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:
http://thebetfairtrader.blogspot.com/2007/02/going-full-time-on-betfair.html

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

One important benefit of trading for me is the additional time you have available over a full-time job which 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!).

A very significant drawback though is the lack of a real career to build and fall back on and being tied to one gambling website.  At the end of the day trading is a zero-sum game and it's important to consider what you want to contribute in your working life.

Overall I think a better option in these respects would be owning your own business that does 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. Passive 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!