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 22, 2010

Useful hint #1

I have now managed to track down what happened on Thursday last week and will be a useful hint for those traders just starting out and something to watch for. One thing in particular to do with trading is making sure that all trading has been finished before going in-play for horseracing. If you have been on Peter Webb's course then you may be aware of a little trick to help with this.  Ideally, if you have pictures you can see when the race is about to start and make sure all trades are exited in sufficient time. If like me, you're still trading without pictures then it is essential to make sure you are out of all trades at 10 seconds before the off on the timer. Actually, very rarely do the races start on time which brings in this ill-discipline of closing out at the correct time.  One tactic to squeeze out some extra seconds would be to select 'Take SP' which if the price hits the requested price then fine, but if it strays and goes in-play then the Betfair starting price of the race will be used instead.

Great I hear...well, it always, always pays to read the rules for whatever market you trade on.  The reason I say this is that if you use this particular tip to help out in tricky situations, then make sure you're using big enough stakes. If you are just short of a back at a certain price you will almost always get this filled at the current SP. However, if you're looking to lay and take SP you must have a liability of over £10. So if you're using small stakes to learn, then £4 at 3.20 odds would only have a liability of £8.80. This would cause the bet to lapse when it goes in-play rather than take the expected SP which could've been odds of 3.8.


Best Trading Strategy said...

The stock market parallel being investors bidding up stock prices fueling analysts to issue buy calls with even higher valuations by finding means to justify higher P/E ratios.