December 23, 2007 at 10:29 #6036GhostofTheFellowMember
- Total Posts 410
Im going to have a break from punting over the festive season,ill be watching but not punting.
And from January 1st im going to really start trying to make some money on betfair,my plan of action is to start with a bank of Â£500 and all im looking to do is make around Â£50 a week..is this possible?
Placepots have been my main bet for the last 2 years but its too volatile,checking my records for last 12 months,March.April and may i was -Â£208.59,then in June i was up Â£444.27!!!!! its either steak and chips or a bowl of cornflakes <!– s:cry: –><!– s:cry: –>
Any advice welcome <!– s:? –><!– s:? –>
Season s greetingsDecember 23, 2007 at 15:25 #131657NWRAMember
- Total Posts 259
Yes of course it’s possible to make Â£50 a week; though ironically having it (making Â£50 a week) as an aim is one of the factors that may count against you actually achieving it.
The truism that you should only bet when you fancy something rather than because you need to reach a pre-determined target is particularly worth keeping in mind on Betfair, with its trance-incuding flow of races, where you can develop a compulsion to lay an outsider in every race to accumulate Â£10s, which eventually leads to a large loss in something like a maiden at Southwell when a 25/1 winner comes in; and you’re struck by a sudden moment of clarity: what the hell am I doing playing in a race like this?, and cry and donâ€™t use Betfair for months. I speak from experience: always be selective, and always be aware that you’re playing with real money, that can be exchanged for goods and services in the outside World, and not virtual money with no value!
Perhaps its best to aim for Â£200 a month or Â£1250 a year. The same amount but less short-term pressure.
And I’d have a think about your staking pattern too. It’s easy to keep a staking pattern when you’re only backing to win but what about laying? Will you lay to win a certain amount (i.e., to always win Â£20, no matter what the liabilty?) or will you always lay to the same liability? The latter is my preferred option.
Finally ignore tips or ‘inside information’ on the forum!
Best of luck…December 23, 2007 at 16:36 #131660FlashMember
- Total Posts 1144
Good luck to you mate.
Is your Â£50 per week an average or an absolute?
Don’t be put off by people telling you its impossible to make money from betting and the bookies always wins because it isn’t true, it is most certainly possible but you have to know what you are doing and treat it like a business be structured, be methodical, be disciplined, record everything.
I started similarly to you, but with a bank of a mere Â£300. OK I’m not a millionaire (not quite lol, we’re talking leagues) but I do make it pay. If the time ever comes when I go bust I will treat it like I’ve gone bust and give up the pursuit of profit. Thankfully touch wood it hasn’t happened yet.
I give myself a yearly profit target which I have to reach. My year runs from 1 May – 30 April (inclusive). At the end of the year provided target is reached I leave in my bank my stake for the coming year (which is usually double the stake for the previous year) and withdraw the rest of the profit. That way you see the rewards in hard cash and your "business" still grows.
Without trying to sound boastful this year has gone well and I’m already well above my target for year end so if I don’t do something silly (which I won’t) I’m home and hosed for this year. That being the case when the new betting year begins in May, whatever I am above my profit target I will include in next years figures so hopefully I will be up before I even start next year, it takes the pressure off.
Thats the way I’d advise you to try Ghostofthefellow.
Don’t bet for the sake of it. Make sure you get a price thats "worth it" when you have a bet.
Giving yourself a weekly target is likely to put you under pressure and when under pressure people become desperate. I’d advise you (much like NWRA has) to have either a yearly target, a six monthly one or at least a monthly one, it gives you time to take stock and to a large degree stops you chasing money.
Finally, cut out completely the silly bets and the chancey bets. I’d advise you stick to win singles. OK double up now and then if your profits allow it but totally cut out the speculative bets where you cannot win without more than the average need for luck.
Record returns, stake, profit / loss. Keep a running total both yearly ongoing and total of your profit / loss.
Keep note of surplus money you have i.e. money above your profit target. Always go into a bet knowing how it will affect your profit / loss column if it the bets wins and loses.
Very finally DON’T PANIC if you go on a bit of a losing run – that is VERY important don’t start doing anything silly. Don’t get sucked in to thinking you’re not allowed to back losers. From my last ten bets 3 have won, 6 have lost and one is an ante post but the profits have been good – you don’t have to put pressure on yourself by thinking you cannot afford to lose. Do the maths, work out the percentages.
I wish you well Sir. Come back on here after a year or so and tell us all how well you’ve done, really hope you make a success of it.December 23, 2007 at 17:24 #131666GhostofTheFellowMember
- Total Posts 410
Well thanks for tha advice and support…
Had a rethink bank will be Â£750…and im going to try and aim for Â£250 per month…mostly laying.
This is a new venture for me goodbye p/pots hello betfair.December 23, 2007 at 18:01 #131669WallaceParticipant
- Total Posts 862
It’s just about the time of year to roll out the old 2% per day plan.
Start with Â£100 in your Betfair account on 1st January and stop when you have a profit of just Â£2.00 on the day. Repeat this every day for a year winning just 2% and you will be rich.
Just send me 10% of your winnings for next Christmas please
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