Hi,
I have recently joined Bet Angel and are amazed by some of the things I have seen. I have watched hours of tutorials and think I get most of what is being explained. However, I have placed a few scalping bets on horseraces, using the practice mode and more times than not, are in negative figures. This is because only one side seems to match and the other is left hanging. I have tried using the 'make match' button, and also the offset tab in global settings, using 1 tick. Could someone please tell me where else I am going wrong..? I am nervous to try going live until I get a method that works more than it fails. Thanking you all in advance..
New starter advice
Welcome to the forum. Practice mode is for testing the software and making sure you understand how it works. I wouldn't practice trading with it or you will eventually get blocked by Betfair for excessive usage. However, there's no need to be nervous about going live, you can just use the minimum £2 stakes.Esp2608 wrote: ↑Tue Nov 03, 2020 1:37 pmHi,
I have recently joined Bet Angel and are amazed by some of the things I have seen. I have watched hours of tutorials and think I get most of what is being explained. However, I have placed a few scalping bets on horseraces, using the practice mode and more times than not, are in negative figures. This is because only one side seems to match and the other is left hanging. I have tried using the 'make match' button, and also the offset tab in global settings, using 1 tick. Could someone please tell me where else I am going wrong..? I am nervous to try going live until I get a method that works more than it fails. Thanking you all in advance..
Scalping probably isn't the best starting strategy. It does rely on finding the most suitable stable markets. You could start off by practising a bit of range trading. Just place a £2 lay bet and £2 back bet outside of the range of trading, see if anything gets matched and green up before the off. If the price doesn't bounce back you'll only lose a small fraction of your £2. If they don't get matched, just watch the market and get a feel for how it moves.
Or take a look at some of the trades Peter's demonstrated in his vids, pick one you like and have a go with £2 stakes. It will take quite a bit of practice. Good luck.
You are in for a rude awakening, much like everyone else when they start trading
Unless you hit the ground running with scalping it would probably be more sensible to start with a bit of swing trading, like Derek suggests. Doesn't have to be spot on to produce +EV and mentally it's arguably easier to execute.
In order to scalp volatile markets you would have to read order flow at an advanced level, which is not something that you could learn after 10 minutes, a couple years is more likely, because with scalping every single tick matters and all it takes is one bad scalp to blow the previous 10 successful ones, you are more likely to tilt because of that approach as well.
To anyone attempting to scalp right off the bat, I'd say to almost never settle for just 1 tick, always split your stakes and ask for more, as much as the market is offering. Scalping is obviously best used when combined with swing trading, but scalping is a good approach when you don't have an opinion on the longer term trend and are looking to build a position out of virtually nothing, out of market noise and volatility.
Also, it's pretty unlikely you are going to develop a scalable profitable (+EV) approach from practice mode, it does well to simulate the live market but does a crap job at simulating your emotions. So if you're waiting to get a working method to get out of practice mode, you could easily be waiting until the end of time.
I wanted to chuck in some of those trading terms in there on purpose, the sooner you learn about them the better. If there's something you don't understand there, that is exactly what you need to learn. Best of luck.