ija34 wrote: ↑Mon Jun 27, 2022 8:06 pm
Hey all,
Would someone be able to offer help setting up my first automation bot? Attempted it myself but seem to get it wrong? Please note this is just a test for me and not actually expecting this system to work permanently. The steps I need to program are below...
- 1. Place a back bet at £10 on the favourite at one tick above best market price. Cancel unmatched bet after 10 seconds and reattempt placing back bet until matched.
2. Place a lay bet at 1 tick below best market price to guarantee a profit on this selection.
3. Green up all selections. I'm aiming for 10% profit plus betfair commission so 18% as my commission is 8% so I would need to aim for £1.80 if any runner wins.
4. Red up all selection if trade price is equal to or less than 25% of the profit price (£0.45)
5. Close trade if either red or green criteria is reached
I've tried setting this up myself and had problems with multiple back bets being placed which I fixed then had problems with my one back bet not being matched and the cancel unmatched bet rule didn't trigger and then it seemed to close trade with -£0.10 on the favourite and £0 on the remaining selections.
Any help would be appreciated, thanks.
Just a couple of observations. Placing a lay bet 1 tick below best market price may not guarantee a profit if the price moved. You might find it easier to use an offset bet to automatically close to the desired number of ticks.
If you want a 10% profit, taking 8% commission into account would require an additional 8% of 10%, 10.8% in total rather than 18%. But as I said on the other thread, it's not a good idea to gear your strategy around your desired profits. There would be many occasions where you close for a loss when you could have taken a 6% profit.
In fact, 10% on many trades is aiming quite high. Many traders make sub 1% profits.