Hi everyone.
I'm making myself a mission of making a 1.5% daily compounding profit on £200, so that within a year, it will be over 40k.
It's amazing when you keep compounding even small wins like 1.5%, how big it gets in just a year! Check it out using a compound interest calculator if you don't believe me!
Anyway, I digress.
The issue is this... Once the sum gets bigger, I won't be able to cover liability, whereas you can practically bet it all on a back bet.
My question is...
Can you cash out using only back bets, even if you don't have cash to cover the liability?
Just to reassure you, in case you're concerned about me gambling or anything, this is a very conservative endeavour, as I only aim for a 1-tick profit every day, and I know the patterns and markets enough on what to do to lay my bets... I NEVER let my trades go in play, I only engage in pre-play scalping.
I have been practicing plenty plus starting with plenty of smaller trades, but now I'm trading as much as £100 pounds at a time, and am moving towards 200 now.
That was just to reassure people.
Thanks lads!
Question about liability and cashing out
I'm not 100% sure I fully understand what you are asking for, but if you open a position with a back bet your potential profit from that is offset from the lay bet liability, meaning you can green up at any price with a lay bet even if you didn't have enough funds to cover the lay side as an opening bet
I'm sorry fir not being clearer.
So let's say my account contains 700.
I want to lay a bet at 5.0, but because the liability is 800 in this case, I can't do that.
But let's say I make a back bet at 5.1, and it gets accepted, and I want to cash out my profit once it goes lower, would that be a problem for me, because I couldn't make a lay bet before?
Really, that's what I'm getting at.
Please let me know if that's clearer.
Thanks
So let's say my account contains 700.
I want to lay a bet at 5.0, but because the liability is 800 in this case, I can't do that.
But let's say I make a back bet at 5.1, and it gets accepted, and I want to cash out my profit once it goes lower, would that be a problem for me, because I couldn't make a lay bet before?
Really, that's what I'm getting at.
Please let me know if that's clearer.
Thanks
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jamesedwards
- Posts: 2323
- Joined: Wed Nov 21, 2018 6:16 pm
A couple of things to consider:
1) Unless you have an edge then each day you grow you bank by 1.5% you have a 1.53% or 1-in-65 chance of blowing it. So, on average, roughly every two months you will lose it all. The chances of going through the whole year without losing it all is about 1-in-255.
2) The above is a theoretical best-case scenario where you continue to get the same value throughout the year. In reality, as your bank grows the value of the bets you match will decline and eventually you will find it impossible to match the volumes you need.
3) Good luck
1) Unless you have an edge then each day you grow you bank by 1.5% you have a 1.53% or 1-in-65 chance of blowing it. So, on average, roughly every two months you will lose it all. The chances of going through the whole year without losing it all is about 1-in-255.
2) The above is a theoretical best-case scenario where you continue to get the same value throughout the year. In reality, as your bank grows the value of the bets you match will decline and eventually you will find it impossible to match the volumes you need.
3) Good luck
Just 1 tick target profit every day??
But what if you're forced to take a tick loss, the price will probably be back in a tick (
) but you've already clocked out for the day!!!!!!1Or is that when the chase will begin, to go after that 1 elusive tick?
Because that's a lot of pressure hanging on 1 single tick.If you know the patterns and markets well enough (like you say) then I suggest to remove the 1 tick target and to try and win as many as you can.
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newaustralian
- Posts: 56
- Joined: Fri Sep 02, 2016 3:40 am
I have always wanted to scalp, and I suppose over the past few years of attempting I would have been slightly down. Having got covid (and isolation) I decided to give scalping a real go. To avoid my scalp turning into a bet I placed an automatic rule to green 3 seconds before the start. I also bet using a $10 stake (sorry Peter for not using practise mode), trading only the fav and had only one trade per race. ( I was in my learning mode). For each bet I recorded not only the result (win, lose or no bet) but also my logic and race details. I did not place stops, but offset bet, and fill and kill both were activated, therefore I employed a bet and forget betting philosophy
Results – Trades – 912 , Success – 793, Average success - $0.13, Average loss - -$0.36.
Profit per day $8.25 or about 80% of my stake
Future – still in my learning mode – a: Potential have more bets per race b: increase stake or c: both and then finally bet on runners other than the fav.
The next part of this story is 1000 races away
Results – Trades – 912 , Success – 793, Average success - $0.13, Average loss - -$0.36.
Profit per day $8.25 or about 80% of my stake
Future – still in my learning mode – a: Potential have more bets per race b: increase stake or c: both and then finally bet on runners other than the fav.
The next part of this story is 1000 races away