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
Mar 15, 2010

Painful day

This post is difficult to write, whenever I hit a bad day I don't particularly enjoy telling everyone about it.  Especially as the day was shaping quite nicely in time for Cheltenham festival starting tomorrow.  I was taking the day cautiously as previous Mondays haven't been that kind to me and had £10 after the first 5 races. The next two were negative and I made a mistake that I thought I had drilled out of me of keeping a bet over into in-play. This resulted in a £60 negative bank. I made this up over the next 6 races and was actually going to record a £15 day which in hindsight I should've taken. Ever wanting more practice though, I took the next race on and had everything fine until the software wouldn't green up. I crawled through the logs to find out that to have placed the hedge (greening) it would have exceeded my liability that I had set to stop myself getting into expensive positions. This actually backfired - as it part hedged leaving me a negative £360, my biggest single loss!

If this wasn't bad enough, there was only one race left which I traded - and very well, but again when trying to close, couldn't and took another loss. Back to back, worst ever losses - leaving me a pretty depleted bank with one of the biggest festivals of the year tomorrow. Total loss on the day was £703.27, but I can't bring myself to think I traded badly.  I am very concerned about the greening and will be looking to see how I can make sure that particular error on my behalf could've been avoided.  An expensive day, and one that really is making me wonder about the longevity of trading for me.

Best named horse today was: Googoobarabajagal

8 comments:

Halliday said...

Bad news David, but its good to share the pain. Best of luck on trading tomorrow, I know you can put this behind you and focus on some steady work.

Halliday said...

P.S by stead work, I mean steady trading!

Anonymous said...

Should always have the betfair site open when trading to cover any software problems.

I always found Bet Angel a bit hit and miss maybe you should try the geekstoy it's free at geekstoy.com.

Also check your exposure limit on the account summary page. Lots of traders seem to get caught out when they have low limits ie 1k or so. Betfairs software wont allow you to expose a single bet over that figure despite you possibly have a very large green on the runner. Just one of those system quirks but looks like it got you. Just ring them and get it raised only takes a minute and they dont quibble over it

Matthew said...

Bad luck there David, hope today goes better for you.

Clarence said...

Hang in there mate! I hope today goes much better for you. Will be looking out for the update.

Richard said...

keep it up mate, learning from your mistakes can make it worth having them

Marek said...

I can't really add anything more -- I hope it was just a one-off slip and everything will be fine from now on! Keeping my fingers crossed (and thumbs held :D)

firedave said...

Cheers guys for your encouragement. I will keep plodding on and see if I can make it even more consistent!