5 Minutes With A Trader: Ryan Carruthers
It's been a while since we did our last interview. So what better way to revive it. This time we spend a few minutes with Ryan from Betfair Trading Community - a hub of traders
It’s been a while since we did our last interview. So what better way to revive it. This time we spend a few minutes with Ryan from Betfair Trading Community – a hub of traders from novices to experts who share ideas and angles with each other. The community was set up by Ryan and is now run by himself and Martin Futter.
Please give a short introduction to yourself?
I started trading after bumping into a man in the bookies who explained you can lay horses on Betfair. This sparked something in me that has enabled me to be very lucky, a pro trader for over 8 years now!
My main sports are Football, Tennis & NFL – I do still love the horses though!
How long have you been trading and how did it come about?
Around 8 years now. It came about with me having a long gap in my uni timetable. I went to the bookies with a friend who was hooked on roulette which never interested me – I was all about the horses! I couldn’t ever pick a winner, so an old guy in there said I needed Betfair as I could lay horses and win. I made £22,000 over that summer with my student loan as a bank and I haven’t ever looked back.
What are your preferred sports to trade why?
Football, Tennis & NFL. Football has always been a love of mine so being able to watch it and use the excuse that I am working really works for me. Tennis due to the money that can be made on it and its 1 v 1. It is all down to that day and one person against another. NFL is one of my favourite sports to watch and then when I started to see money being matched on Betfair it was a no brainer. The stats behind the sport as well mean I can get some really good angles on it.
How did you find trading when you first started?
Hard. Really hard mentally. I had to learn a lot that I don’t think I was fully ready for. That is the hardest part – learning the markets was easier as they are mechanical and certain factors drive them. Its the management of yourself which is the hard thing.
Many traders talk about various traits they had to work on before they became profitable. What characteristics, if any did you find hard to overcome?
Me? All of them that required a mental point of view. Most traders have a solid strategy, it’s just them that let it down. For example, how many traders have you spoken to who say ‘I’ve just got to build this bank’? Loads. Most people don’t focus on themselves and their own aversion to risk. Once you master yourself and how you trade, you will master the markets.
When getting into trading it can be somewhat overwhelming at first. Was there a pivotal point in your journey when it all started to click? Or would you say that ‘Eureka’ moment has instead been a lot more gradual for you over time?
I can’t pinpoint an exact moment but I know when I started to think ‘hey wait, maybe this isn’t about the markets’ Why can people make money in practice but when it comes real to real finances, they lose? Its our opinion on money and risk management. So I started to work on me and look at how I reacted. It really helped and has made me the trader I am today.
Would you say anyone can develop the mindset to become a trader?
Of course. This is potentially the hardest thing to develop though and I think people get stuck here a lot. Being able to handle yourself is the hardest thing. We aren’t born ready to be able to lose money. We are taught that its precious and we have to protect it. Some people are good with money (Risk averse traders). Some people are bad with it (those who chase the big wins). Understanding YOU will help you trade better as you will learn how you react accordingly, so when the situation happens, you are ready.
Every trader has different ways of ensuring that their risk management is 100%, whether it be yoga, staying hydrated, or even a beer to help them relax. Do you have any rituals in order to ensure you maximise your productivity?
I have a few. I start most days with the gym. I like to get in early and get a good workout in. I’ll then get a coffee and feed the cat and then start to assess the markets and catch up on what I’ve missed.
How would you say trading has affected your life?
It has changed it tenfold. I never would have imagined I would be doing this but I am and I love it. It’s allowed me to get involved with other things as well due to having the money and time to do so.
What advice would you give to people thinking of taking up trading?
Start low. Always start low. Don’t go chasing the big wins because you think you need to build your bank – it won’t happen. You’ll blow many banks. Start low and build up.
- Mark Douglas trading in the zone
Any final words of wisdom to add before we finish?
You can do it. You don’t need a huge bank to start with. Get started with low stakes and learn the markets and how you react to them – don’t trade a sport just because either. Pick a sport you know something about or love!
Check out Betfair Trading Community and see for yourself how thriving and friendly it is.