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Thread: Bank size and Withdrawls

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    Rugby Geek The Real Moaner's Avatar
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    Default Bank size and Withdrawls

    One thing I have wondered is how people on here deal with bank size and withdrawls?

    If you have a target bank size of X, and you end up say X + 112, do you look to withdraw the £112 or do you leave it in to provide back up to your bank incase you experience a string of losses which reduce your bank size to below the target?

    Or do some people look to withdraw when you reach a certain amount of profit or on a set time period? (E.G. Monthly)

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    Forum Guru ron's Avatar
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    Quote Originally Posted by The Real Moaner View Post
    One thing I have wondered is how people on here deal with bank size and withdrawls?

    If you have a target bank size of X, and you end up say X + 112, do you look to withdraw the £112 or do you leave it in to provide back up to your bank incase you experience a string of losses which reduce your bank size to below the target?

    Or do some people look to withdraw when you reach a certain amount of profit or on a set time period? (E.G. Monthly)
    i withdraw to my own bank once i have gone over my "operating" bank, this is usually weekly depending on and if i have managed to do any trading. Should i drop below my operating bank, then i will continue till i get above it again however long it takes, that said if it does go below a certain amount then i will "top up"

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    Forum Guru Scumbag trader's Avatar
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    I put my profit at the end of the day into my Australian wallet, and withdraw that monthly. That's only to stop me spending it on pointless crap. I also put 60% of that into my savings account.

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    I spent the last 12 months building my bank up to where I need it to be. Once I got it there, anything over that, was withdrawn and placed into a 12 month term deposit. I also have money sitting in an esaver high interest savings account, that is ready to go straight back into my account if need be. Can't use my whole bank at once, so it may as well be gaining interest from somewhere else.

    Right now, I have been pretty slack. Since I moved about 3 months ago, I have been working about 30% of before the move, so savings haven't progressed any further. As for withdrawals, I withdraw when I want to do something. I don't have a budget, I just do what I want, when I want. That is the idea after all of trading for a living. Living the life....

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    Quote Originally Posted by Temujin View Post
    I spent the last 12 months building my bank up to where I need it to be. Once I got it there, anything over that, was withdrawn and placed into a 12 month term deposit. I also have money sitting in an esaver high interest savings account, that is ready to go straight back into my account if need be. Can't use my whole bank at once, so it may as well be gaining interest from somewhere else.

    Right now, I have been pretty slack. Since I moved about 3 months ago, I have been working about 30% of before the move, so savings haven't progressed any further. As for withdrawals, I withdraw when I want to do something. I don't have a budget, I just do what I want, when I want. That is the idea after all of trading for a living. Living the life....
    Like that last quote a lot

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    Working with a 200-300€ bank and withdraw 100€ very time I reach that profit figure. This way I avoid temptations of putting more money than desired on events while having a reserve. Problem is my wife is allways short of money, and I'have been noticing that more and more frequent I allocate that reserve to her emergencies. so in the end I don't know which place is dafer for the money (Wife or BF)

    Think I'm going to switch to Scumbag Trader idea to place it on th Australian Wallet for a time...

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    Veteran RobinHood's Avatar
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    Quote Originally Posted by Temujin View Post
    .. As for withdrawals, I withdraw when I want to do something. I don't have a budget, I just do what I want, when I want. That is the idea after all of trading for a living. Living the life....
    That's exactly what i expect from trading for living.

    I call myself still a newbie at trading but i would withdraw only when i need something - for example each week money for groceries, bills and some spending money.

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    I maintain £2K in my BF account though nowhere near that is ever at risk in any one trade. At the end of the month I take out whatever is over in multiples of 100 as my 'wages'.
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    I've been reading your ways of managing your money and I got one question for everyone.

    What method do you use for the betfair withdrawal? why? does anyone use neteller/paypal/moneybookers? What do you think of the withdrawal fees?

    Loktari

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    I use Bank transfer only, to get money in and out of BF. POLI to get it in, usually in within 15 minutes, no fees, a straight transfer.
    To get it out, straight bank transfer again. If I do it up to 8 am or so (not sure exact time, but I am not up between about 5-11:30am anyway) the money is in my bank by about 11pm that night, no fees.

    I don't see an issue with any of that.

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    Quote Originally Posted by Temujin View Post
    I use Bank transfer only, to get money in and out of BF. POLI to get it in, usually in within 15 minutes, no fees, a straight transfer.
    To get it out, straight bank transfer again. If I do it up to 8 am or so (not sure exact time, but I am not up between about 5-11:30am anyway) the money is in my bank by about 11pm that night, no fees.

    I don't see an issue with any of that.
    Temujin don't you pay a 5€/£/$ fee for a bank transfer withdrawal from Betfair?

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    No, I pay 0 fees from Betfair. Used to pay 1.5% deposit fee from credit card, but since they bought Poli in, I haven't paid a fee. Definately no withdrawel fees being paid.

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    Forum Guru loktari's Avatar
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    that's wierd. My betfair withdrawal page shows 5€ fee for a withdrawal through bank transfer. My other solution would be neteller withdrawal, wich is even worse.... 7.5€ for a bank transfer withdrawal.

    Also could you explain how the deposit/withdrawal rate limit by betfair, against money laundry works? Will I be unable to further withdraw from betfair to neteller when my withdrawals go higher than my deposits through neteller?


    This is what appears below the amount to withdraw box: "(The amount credited will be less the transfer fee of €5.00.)"
    Last edited by loktari; 27th February 2010 at 02:08 AM.

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    Quote Originally Posted by loktari View Post
    that's wierd. My betfair withdrawal page shows 5€ fee for a withdrawal through bank transfer. My other solution would be neteller withdrawal, wich is even worse.... 7.5€ for a bank transfer withdrawal.

    Also could you explain how the deposit/withdrawal rate limit by betfair, against money laundry works? Will I be unable to further withdraw from betfair to neteller when my withdrawals go higher than my deposits through neteller?


    This is what appears below the amount to withdraw box: "(The amount credited will be less the transfer fee of €5.00.)"
    Maybe you got the guaranteed 'next day' service which costs, though that should be £6

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    Forum Guru loktari's Avatar
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    hm? I think there is no such thing at betfair.

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