Hi, I'm new to trading and haven't got started yet as I'm still researching and learning about the markets and strategies so I apologise for the very basic question
I'm looking at getting into horse trading before the off. I'm slightly confused after reading up on the term 'greening up', maybe I didn't completely understand the process...
When scalping do any profits you make before the off, automatically get backed on the horse you've been trading? Are you essentially scalping for a profit to back a horse with (hence the reason for needing to have a green book) or can you exit and take your profits from scalping before the off? - that's how I thought it worked but after reading on greening up, it's made me think that you can't take your profits from scalping and have to back or lay a horse or whole book by greening up.
If you can take your profits from scalping before the off, I'm just slightly confused as to why you would green up and back all horses to potentially take less profits from your winnings.
It would be great if someone could help clear this up for me
Thanks
James
Basic beginner trading question
James - in basic terms, you want to green up before the off (in your scenario) as you want the closing position to be identical across all runners, so that no matter who eventually wins the race, you have an identical outcome. if you were to only focus on the runner that you were scalping, you would of course make a profit it it were to win, but would have a ZERO trade (no profit, no loss) if it were to lose. this is sometimes referred to as a *free bet*. in real terms the cost of a free bet can be zero effort, versus potentially a small additional offset amount on your closing bet. I would advise to always go for greening unless you have a strategy that predicts with real certainty a positive outcome for not greening.Jamessk wrote:Hi, I'm new to trading and haven't got started yet as I'm still researching and learning about the markets and strategies so I apologise for the very basic question
I'm looking at getting into horse trading before the off. I'm slightly confused after reading up on the term 'greening up', maybe I didn't completely understand the process...
When scalping do any profits you make before the off, automatically get backed on the horse you've been trading? Are you essentially scalping for a profit to back a horse with (hence the reason for needing to have a green book) or can you exit and take your profits from scalping before the off? - that's how I thought it worked but after reading on greening up, it's made me think that you can't take your profits from scalping and have to back or lay a horse or whole book by greening up.
If you can take your profits from scalping before the off, I'm just slightly confused as to why you would green up and back all horses to potentially take less profits from your winnings.
It would be great if someone could help clear this up for me
Thanks
James
Thanks for your reply jimibt
Ok so if I made £10 profit from trading pre-off on one horse, I can't exit with that money before the off? The £10 profit I've made is now essentially a £10 free bet on that horse? Unless I green up and put £1 on each horse (if there were 10 runners) but then if the horse I've been trading goes off at 2.00 and it wins I get £2 profit.
So in simple terms pre-off trading is just to get a free bet for the race? You can't take the profit without backing a horse or a book?
Ok so if I made £10 profit from trading pre-off on one horse, I can't exit with that money before the off? The £10 profit I've made is now essentially a £10 free bet on that horse? Unless I green up and put £1 on each horse (if there were 10 runners) but then if the horse I've been trading goes off at 2.00 and it wins I get £2 profit.
So in simple terms pre-off trading is just to get a free bet for the race? You can't take the profit without backing a horse or a book?
in simple terms, yes. you have a free bet (all good if you are confident. otherwise, rise above the free bet and see it as a trade (one of many), which will over time become a better option in terms of boosting your bank.
there are quite a few nice articles on here regards trading/greening etc and i'm sure you'll get a fuller understanding of the rationale once you get your head into them.
there are quite a few nice articles on here regards trading/greening etc and i'm sure you'll get a fuller understanding of the rationale once you get your head into them.
Yes I would prefer to trade than to bet, if that is an option. I would rather take the profit from trading the price movement before the off than using the profit to bet on a horse or a whole book and waiting for the result of the race to determine my profit
When I first started reading up on horse race trading last week, I thought I would be able to trade the price movements then get out of the race before the off to take my profit from trading and will not need to bet on the race
After reading on greening up it made me think that you have to bet on the race, you can't just trade on a price movement and leave with your profit before the race has started
When I first started reading up on horse race trading last week, I thought I would be able to trade the price movements then get out of the race before the off to take my profit from trading and will not need to bet on the race
After reading on greening up it made me think that you have to bet on the race, you can't just trade on a price movement and leave with your profit before the race has started
These threads might help
viewtopic.php?f=47&t=11408
viewtopic.php?f=47&t=11572
Also this pre-race p/l was posted in this thread viewtopic.php?f=5&t=6690&start=1020 earlier today (3 posts from the bottom) is a perfect example of what traders are trying to achive and why they would green up 99% of the time pre-race rather than leave a free bet on just one horse or just gamble in the conventional way.
On this occasion he greened up for £170 before the off and will win that no matter which horse goes on to win the actual race
viewtopic.php?f=47&t=11408
viewtopic.php?f=47&t=11572
Also this pre-race p/l was posted in this thread viewtopic.php?f=5&t=6690&start=1020 earlier today (3 posts from the bottom) is a perfect example of what traders are trying to achive and why they would green up 99% of the time pre-race rather than leave a free bet on just one horse or just gamble in the conventional way.
On this occasion he greened up for £170 before the off and will win that no matter which horse goes on to win the actual race