Buzzer, I've a lot of time for your posts, I think you talk a lot more sense on here than most and give a lot of useful and informative stuff out normally. Your comment of needing £5k a month despite being mortgage free to keep up a 'fairly average standard of living' suggests you are wildly out of touch in your judgement of what constitutes 'average' in this context though.

cant be done in my opinion. would say even a few hundred would be lucky.

Although in the early days of Betfair, trading some of the markets on here was child's play

what changed Contrarian?

Before you get into this too much is anyone else a little suspicious or is it just me.

The original poster has not actually responded since his opening post. Also i just don't get the question, is he really going to read the responses and go "oh yes people say it can be done i'm going to go for it" or "oh no people say it's impossible I won't try".

I doubt that he has been on £90K a year, especially if you read his other posts he swears a lot and called a couple of people "****s". And before you get too carried away that needing £5K a month, last year he mentioned that he lived in a time zone 7 hours ahead of the uk.

MrHunt
Date Joined: 15 Jul 11
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When: 28 Aug 11 14:36
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buzzer   


What do you mean whatever?
5k a month with a family to support and a mortgage is almost a minimum requirement if you actually want a life for yourself and your family.
I know many get by on less but from what the poster has said this amount is what he needs, monthly, to get by. I have no mortgage now but, with three children at home, I still need that to keep up a fairly average standard of living.

99% of family probably live on under £3k a mth max...your in cuckoo land dc.


You have to factor in that a 'low to average income' family with a couple of kids, will be a net receiver of benefits (they get more than they pay in taxes). This will generally be the case even if they have a £25k income.

Some people that work should remember that when complaining that they are paying taxes to keep people on benefits when they themselves are in fact net receivers of benefits [;)]

Average income for the bottom 20% of households was £4,800 in 2010. Adjusted for income tax and benefits it was £15,100.

That means that the poorest 20% of families have the equivalent of an average NET income of £15,100.

Any decent trader would be making 10% per day.  But then bankroll means different things to different people.  Money management is also a huge factor.  Mentality probably the biggest factor of all.  And not to leave out the ever important risk factor.  Apart from that, there is also a limit on some markets on how much you can "invest".  All these factors differ greatly the more of your bankroll you use for each trade, and adding in the need to make that certainly doesn't help.
So yes, it is quite possible to do if only looking at the numbers.  Starting out, nearly impossible, and without knowing your risk tolerance, mental strength, trading ability, any answer other than "I don't like your chances" is impossible to give.

Even gambling you could make that sort of money.  But that would involve a great ability to recognise overs/unders. 

If you have a normal job the only advice is to play around part time and take the extra income on board, assuming you have an edge, which a very small percentage of players actually have.  But then, you have been around on BF for nearly 5 years, so I suspect you already know the answer...

Ok BJT fair point but the ease at which traders using simple software and bookmakers hedging at betting on the information they have at there disposal through racing industry leaks(insider trading effectively) is what is screwing up betfair, bookmakers no this and thats why they do it, they have special pages for managers in each LBO warning of taking bets for certain runners, I know this from friens who owned bookmakers and each firm tries to place bets with rival bookmakers placing many bets and now they use betfair and daq to make a killing.

Its a shame you lot(customers) don't work out what is really going on all around you and then you might have a broader outlook.

The median take-home salary (inc. bonuses) for someone in full-time work in 2009 was £25,900. This is the last year available for the ONS's analysis of pay trends.

Not counting overtime, this came out at £12.34 per hour.

Anyone w/ any professional kind of skill (a doctor, a lawyer, a finance 'professional') can expect to be making far more than that, provided their career is established. But what these people don't always see is how few professionals at the top of the pile there are.

The mean weekly pay for the top quartile was less than £700 and for the top decile well under a thousand (£971 in April 2009).

So a taxpayer needing £60k a year to maintain their current lifestyle wd even accounting for wage inflation & growth find themselves in the top 8-15% of the population.

This isn't to say that 60k is a large amount of money to live on relative to someone's standards and expectations--just that the vast majority don't live on it.

I mean in the early days if trading was "child's play" it was never going to remain that way for long as more and more people discovered it and competed for the money.

Not everyone would struggle with 10k, most would yes, but some are regularly making over 5k per month with that size bank.

Good post from fullback. Very sensible....

Absolutely amazed at the negativity here especially the comments from Fullback suggesting gambling doesn't pay.It certainly won't if you adopt such a pessimistic attitude.

Thousands of punters here and on other exchanges make consistent profits because they adopt disciplined,business like controls and trade as soon as it's financially viable.

The others purely gamble and there lies the difference!

Mccarthy,go ahead and put your money in,it will prove to be a worthy investment providing you treat it as an investment and it will certainly provide you with a greater return than the high street banks.

i love the way this thread turned into a standard of living thread so much :)

BS post,  only an idiot would think its possible to do that.

Maintaining the current standard of your living arguement is totally irrelevant.

Obviously, The Royal Family would need more money, to maintain their current standard of living than a homeless person, ( begging for loose change so that they could eat), would require.

Maintaing what you have in this current situation, is not even remotely the same as being entitled to it, in the first place.

Striking how many of these sort of threads are started by an OP who never, ever , returns to the thread after the OP