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
Feb 23, 2010

Steady as she goes

P&L: £6.92
Average P&L: £0.58

Much more measured about my approach today and happy with the number of markets I entered. Still struggling to really make anything from swing trades.  These are markets where the price moves around a lot (in a trending pattern) - I am too slow for them, when they go they move with enough pace that you have to be in before the move really.  I am sure there are some really good tactics for benefitting from these type of markets but I haven't quite figured it out yet!  I am happy with the last two days trading, didn't let any market go in-play and where I was trading close to the off I had take Betfair's starting price ready.  Normally as soon as I click the button to take the SP it gets matched anyway!

2 comments:

Halliday said...

Good news on the steadiness, not long now till you can buy us the pub and not just the pints!

I can see how the swings must be much harder to work with, do you have to learn to work with these markets, or can you just scalp lots?

firedave said...

Cheers - literally to that!

At the moment I can identify which markets are going to present swinging opportunities and which ones I can scalp. My profits so far are mainly from scalping and this would be scalable. However I think to make the decent amounts you need a full toolset and I would like to crack swing trading whilst still using a small bank.

Personally, I think it is a different mindset to that of scalping. With scalping I expect to take lots of little profits and might experience a large loss. With swing trading I would expect to take lots of small losses whilst I get my entry right and then take a few larger gains.

It might be that I have got so used to cutting my losses for scalping I am also cutting profits in swing trading.