Going full-time trading Betfair

When I started trading on Betfair I very quickly wanted to go full-time as making a small amount seemed so realistic (little did I know!). Once I'd mastered making small amounts then I reasoned that it'd just be a small matter of whacking up the stakes, and, Bingo! Instant part-time riches!

Sometimes I do regret being full-time (days I've gone on tilt mainly!) and I didn't consider it properly, but as I have been self-employed for most of the past 15 years it's not so difficult for me and not as cut-and-dried as it is for people quitting their job to trade. There was an excellent post on this written by thebetfairtrader a couple of years ago. He was (is?) a very successful part-time trader who was asked all the time by his blog readers why he didn't go full-time and this was his response:

It's pretty sobering stuff when you're caught-up in the excitement of bringing the gambling gods to their knees!

Overall trading does offer me what I want, one important benefit for me is the ability to pick-up sticks and live abroad with the same income (my wife and I are aiming for Spain). The additional time you have available over a full-time job is a real and most precious gift that is rarely achieved by most working people (once you don't need to spend every waking hour working out how to trade successfully!).

For me, the only better option in this respect would be owning your own business that is large enough to not require your presence for more than a few hours a week or so. Then you can spend your afternoons trading! In fact, this kind of business has other benefits as even if you're ill, need time-off, injured etc then you are still making an income. You can also get a mortgage if you still need one. Residual income is unfortunately not one of trading's benefits - you're only as good as your last trade. However, for people reaching the dizzy heights of £350k a year that does still give enough flexibility for plenty of time off and house purchases!