When a lay bet inrunning goes against you

[chester12]

I want to set up the following automation...first.I will Preset the race lays manually for inrunning using the keep bets..up 3 horses in a race.

2 automation steps

(Stop-Loss):

If the in-running back price drops by 35% from your matched lay price, the automation closes the trade (limits loss).
Example: If you lay at 3.00 and set stop-loss at 33% drop, it will trigger when the back price hits 2.00.

(Green-Up):

If the odds keep falling beyond the stop-loss, the automation fully greens up at a deeper threshold,50% of the lay price.

[Fugazi]

A stop loss won't make a losing strategy profit, it is purely for managing bankroll so you won't take a massive hit for most your bankroll in one go

I don't see how your stop loss will improve the strategy

What you could do is watch back the recording and work out WHY the price started to go bad. Then next time, try and anticipate this and trade it the opposite way

[ShaunWhite]

so you won't take a massive hit for most your bankroll in one go

That's a money management problem, you should never get in a position when you have a relatively massive loss. People think if they've got £100 they can stake £50 and cross their fingers.

They should be betting five or ten with the objective of winning or losing about a pound so they can withstand api glitches, missed bets and the normal pl variance. That's even more important with affordability checks meaning you want as few mid-session deposits as possible.

A stop loss (aka hedge) isn't inherently bad, it depends how you execute it.

[chester12]

My selection strategy is profitable..it may reduce profitability but also reduce the volatibility

[ShaunWhite]

It's not just stops that you have to be careful with, taking a profits is a bet too so the same conditions apply. There're fine, but probably not if you place it at 1.01 or 1000 to guarantee a fill.

We're also not 'punters' so if you're taking a price it's probably someone else's shrewd offer rather than making your own offer for someone else to take.

.... Easy way to tell is to look at your back/lay pl seperately to see which end is making or losing money.