This is an important consideration. The bigger your betting bank, the easier your goal will be reached. We have to be realistic, don’t we? Making £50 a day from a £50 starting bank is possible, but you will require heaps of time and heaps of luck.
My second question in this search for £50 a day is: ‘Do you want to be in a position to withdraw £50 a day, or are you looking at an average of £50 a day?’
Again, another important consideration. Why? Well, if you are looking to deposit £50 a day into your bank account on a daily basis, your approach has to be completely different to a long-term approach where you may not make £50 a day in real terms, but may average that amount over time.
My final question is: ‘Are you available to follow the live horse racing?’
To make £50 a day, you have these options…
Here’s how I would approach the goal of £50 a day (or any target profit per day).
Traditional bet-and-go tips. These are risky. As I said earlier, if you follow tips and want to make £50 a day, this is not possible unless the strike rate is high and a profit is made daily. I don’t know any tipster who has made a daily profit, day after day after day…
Loss-retrieval and target profit per day/per race/per meeting. This is an approach worth pursuing. You have your target profit, and can earn it by using loss-retrieval (we stop at a winner: if we lose a bet, we seek to return the previous loss and the target profit on the next bet – the risks are high). This can be done from a backing perspective and from a laying perspective.
Laying odds-on shots on the betting exchanges until your target is met. Breaking news: odds-on shots do not win every single event! Laying odds-on is ideal because your risk is low, reward high.
Trading the horse racing markets (predominantly). I say predominantly, because you can trade all sports. If you wanted the best chance of success in winning your target profit per day, then it is with horse racing trading that you’d achieve this goal. Think. There are races every day; several a day. And there are specific strategies you can master.
I am reading up about horse racing trading at the moment, and will give you some ideas in next week’s eletter. I have my own horse racing trading ideas which have shown some success.
I have mentioned how to trade pre-race using form analysis within the pages of What Really Wins Money. Here’s an example of one of my successes…
Nearly a fiver guaranteed in this race. Yes, sit back, watch the race, and profit. In fact, if I recall, this favourite lost!
I’ll get reading lots of horse racing trading manuals and an old book I picked up in a charity shop which has some very interesting Betfair strategies. (On the same trip I found a signed George Best autobiography – nice!)
I’ll be fleshing out the £50-a-day ideas too and trying out some target-profit-per-day staking plans. I will report back to you guys here in the eletter.
In the meantime, download this free Betfair trading software: www.cymatic.co.uk if you have a Betfair account. I forgot to mention that if you want to successfully trade, you must use bespoke software.
I’m off now to anticipate Crystal Palace giving Chelsea a game at the weekend. Blame it on the physio, Jose (if you lose)!