Thursday, 30 July 2009

Feeling Better

Well I feel much better now - feeling normal is very underrated compared to being ill! Somebody left a comment saying that confidence is not important, so I've popped up a questionnaire to see whether you guys feel that confidence helps you trade.

The last questionnaire I posted was to do with "What income would you be happy with?"


It's always something that everybody would always be happier on a higher salary. I've fallen victim to this. I reached my peak on my trading abilities a few months ago and to be fair, I've dropped off a little bit, but only slightly and my effective salary has gone down! So anyway I caught myself thinking 'oh no!' and realised how daft this was; I'm sure I could live a simplistic life off a salary between £30-40k which equates to between £150 and £200 before the premium charge, which I think I could manage no matter what conditions the market throw up in the upcoming years. Anyway, what's keeping my competitiveness up at the moment which helps me keep an edge is I would love a place to buy in London where I can call my home, somewhere to live with no mortgage (so I'd have to buy outright) which would let me enjoy life without the need to earn enough to pay a mortgage - but until then, I need to keep my eagerness and competitiveness up as well as willingness to learn and adapt; it's important if you want to learn and grow!

Anyway, most of you said £100k+ you would be 'happy' with. Seeing that the average income is much much lower than that, it seems like we've all got to be rich to be happy! Fair play to the ones that said £10-20k!

14 comments:

Peter Webb said...

It seems odd that most people vote for £100k+.

In my experiance low expectations counts for a lot. If you set low expectations you feel great when you beat them but if you set high expectations and then fail to achieve them, it can hurt. No harm in trying to better yourself for sure, but unrealistic expecations are normally very counter productive.

Anonymous said...

This all looks like one big marketing scam to me.

I have been following this for ages and now amazingly your looking to get £350,000 from betfair using betangel.

Now your talking about a nice London pad.

By the end of this your target will be £500,000 and youl have a picture of a big lovely house and bet angel will be flooding with business!

Walter said...

Nice to see you getting better mate...! The way you going that mortgage free house in London will soon be a reality...keep progressing!
Walt

Anonymous said...

I'm in the 20-30k bracket, full time trading, It's not enough, I can't even get on the property ladder because I can't pay off my debt. I think you need 50k plus to be able to pay for mortgage a decent car and be able to go on holidays and enjoy what life has to offer, yes when your earning 50k you will think that's not enough either because we all live out of our means.

Anonymous said...

Ahhh, most people reading a blog about trading on exchanges think that confidence helps in trading ... then it must be true!!!!! LOL.

I'm willing to be convinced though, so I look forward to you blogging a rational argument about how 'confidence' can help you predict market movements.

firedave said...

I've just posted the other day about how you thought confidence was a key player. I can't agree more. Is this all confidence?

Cassini said...

Here are some statistics on UK incomes tht I found interesting. It's always nice to be able to compare your profits from trading with real-world incomes:

http://green-all-over.blogspot.com/2009/07/ashe-wednesday.html

Anonymous said...

So you need to make > £250K to walk away with £40K because of Betfair commision or am I reading your post incorrectly?

mtaalamu said...

I for one am glad your health has improved. During the time you were ill I also had a minor disability: my right just wouldn't work without an enormous amount of excruciating pain. It happened overnight without warning whilst I was sleeping.

Upon reflection, I think my nightshirt gathered too tightly around the armpit/shoulder area and pinched a nerve.

Nothing helped for about 4-5 days, then miraculously, everything was all better on the sixth day.

Finally, I could lift my hand to use a mouse!

I never realized how awkward it is to try and trade Left Handed. Yikes!

Cheers
mtaalamu

Anonymous said...

Ahhh, most people reading a blog about trading on exchanges think that confidence helps in trading ... then it must be true!!!!! LOL.

I'm willing to be convinced though, so I look forward to you blogging a rational argument about how 'confidence' can help you predict market movements.


Were you born an idiot or have you been working on it for a long time? Well congratulations because you have reached the top of the idiot tree.

Confidence applies to anything you do, batting at cricket, driving a car etc etc. How many top sportsmen and women put their results down to confidence...almost all of them you idiot. You are far more likely to pass your driving test if you are confident and not nervous or hesitant; same applies to trading or anything you do in life.

If you are lacking confidence then you can't hit the cricket ball off the square, you cannot hit the double with your dart, you cannot score that vital penalty. Why would anyone practice anything in life? To reach a state where they are CONFIDENT in their ability and can perform to the best of their ability.

Go and look at the four stages of learning and see how they relate to confidence. I am a psychologist and can teach people a thing or two about confidence. If I could get some confidence into my trading then I know I will perform better. I need knowledge from people like Adam or Peter Webb to help boost my confidence and increase my ability.

Now before you post another pathetic comment stating that confidence isn't enough then look at the four stages of learning and at confidence, read what I have written and then the penny may drop in that amoebic brain of yours. You cannot have confidence without knowledge, the two go hand in hand. You can try something and claim to be confident but that would not be true confidence without prior knowledge or experience. Take two people of identical ability and the confident person will win every time.

Better still, post your blog and give us all a good laugh, if nothing else it will do our confidence the world of good!

Jeff Waters said...

Hi Adam

To counter claims that your figures aren't genuine, why not invite a journalist to come and interview you at your home, and let them watch you log into your account and bring up your profit figures?

I'm sure any of the major national papers would be interested in speaking with you.

Jeff

Adam Heathcote said...

Hi Anonymous, I think it's almost impossible to make £500,000 from pre-race trading, unless you combine pre-race with in-play trading. Or just do in-play trading!

Hi Anonymous2, keep learning, if you're already earning that, I'm sure you could do that bit better.

Hi Cassini, interested post! It's silly how it changes my feelings of security when it shouldn't.

Hi Anonymous3, Betfair take 20% of your profits over a £5,000 profit over a 60 week period.

Hi mtaalamu, I always have in the back of my mind protecting my right hand! Because my ability to trade would drop significantly! At least next time anything happens to your hand (hoping not), that you'll have had practice with your left hand and trade better than last time.

Hi Jeff, that's just taking things too far! I think the efforts I made with the video and general knowledge should be enough to prove people otherwise; if not, and they think it's a scam, well, I guess they are the ones missing out on an opportunity!

Anonymous said...

"I think it's almost impossible to make £500,000 from pre-race trading, unless you combine pre-race with in-play trading. Or just do in-play trading!
"

What timescale are you talking about?
Are you admitting you play in-play too? Are you saying in-play trading is easier to make money from? Are you saying thank-god for the army of wannabies playing fastest-finger-first in-play .. mooohaaaaahaaa ... ?

PS: Surely with a bit more confidence the £500,000 barrier could be broken?!!

Dave Raybould said...

PS: Surely with a bit more confidence the £500,000 barrier could be broken?!!

Nice one :-)

I think what he appears to be saying is there is a problem getting enough money safely through the pre race market to ensure that size of reward. I'm sure Adam will correct me if I am wrong.

The in running markets would add to the totals but the money is coming from a different pot and the rewards are of a different nature. In pre-race it is about methodology and consistent results/amounts. In running still requires methodology and skill, but there are ups and downs together with big losses and big wins. I know a lot of big in running players and a lot of big pre-race traders, it isn't common to find traders who perform both. They do exist but they are a rare breed as the skill sets are IMHO completely different.