Everytime i make a trade in betfair the market seems to always go the other way against me, What indicators must i use to best help prevent this please??
Also, a few times i have traded and not had the opposite trade filled and tried the in running to get it filled with no success!!
I'm currently just over £400 down and cannot seem to grasp the profitability of using this software!
Please, I'm not looking for sympathy or snide remarks, I just need a little help and guidance as i'm really new to using this type of trading and it's certainly not easy to grasp!!
Thanks In Advance
Help..... What am i doing wrong??
First thing. Drop your stakes to minimum. If you can't profit from £2 trades your probably can't from much larger stakes.
Trade with minimum stakes until you learn how the markets behave.
Keep an accurate record of your performance. A little table in excel everyday recording the p and l of each race you traded with a notes section will help you see numerical improvements in trading. Use the notes section to record thoughts about what you did right and wrong and what you will try differently. Refer to the previous days notes before trading to keep things fresh in your mind.
If you search the forum you will find ample examples of "it took me 6 months to a year before I started breaking even". Trading is not an easy skill set to learn. I have been going half a year and only now can I start to eek out profits of about £2-3 a race (and then not nearly every race).
As other people have said before, once you reach a level of competency at which you feel you can increase stakes, only do so by a small amount. I tried increasing by a large amount and discovered to my cost that I couldn't keep a level head in my trading as a tick loss was worth so much more than I was used to.
This forum is a great resource with plenty of good advice. Learn how to use the search function, it is your best friend in getting the advice and opinion of others who have been in your position. I have basically rehashed the many prior posts which answer the same question "I just got Bet Angel, why don't I have a Ferrari yet?".
There is no magic potion which will turn you into a pro trader overnight. There is also no substitute for study in and around the subject of trading and good old experience gained from being active in the markets(even with minimum stakes).
Don't expect too much too soon, you (if you are like the rest of us mortals) are going to lose overall to start out with. This is the prime reason for using a small a stake as possible.
Good Luck!
Tash
Trade with minimum stakes until you learn how the markets behave.
Keep an accurate record of your performance. A little table in excel everyday recording the p and l of each race you traded with a notes section will help you see numerical improvements in trading. Use the notes section to record thoughts about what you did right and wrong and what you will try differently. Refer to the previous days notes before trading to keep things fresh in your mind.
If you search the forum you will find ample examples of "it took me 6 months to a year before I started breaking even". Trading is not an easy skill set to learn. I have been going half a year and only now can I start to eek out profits of about £2-3 a race (and then not nearly every race).
As other people have said before, once you reach a level of competency at which you feel you can increase stakes, only do so by a small amount. I tried increasing by a large amount and discovered to my cost that I couldn't keep a level head in my trading as a tick loss was worth so much more than I was used to.
This forum is a great resource with plenty of good advice. Learn how to use the search function, it is your best friend in getting the advice and opinion of others who have been in your position. I have basically rehashed the many prior posts which answer the same question "I just got Bet Angel, why don't I have a Ferrari yet?".
There is no magic potion which will turn you into a pro trader overnight. There is also no substitute for study in and around the subject of trading and good old experience gained from being active in the markets(even with minimum stakes).
Don't expect too much too soon, you (if you are like the rest of us mortals) are going to lose overall to start out with. This is the prime reason for using a small a stake as possible.
Good Luck!
Tash
Your first target is break even. If you are losing money hand over fist then you may be doing something simple like taking a profit early but letting you losses run in the hope your position recovers. You should do the opposite. It's difficult to offer advice without knowing exactly what you are doing?