Hi, I just started messing around with a lot of different software in training mode because betfair is still illegal in my country. I've been consistently making 10£ - 15£ profit, on average, with a maximum liability of 100£, all of this on horses.
From the videos/threads I've seen, this seems way too good to be true so I wanted to know - how much of that profit, if at all, should I expect to make when I'm trading with real money? What were your experiences?
Also, if my bank were to be 100£, I can keep betting as long as my liability doesn't go over that amount, correct? Also, there is one thing that I don't understand about BetAngel and it is that when I set a maximum liability, sometimes I want to hedge the profit/liability of one of the horses but it will give me a warning that I'm going over my liability when, in truth, I'm really just reducing it. Does the software do that because hedging involves making more than one trade and, thus, having a bigger liability for a fraction of a second?
Thanks.
Profit in training mode = (eventually) real profit?+other Q
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Crazyskier
- Posts: 1298
- Joined: Sat Feb 06, 2016 6:36 pm
When hedging less than £2, you need enough to have two bets enter the market, the first of £2 and the second of the actual amount, so sometimes this can cause a green up to say insufficient funds. I've seen this several times and a line by line green up is the way to do it.
Also, you'll find simulation / practice modes are often far more generous than real cash due to the guessing that the sim has to do regarding matches. try for £2 stakes is my advice, though be careful if using real money on a banned or illegal mechanism (in your country).
Also, you'll find simulation / practice modes are often far more generous than real cash due to the guessing that the sim has to do regarding matches. try for £2 stakes is my advice, though be careful if using real money on a banned or illegal mechanism (in your country).
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justanotherguy
- Posts: 3
- Joined: Sat Aug 13, 2016 8:35 pm
Understood.
Betfair won't even let me access the website, I have to use a VPN for that
The only way I'd be able to bet is with a broker + VPS/paid VPN, which is bad because the broker alone usually takes 5% of the money and there's nothing stopping them from one day running away with everyone's money.
I've been reading a few threads and some people say to not even use practice mode and their reasons don't seem very well justified because, correct me if I'm wrong, if I use 2£ stakes or something that's similarly low in practice mode, compared to the actual thing, my impact on the market is (virtually) the same and the quickness at which I get matched is also (virtually) the same, so it would be reasonable to say that if I can make a profit in practice, at the very least, I've found an edge?
Trading with real money is surely harder but wouldn't it make sense for a beginner like me to "master my edge" first and then start really trading with smaller stakes, so that I can say "I've made this hundreds of times and I've made a 'profit', now I just need to not let my emotions make me retarded" so my confidence would be much higher. Is there something I'm missing about practice mode that doesn't replicate the real markets when it comes to very small stakes?
If I profit 1£ per race and I do 25 races 5 times a week, that alone is minimum wage in my country, at 5£ per race I'd be considered upper-middle class even after PC, so that's why I'm feeling a bit too happy for my own good about these results and I need good reasons to believe otherwise before I get too confident
Betfair won't even let me access the website, I have to use a VPN for that
The only way I'd be able to bet is with a broker + VPS/paid VPN, which is bad because the broker alone usually takes 5% of the money and there's nothing stopping them from one day running away with everyone's money. I've been reading a few threads and some people say to not even use practice mode and their reasons don't seem very well justified because, correct me if I'm wrong, if I use 2£ stakes or something that's similarly low in practice mode, compared to the actual thing, my impact on the market is (virtually) the same and the quickness at which I get matched is also (virtually) the same, so it would be reasonable to say that if I can make a profit in practice, at the very least, I've found an edge?
Trading with real money is surely harder but wouldn't it make sense for a beginner like me to "master my edge" first and then start really trading with smaller stakes, so that I can say "I've made this hundreds of times and I've made a 'profit', now I just need to not let my emotions make me retarded" so my confidence would be much higher. Is there something I'm missing about practice mode that doesn't replicate the real markets when it comes to very small stakes?
If I profit 1£ per race and I do 25 races 5 times a week, that alone is minimum wage in my country, at 5£ per race I'd be considered upper-middle class even after PC, so that's why I'm feeling a bit too happy for my own good about these results and I need good reasons to believe otherwise before I get too confident