So you want to be a pro

It must be many people's dream to give up their 9-to-5 job together with all it entails (getting dressed, daily commute, social niceties) and becoming a full-time trader, whether in the sports exchanges on one of the endless variations of the financial markets. Any trader who has ever won a few hundred euro must have contemplated a life of easy riches with just a few minutes spent in front of the computer and the rest of the day full of tennis or golf lessons, taking a dip at the nearest hotel pool and then dashing off to the newest restaurant in town.

Before you tell your boss what you really think of him/her and burn your bridges, it may be wise to consider the following regarding betting exchanges:

- Exchange trading is hard work. I repeat: IT IS HARD WORK.

- It is quite likely that any edge you think you may have after making profits for a few days in a row may not be present at all. It could be "pure luck" or just the way the ball bounced on those days. It could also be that the ball will start bouncing the other way as soon as you start full-time trading, even if you had a rightful advantage in the first place. Any edge you have can also easily be discovered and copied by other traders over time, cutting deep into your profits. Someone is bound to have the same idea as you sooner or later unless you have a fairly complicated system that is difficult to understand. Are you prepared for that day or is the world big enough for both of you?

- Just a few minutes in front of the screen that you had planned before whisking out for enjoyment may become hours of agony chasing losses if things don't go your way at the beginning. You will find yourself in this position sooner or later and usually quite frequently.

- Your new profession may not be socially acceptable to your spouse, partner or friends even if you manage to make a good profit. Many traders have found it difficult to explain to others what exactly they do without being stamped as gamblers with all its negative connotations. You would be wise to make sure everyone has an open mind about your chosen path before you embark on it.

- Many traders find it difficult to make consistent profits. You need to have a backup plan in case things go really wrong for you for a while.

- The betting landscape is changing rapidly and you may find your strategy to no longer work due to changes in the betting exchange company that you use or because the rules of the game itself have changed.

- Finally, it can be very difficult to work in social isolation in this stressful line of work. It is also difficult to trust someone else with your secrets. You may find yourself staring at the computer screen for hours on end with your personality changing as rapidly as the odds themselves. You may not even want to leave your home after a few days so it may be best to have someone call on you for a reality check once in while.

All in all, trading can be great fun but I would still suggest continuing your normal job if at all possible so that you can enjoy pleasant conversations with your friends and clients, if nothing else. Good luck!

© Psychoff 2009