Michael5482 wrote: ↑Mon Jan 16, 2023 9:21 am
Fair points, I just prefer to hedge to protect my bank. Think the root problem for the OP is he's used his full bank to open a trade.
I see why you'd want to hedge but if Betfair is down then its not always easy to know what your position actually is after voiding etc. Trying to hedge elsewhere can make things worse.
Bottomline is don't put all your eggs in one basket. The risk of tech failing when you're having a few bets a week is pretty small, but when you start to trade a lot and it's inevitable. Trading is ALL about risk management so putting all your money on the table without thinking about the slim chance of not getting it back is lesson#1.
Lastly, affordability checks are only a problem when you need to deposit, even 'pros' are being protective about their working capital and holding banks of 4 or 5x worst case scenarios. It's so important to me that my bank is 10x what I usually need. If someone new has got £100 to play with then put £75 into a different wallet and trade with 25. When the worst happens its not game over player 1.