One of the common questions I am asked by traders enquirying about my mentoring services is how much I can make each day, week or month from a trading bank of £1000?

In truth; there is no right or wrong answer to the question, but the way the question is asked can tell me plenty about the individual mindset of the trader asking the question.

I can certainly teach you how to trade, but that doesn’t mean you will develop into a successful long-term trader. Through my mentoring I am giving you the paint and brushes, but ultimately its your mindset that will make you into an artist. As a trader your overall profits will be determined by your weakest skill, until that is identified the road to consistant profits may be some way off.

I will talk about realistic expectations in a minute, before I do lets do a little exercise. Go into your Betfair account and see how much money you have won or lost over the last 3 months.

If the figure is showing a loss and greater than £360 (the investment needed to secure my mentoring for 3 months), then you may need my help to give you a bit of direction with your trading. (Visit Pro X Trading for further details) Before you start to make money, you need to stop losing money and understand why the losses are occurring.

One of the flaws of novice traders is their record keeping or reviewing their trading activity, mainly because its far more exciting actually trading than making an assessment of your decision making, especially if you make a losing trade.

I am making the assumption that most of the traders who contact me are not making a profit from their trading as profitable once will have an idea of what they’re making.

“Trading is enough pressure without setting short-term profit targets”

When traders come under my wing, part of my job is to take the pressure off them, by joining me they’re effectively buying an edge into the markets, ultising my skills and knowledge of Betfair to fast-track themselves through the trading ranks.

If they’re are losing traders then our initial target is to work on those areas which are resulting in losses, depending on the individual mindset it can up to 12 weeks to start developing the thought process required for successful trading.

After this bedding in period we look at doubling the trading bank every 12 weeks or growing the bank by an average of 8.5% each week.  The secret is to let the profits flow naturally without the pressure of achieving a certain goal within a time-frame, at the end of the day it doesn’t matter how long it takes to double your bank just as long as do at some point.

“To be successful in trading, you need to have made a certain number of losing trades”

If you have migrated into trading from being a punter one of the common flaws is hating being wrong, many novice traders will lose more money than they should in the quest to be proved right. Think about my statement above, before you’re successful you will have a certain number (your number) of losing trades, we don’t know what that number is, just that it exists.

In Summary

To me weekly profits are just a calculation that you do for a bit of fun at the end of the trading period, for me that is a 12 month period, which I average my profits to give me monthly & weekly totals. During the year I don’t pay too much attention to what I am making on daily, weekly or monthly basis, I am happy at the end of my trading period if I have showed a profit.

Final thoughts: Over the course of football season I estimate that I trade around 200 live matches, over the season if I increase my bank an average of just 2% each game that would result in turning over the bank 4 times during the season. Based on my £5000 trading bank, that equates to £20,000 profit. If you divide that by the 40 weeks the season lasts, is equivilant to £500 a week average.

Based on the above assumption an average of £100 a week isn’t an unrealistic weekly profit from a £1000 trading bank and the vast majority of traders are making these kind of profits in the clubs trading rooms. The hard part is keeping the patience, discipline and the feet on the ground to ensure the steady drip of profits keep happening. But that’s for another time…………….