The results from the Annual Survey of Hours and Earnings (ASHE) survey 2010 were released on 8th December and showed that the median weekly pay for full-time employees in the UK in the year to April 2010 was £499. Median earnings of full-time male employees were £538 per week in April 2010; for women the median was £439.
It’s always fun playing with these numbers, and that £538 per week figure for us men, works out an annual salary (gross) of £27,976 which according to The Salary Calculator nets out at £21,385, or £411.26 per week.
If you are a full-time trader and trade seven days a week, then to match Mr. Median, you need to make close to £60 a day - £58.76 to be precise, or if you’re that rarity in the trading world, i.e. female, you can be Ms. Median by making just £49.14 a day. Life is so much easier as a woman, as I keep telling Mrs. Cassini.
How easy an individual finds it to make an average of around £60 a day will, of course, vary, but I doubt that anyone serious about sports investing would find this unachievable.
It's only of academic interest anyway. If you are full-time trading, then it's a benchmark to measure yourself against, and not much else, and if trading is just a hobby and you already have a full-time job, then any profit at all is just icing on the cake.
The arrival of betting exchanges has certainly been a positive influence on my life, and not just financially. As with any second job, it's not just the extra money that is made, but it's also less time that you are out and about spending money. Back in my twenties, when my social life meant that I was spending most evenings in the local pub, my solution was to start working there. I was paid the princely sum of £10 a session, but the money I saved from not being on the other side of the bar made that worth twice as much. Plus, I got to keep the social aspect of my life there, something that I don't have too much of these days!
Great post Cassini!
ReplyDeleteLike you say, eventually anybody doing this full-time shouldn't be struggling to make £60 a day.
I would however add that everyone starts somewhere and new traders should not expect those sort of returns straight away.
It will take time to develop an edge of your own.
Also staking is important for a few reasons..
1.) It should be at a sensible level so that you don't have quick red figures that you're psychologically unable to deal with.
This will prevent you from trading effectively.
2.) The flip side of that is you aren't going to make £60 a day using £5 stakes!
I'm sure you could add to my comments but i just didn't want new traders being put off by the figures in the post.
Excellent post though and I read your thoughts every day1