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

Today's trading had a lot of eeked out profits on a lot of races, marred by some big losses. I found that I wasn't cutting the losses quick enough, especially round price breaks. I've learnt that a great place to do trading is around these values since

one tick made - two ticks lost = 0

This gives me great value and is where other traders will put defences up either to push the price up or down, but when it goes against I'm not taking my losses quickly enough which then becomes more of a gamble. Gambling is not trading and this is what needs to be taken out of my game to reduce the amount I lose and ultimately make more.

In my thoughts today, I have been thinking, "who places bets on betfair?". My answer is degenerate gamblers, bettors for value, other traders and bookies laying off risk from their own books. At different times relative to the race these players will be putting money in. The first two are highly prominent 10 minutes before the race before the tidal wave from traders and then bookies starting at about 5 minutes before the race. This should be an important observation into creating srategies based on time before race since the techniques used by all but traders will be rudimentry and easily beatable.

Although I made more today than yesterday I am less pleased with my decision making. Back to solid decisions in every race tomorrow.

Today's p&l £1.20