful or not??? Imo its to sell you a dead strategy that no longer works or string you along to buy there products. Why an earth would anyone try to help you for any other reason?

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    1. Don't worry. Sports trading only makes up a part of my income. For some it's a hobby that pays, however small.

      For me it's an offshoot of a career in finance that has become a hobby that pays small dividends but any dividend that grows is worthwhile.

      Of course, this website can be viewed as selling a product but I hope it is a useful product that tells the truth about a tough but rewarding activity.

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  3. I think the vast majority of sports trading literature out there is selling the idea that you can potentially earn a full time income from sports trading investing only part time hours. Would you say this is a fallacy?

    Betfair Pro Trader is the first site I've come across that 90% of the time seeks to inform traders with informative articles. And 10% push products! You got the ratio all wrong James lol.

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    1. I know, serial loser. Ooops!

      I meant to say, "I can make you rich beyond your wildest dreams. Just send me £50 and you will gain access to my online con... course."

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