Firedave trading Betfair with Bet Angel

Documenting my experiences with Bet Angel using BetFair. This will be used to record my progress as I take trading on full time.

Bet Angel - The most effective tool for Betfair
Aug 5, 2008

Tick Size

Tick size means, that for every tick I want to make/can afford to lose £x. This is set up in Bet Angel and means Bet Angel will calculate the amounts required to bet/lay to achieve the tick size.

Tick size is the most important criteria when judging how well you are doing. This eliminates the necessity of, how much do I need to bet or lay on a particular horse (or whichever market you are trading) but makes you think “How many ticks have I achieved today.” This shift in thought will really help with discipline and keep you on the straight and narrow.

At first I thought this was a bit of a gimmick. So I tried out the two scenarios. I tried a day of trading with set amounts based on what odds the market was offering, and I tried a day of trading using tick size. The day without the tick size enabled, I was still in profit and thought well what can tick size actually do for me. When I applied the tick size, I was amazed by the difference. When I checked my bank it had actually doubled the days profit. Now I am not saying that this is really a very good test, in fact I can see immediately that one day’s trading may well have been better than the other. However, what it did show me, was that it consistently made the correct choice (without me knowing.) At the end of the day I could clearly see that I was up 15 ticks. Whereas, before I could say my bank was up £x, but this didn’t relate to how well the day had gone (was this one big positive trade with lots of losses?)

Either way, use the tick size. It will help! If you don’t believe me, give it a try and let me know your comments! J