Insurance Bets, Seriously

[JustLukeYou]

So this seems to be a bit of a contentious issue. In one of BetAngel's videos he says he doesn't place any insurance bets. He enters his position and exits where I have seen other people discussing insurance bet systems. However, I am finding that when I try to use insurance bets they eat into the profit.

For example, I have been looking at Wrexham v Chesterfield. When Wrexham play at home and Cfield away 25% of their games finish 1-1 and the odds are 7 which I think is great value. But I also think that Wrexham will win because they have been picking up draws at home to teams much higher in the league so I want to place an insurance bet on Wrexham to win at half time and full time. But this insurance bet will eat into the chances of profit from the 1-1 trade and mean I am gambling on the 1-1 result to finish at 45 mins to make a profit.

Any views and comments on this please?

[Kafkaesque]

So this seems to be a bit of a contentious issue. In one of BetAngel's videos he says he doesn't place any insurance bets. He enters his position and exits where I have seen other people discussing insurance bet systems. However, I am finding that when I try to use insurance bets they eat into the profit.

For example, I have been looking at Wrexham v Chesterfield. When Wrexham play at home and Cfield away 25% of their games finish 1-1 and the odds are 7 which I think is great value. But I also think that Wrexham will win because they have been picking up draws at home to teams much higher in the league so I want to place an insurance bet on Wrexham to win at half time and full time. But this insurance bet will eat into the chances of profit from the 1-1 trade and mean I am gambling on the 1-1 result to finish at 45 mins to make a profit.

Any views and comments on this please?

Yes, one view. You really, like seriously really, need to take a deep breath here. 100 deep breaths. Then take in the advice given in the looooong thread and get to grips with the basics of trading, before asking for advice on - yet another - approach, which is well beyond the basics, you don't comprehend and refuse to attempt to learn.

[BetBuddy]

Is it hallowen already ?

[Kai]

When's the last time you slept Luke?

You don't have to answer that, but my God man, you haven't even gotten to the good questions yet! If you need someone to hold your hand while you find the answers to the easy questions then how the hell do you expect to find answers to the really difficult ones? Because others won't give you their edge. If there's one thing you really need to become a successful trader then it's the ability to reach your own conclusions and your own opinions, find your own answers and find your own edge. You said that you're looking for a mentor and that your main "selling point" is that you have natural trading ability, even if that was the case I don't think genuine mentors exist unless you join a random football service somewhere.

Insurance bets are an idiotic concept if you think about it, why would a profitable strategy need insurance? When you see Peter opening a swing trade on horses do you also see him placing insurance bets on the placed market?

I think you're using the forum wrong, instead of alienating people with the endless easy questions you should do a forum search on them and see what pops up, there were hundreds of threads where the same things were already discussed many times, you'll find answers for the questions that you haven't even asked yet and then some.

If you want some more "homework" you can read another Rebelo diary here: https://www.paulorebelotrader.com/en/pa ... elo-diary/

Go to Psychoff's Twitter to see what kind of trade examples he posted from the beginning and see if you can find patterns of his strategies, try to find similar situations within the matches that you watch. Here's a random example, try and find a pattern in these 4 posts.

https://twitter.com/psychofftrading/sta ... 8160994304
https://twitter.com/psychofftrading/sta ... 1589508096
https://twitter.com/psychofftrading/sta ... 4155429888
https://twitter.com/psychofftrading/sta ... 9446840323

Don't ignore the psychological side, learn how to learn and the whole process should go a bit smoother, Eightbo's recent threads had decent discussions on this topic.

viewtopic.php?f=36&t=19496
viewtopic.php?f=36&t=19596

Read all of these fantastic posts by JollyGreen, those were made exactly for you : viewtopic.php?f=17&t=8320

You could find hundreds of threads on this forum alone full of information, if you just bothered to look. But probably get some sleep first.

[JustLukeYou]

Okay, so you think insurance bets are a terrible idea. Thank you for the feedback. I am starting to see that also.

Psychoffs Twitter is now protected by I shall apply to follow.

What are the good questions lol I have started reading Caan Berry's book and it is very insightful so far.

[Naffman]

Got to be spam surely after that last sentence

[JustLukeYou]

When's the last time you slept Luke?

You don't have to answer that, but my God man, you haven't even gotten to the good questions yet! If you need someone to hold your hand while you find the answers to the easy questions then how the hell do you expect to find answers to the really difficult ones? Because others won't give you their edge. If there's one thing you really need to become a successful trader then it's the ability to reach your own conclusions and your own opinions, find your own answers and find your own edge. You said that you're looking for a mentor and that your main "selling point" is that you have natural trading ability, even if that was the case I don't think genuine mentors exist unless you join a random football service somewhere.

Insurance bets are an idiotic concept if you think about it, why would a profitable strategy need insurance? When you see Peter opening a swing trade on horses do you also see him placing insurance bets on the placed market?

I think you're using the forum wrong, instead of alienating people with the endless easy questions you should do a forum search on them and see what pops up, there were hundreds of threads where the same things were already discussed many times, you'll find answers for the questions that you haven't even asked yet and then some.

If you want some more "homework" you can read another Rebelo diary here: https://www.paulorebelotrader.com/en/pa ... elo-diary/

Go to Psychoff's Twitter to see what kind of trade examples he posted from the beginning and see if you can find patterns of his strategies, try to find similar situations within the matches that you watch. Here's a random example, try and find a pattern in these 4 posts.

https://twitter.com/psychofftrading/sta ... 8160994304
https://twitter.com/psychofftrading/sta ... 1589508096
https://twitter.com/psychofftrading/sta ... 4155429888
https://twitter.com/psychofftrading/sta ... 9446840323

Don't ignore the psychological side, learn how to learn and the whole process should go a bit smoother, Eightbo's recent threads had decent discussions on this topic.

viewtopic.php?f=36&t=19496
viewtopic.php?f=36&t=19596

Read all of these fantastic posts by JollyGreen, those were made exactly for you : viewtopic.php?f=17&t=8320

You could find hundreds of threads on this forum alone full of information, if you just bothered to look. But probably get some sleep first.

Many thanks for these kai I have read through them and JollyGreen talks alot about mindset. One thing Caan Berry said helped alot. He said that people contact him all the time saying they are new and lost £500 but Caan pointed out that if you can't make a profit from £2 why are you trading with £500.

I thought there was one standard way of trading but there seems to be a number of them. What I need are lots of examples. I have been watching SportsTradingLife and they help alot. His approach is verty different Caan and BetAngel.

I can understand how STL is making a profit by watching his examples but with Caan and BetAngel approach I cant see how they protect themselves from the prices crashing.

[spreadbetting]

I can understand how STL is making a profit by watching his examples but with Caan and BetAngel approach I cant see how they protect themselves from the prices crashing.

Looking at the sports trading life site they seem to be tennis and football whereas Peter and Caan are more Horse racig based trading so it's a different kettle of fish trading football in play and horses pre off.

With horses there are so many races one or two prices crashing should not affect your bottom line if you keep your head and have a winning strategy to start with, can't win every race.

Didn't Sports Trading Life used to trade horses? I'm sure it was some guy who lived in his grans attic somewhere like Blackburn, can't remember his name off the top of my head. Although he may have been Sporting Journey or something.

[Kai]

I'm sure it was some guy who lived in his grans attic somewhere like Blackburn, can't remember his name off the top of my head.

Lmao, that's exactly how I picture a system seller to live

[jimibt]

I'm sure it was some guy who lived in his grans attic somewhere like Blackburn, can't remember his name off the top of my head.

Lmao, that's exactly how I picture a system seller to live

Dorian Grey -or is it Norman Bates

[Derek27]

One thing Caan Berry said helped alot. He said that people contact him all the time saying they are new and lost £500 but Caan pointed out that if you can't make a profit from £2 why are you trading with £500.

That's the sort of thing you really need to know instantaneously when you begin trading, or after thinking about stakes for 10 milliseconds, if you have the aptitude to be a trader. If you need somebody to tell you that, the average person in that position would have a very very long way to go before having any chance of being profitable.

Yet you say you already are profitable!

[JustLukeYou]

Yes, so far I am profitable but that it doesn't mean to say I am doing it properly. For example, some people just seem to focus on one strategy. For example, the number of goals scored in second half yet I am taking almost a scatter gun approach backing what I think has value but watching the match live.

[JustLukeYou]

I do have one question which people may have a view on.

For the previous 3 years I have been self employed selling children's toys into main land Europe. My revenue is typically around £250,000 a year and it has given valuable experience in identifying sound investments and how to focus on making a profitable ROI and how to avoid wasting money. So my question is, does anyone believe that having a background in being self-employed and running a small business can help them with football trading?

I am looking to move into football trading as I now find myself working 7 days week and concerns about the impact of Brexit on my accounting systems in which I will have to pay VAT to around 10 different countries across Europe.

[Kai]

I suggest you take a break from the forum, reflect on what's been said and go through your posts at a later date. Let time teach you whatever it is you're missing currently. You can come back wiser, apologize to people, and maybe ask a couple of proper questions if you need to. Forcing these ridiculous discussions will only result in threads being closed and a potential ban from the forum.

[JustLukeYou]

I suggest you take a break from the forum, reflect on what's been said and go through your posts at a later date. Let time teach you whatever it is you're missing currently. You can come back wiser, apologize to people, and maybe ask a couple of proper questions if you need to. Forcing these ridiculous discussions will only result in threads being closed and a potential ban from the forum.

Do people discuss BetAngel software on this forum?