Basic Question

[freda]

I have recently taken out a trial subscription of BA as I am keen to give trading a try. Trading is completely new to me, but I am familiar with Betfair and sports betting in general.

I have read the Help Guide, watched the videos referred to in the forum and have read many of the posts in this forum, but I'm afraid I'm still fairly baffled about how to use BA. My lack of understanding of terms which everyone else seems fully familiar with (stop loss, kill or fill etc.) is the main stumbling-block (I think!), whch means that I don't really know how to use the software to its full advantage.

The only technique I have managed to work out so far is based on my belief that the art of trading is to bet high and lay low (please don't tell me I've got this wrong!). For example, I identify a horse whose price I believe is coming in, bet on it, and then watch the Level Profit column until the odds change in my favour (or until I realise they are not going to change in my favour) and click on the green button.

I am sure this is the most basic technique there is. Can some kindly soul please point me in the direction of advice for other techniques? For example, I suspect that I should be using the Ladder view, but it just baffles me totally.

Many thanks for your time.

[pugs]

Hello Freda,

To answer your question regarding “trading” would take me a week or more, (and wear my one finger out) so firstly your easy questions and then very briefly “trading”

“Stop Loss” This takes the passion/heat of the moment poor decision, out of trading. In your words.....

..... (or until I realise they are not going to change in my favour)…..

…..That’s exactly what a stop loss is, except the BA (Betting Assistant) will do it for you. So if in the cold light of day you decide never to let a trade go more than say 5 ticks against you, (read the help file) and set a stop loss to 5 ticks. Or “tick offset” (maybe sliding) if they are going in your favor.

“Fill or Kill” This refers to the bet you place. If let’s say you are betting in-running and you lay a selection for £20, but only £10 is matched at your odds, you can choose for BA to “Kill” the remainder after x amount of seconds. Very useful for in-running punters who attempt to back/lay many selections.

“Trading”, where do I start lol. Yes you have the basic concept correct (lay low/back high) but if only it were that easy.

How are you selecting, let’s say a horse to trade?
What makes you think the odds are going to go in your favor?

Many traders put many hours of work in to identify horses that they believe will shorten or drift. Some may be able to handicap a horserace and spot horses they believe to be the wrong price.
Or it may start raining and they identify runners in later races that prefer softer going than what the current official going is.
Some solely rely on WOM (weight of money) The BA has a WOM indicator.
There are many, many other reasons, but I personally would not just randomly select a horse to back or lay and “hope” it goes in my favor.

I believe the easiest form of trading is “momentum” trading (and remember I said easiest, not safest) This is where, let’s say a football match is 0-0 with ten minutes to go, the price will steadily drop for the 0-0 in the correct score market, so you can “back” then a minute or two later “lay”, making a few ticks profit. This technique can be adopted for any in-running markets. But don’t get caught with your pants (knickers) down. If a goal is scored you will lose your whole trading amount, so never be frightened to bail out and take a loss.

I personally would chose a sport you enjoy/understand, and identify when price swings are likely to occur, say tennis, you can have several swings in one game and many in the whole match. But remember, as in all sports you are up against “track players” or people with liver pictures than you.

I don’t believe there is a better tool than BA to assist you, but It’s crucial you start with small stakes and identify where/when you are taking loses and build a trading strategy tailored to your own knowledge/advantage/experience.

[pugs]

I am sure this is the most basic technique there is. Can some kindly soul please point me in the direction of advice for other techniques? For example, I suspect that I should be using the Ladder view, but it just baffles me totally.

Many people do find that using the ladder is a more convenient way to trade, but it will require a little practice, and study the videos over.
But first (as above) I would develop your knowledge of trading so you know how the ladder will benefit your particular style/needs of trading.

[freda]

pugs,

Many thanks for wearing out you finger on my behalf, and apologies for the lateness of my reply.

I have taken the major theme of your advice, as I understood it - practice, practice, practice. I have been doing this with small stakes and now feel a lot more comfortable (and appreciative of) the software.

I particularly appreciate your mention of momentum trading as I think this is the path I'll follow. I want to trade, not gamble, so have no interest in the form of horses/teams/players - I want to make my decisions based on cold, numeric facts. Luckily, I am very familiar with Excel VBA and intend to test out my skills using it. I think i'll be steering clear of the tennis markets initially, though, as some of the swings I've seen have been frightening.

Once again, pugs, many thanks.