so how much money could you make bet Fair trading a million a billion 450 billion well let's be sensible here there is actually a logical answer to this question um which is what I want to explore in this video but it's important to understand as well that when you're starting out and you're trying to achieve some sort of goal how you should do that because I've gone through the same process time and time again every time I set up a new strategy I'm approaching an exactly the same manner and there are certain logical steps that
I make in order to turn that strategy profitable but also to be able to set a realistic Target in terms of how much could I possibly make so if you want to learn about all of those things just watch the rest of this [Music] video so this year I created a completely new beta trading system that I've never done before in order to get to profitability there were several important steps that I had to go through but when I approached this market and when I approached what I was going to do in this market there
were some really important lessons here for what you should do as well whether you're a beginner or a little bit more experienced I think my journey will show you the sort of way that you should approach things you know lots of people are obsessed with a certain number like I'll only do this if I make you know1 pound a day or something like that and the fact is that probably the first mistake that people make is they set some arbitrary Target within the market and the fact is that when you look at the way that
markets trade they tend to trade differently depending upon a whole range of different circumstances so I can tell you for example if I'm working in horse racing markets that um Mondays a pretty miserable days not much happens on a Monday um Tuesdays aren't much better but the things begin to pick up midweek and then they sort of build and you know momentum and then they have this massive sort of peak on a Saturday and then you look on Sunday and everything's about half of what it was on Saturday so they're very defined characteristics on individual
days so the problem you face if you set an arbitrary Target if you say I want to make this much money in this market could be any Market we're not talking just specifically about horse racing here that's the first mistake that a lot of people make because the markets vary from day to day if you try and make like a100 pound on a Monday that's going to be really hard because the markets will behaving completely differently from what they would on a Saturday and it's just the same as if you tried to make you know
a certain amount of money on an efl Cup match that's not going to be the same as a European Champions League final so unless if you adjust your expectations um and the way that you actively trade this markets then you're going to end up with pretty bad results and that will significantly negatively influence the outcome of whatever you're doing yeah so the first thing that I would say to you is actually don't set a Target don't set an arbitary Target that you need to reach or something that you would feel would be successful because that
will most certainly lead you down the wrong [Music] path now it can look really impressive when I post up certain results I've sort of over the years I've posted up results less and less because I often feel a I get stick for it and B um I don't feel it really shows what is involved behind those numbers but when you look at a meeting like Chum which is my favorite meeting of the Year you'll just see a string of profits right across the entire card some big amounts some smaller amounts and it's just an endless
stream of profits but the thing to remember is that took me many years to reach that stage and you know I gradually built into that particular scenario where I could figure out what I needed to do in each market but the fact is all of those markets at Chan were slightly different and had slightly different solutions and when you first start trading what you should try and do is Master one particular style of trading or one particular thing within a market and whether that's football tennis golf Cricket racing whatever um you should be trying to
do one thing really really well and then as you progress over time and you become comfortable with that then you can start exploring other strategies and begin to start mastering those and that was the way that I've gone around all of it so when you look at those sort of results that you see at a chelham each one of those markets had a slightly different solution to it I could have actually just stuck to one particular trading style or trading sort of strategy of some sort but I wouldn't would have been able to make money
on all of those races with the same strategy and my solution to that if you're at this stage is that when you come against a market that doesn't suit the strategy that you're trying to master then you just don't trade it so yeah when you see results such as the ones that I've posted and that's the culmination of years worth of experience but also I'm varying what I do in each one of those markets there's generally not one sort of fits all strategy that would just generally work in all of those markets and there certainly
isn't one strategy that would just produce endless ream of profits typically on a day-to-day basis uh my p&l is much more variable it's just that the volume and liquidity at a Cham is very suitable for trading try doing that um on a different day of the week at a different time of the year and my p&l will look completely different I have discussed this in other videos where you can actually see me run down what a p&l looks like and it's a mixture of profits and losses and so on uh but fundamentally speaking um that's
what you typically expect to see the sort of results that um I can pull out of these very suitable uh meetings doesn't tend to be the norm and that shouldn't be your Norm [Music] either so it's important to understand when you're either trying to bet or trade for profit that how often you win you know that win rate um and get that winning feeling um is not important and I know that sounds strange and people struggle to come to terms with this but it really truly isn't I've learned this over many years I have a
whole range of strategies that have high or low win rates there's a mixture of many different things but what I realize is that how often you win how much you win when you do win um is important but also how often do you lose and how much do you lose when you actually have a losing bet or a trade and it's that minus the other uh which delivers what we would call a positive expectancy so if you're not profitable uh then one of those four things is wrong maybe you're not winning frequently enough or maybe
when you do win you're not actually winning enough because on the other side of the equation it could be that maybe you're losing too frequently or that when you do lose your loss is too big but understanding those metrics and making a note of them and really getting a true deep understanding of that is how you will get profitable because if you're not profitable one of those four things will be wrong and what you should do in there is try and correct it deploy a slightly better strategy have better execution exit quicker uh all of
these sort of things when you watch a lot of my videos I'm giving you hints as to how to do this this is a good place to be in the market this is what you should roughly be doing this tends to have a good payoff I'm trying to get you into the position where you can begin to influence those sort of metrics and end up with a positive [Music] expectancy so when I approach the new strategy that I was looking to use this year and to develop is something totally new I'd never done before my
approach to the market wasn't to think about how much money I could make make my approach to the market was really to try and break even um and in fact I accepted that when I arrived at the market I would probably lose money because even if you trade at random or you bet at random as long as your staking is correct then you should break even overall because the Market's generally efficient you will lose money however because obviously um you will lose a bit of commission in there so Break Even is effectively sort of that
middle line minus a bit of commission but when I approach a market I generally sort of trade it almost at random I throw a few orders in have a few ideas uh do some stuff in the market um and then you immediately get feedback from the market and sometimes that can surprise you you do something you sort of think oh that's that's weird I didn't expect that to happen and that that can be a positive experience as well as a negative one but your objective from there is to start fiddling around with all of the
little bits to begin to influence the outcome of that so better Market selection better execution better trade um trading strategy um um you know all of these sort of things better money management just tweaking the edges of a strategy will get you from that break even minus commission to that break even including commission and then you can start nudging it towards that uh profitable area so yeah it's just a question of going into the market learning about the way that it works looking at how you can refine that for a number of different areas uh
and then doing it slightly better and then iterating it and doing again and again and again and again so just using that simple methodology on a completely new market Market in a completely new trading strategy just in the last year I went from something that I didn't have a clue about how it was going to work or what I would do to make it profitable to actually making it profitable and it's the same process that I've used in every single market and every single trading strategy over the last 20 [Music] years so how much would
you like to make next week would it be100 1,000 00,000 that is absolutely the wrong question and the wrong way to approach the markets because when I look at my activity I tend to look at it over the course of the year you're going to get good and bad runs you're going to have days when there are absolutely no opportunities whatsoever and days when all those opportunities are flying in your face and you just can't believe your luck when you have a bad day um or you have you can't find the opportunities it doesn't mean
that you're a bad Trader it just means that maybe those opportunities weren't there if you focus on the opportunities and not the monetary man you will find them and if you have a string of fantastic opportunities you make an absolute Fortune very quickly it doesn't mean that necessarily you're a good Trader it's just the market presented opportunities to them to you um and you took advantage of those opportunities so one thing I don't do is set an arbitrary Target I don't sort of say well next week I want to make 10 grand um that will
do because then the problem you find is it influences your behavior as a Trader because you reach day four or five and you start think oh I've got a lot of money to make up a better you know look for the opportunity and of course it may not be there and you know I was as good as anybody else of trying to set arbitary targets when I first started trading but I leared over time that the best way to do things is to break it down into smaller chunks if I trade 50,000 markets over the
course of next year um then I can sort of say well if I make an average of 2 pound per Market that's £ 100,000 that I can make and setting an objective of making an average of two2 the market um is pretty reasonable and achievable as well but if I sort of say I want to make 10 grand next week um then and you only trade five markets then of course that becomes much much harder to do and all sorts of psychological pressures in place and you need to it just doesn't work so one of
the things that I recommend to you is the way that you should approach your trading is not to sort of say to it I need this much money it's you need to say I'm going to trade this many markets and on average that breaks down to sort of you know 2 or3 pound or 5 or 10 or whatever um you want it to be um and that is going to be a much more achievable way of reaching that particular goal if you try and set an arbitrary value then you tend to try and find trades
that aren't there and therefore you end up not reaching it but by breaking it down into a much more sensible and pragmatic uh Target then you can reach much much bigger ones and that's typically how I trade I look at over the course of the year I know roughly how many markets I'm going to trade and I just do my best to find those opportunities and trade them to the best of my ability if I get a minor set back it doesn't really matter because I'm looking at that much much longer term goal and I'm
not too focused on something that has just [Music] happened so how much money can you make well my advice to you is that when you first start out expect to lose money while you get familiar with different trading strategy Styles and markets um it's unlikely that you'll turn up and be the greatest Trader that there has ever been you're going to have to go through a learning curve I did it loads of other people have done it and if you try and shortcut that and skip it especially by buying a system of some sort or
whatever um you are probably going to fail and also you're looking in the wrong place for the solution because every time I turn up to do a market or present a new strategy and try and learn how to make it profitable I'm just looking at the market for feedback and then just trying to refine the edges around what I do just do things slightly better and all throughout my career that's been enough because there are lots of people that simply aren't doing that but it also helps if you set realistic targets as well and by
that I mean you don't sort of say well you know I'll lower my 10 grand Target for next week to 100 what I'm saying is that you look over the much much longer term you accept that you're going to have profits and losses and you need to get the expectancy right to be profitable over the longer term and that will involve a little bit of tweaking but also if you set yourself on arbitrary Target you'll tend to overreach to achieve that and end up getting much worse results so if you say to yourself This is
how many markets I'm likely to trade this is the sort of result I'd like at the end of that dividing that amount by the number of markets you're going to trade is going to set you a much more achievable Target which you're much more likely to achieve and that will allow you to be able to focus on that focus on finding the opportunities trading correctly and that will make you give you a much better chance of being profitable so yeah uh there is as always no simple answer to how much money can I make but
those are the sort of things that I think you should be focusing on in order to maximize the opportunity of being profitable
