Bookmaking exit strategy

[Goobs]

Hi,

Is there anyone out there who is successful with booking-making using BA?

I've been working with the bookmaking feature the past few weeks, and have been reading up a lot, but as most people know, it's hard to get a fully matched book, especially on the pre-off horse racing.

In the situation when you have one selection left unmatched that has drifted from your Lay order, is there an automation that can get me out at the lowest loss based on the new odds of that selection, at say start time of the race?

Currently, I'm doing it manually, which is a little sub-optimal!

[jamesedwards]

Hi,

Is there anyone out there who is successful with booking-making using BA?

I've been working with the bookmaking feature the past few weeks, and have been reading up a lot, but as most people know, it's hard to get a fully matched book, especially on the pre-off horse racing.

In the situation when you have one selection left unmatched that has drifted from your Lay order, is there an automation that can get me out at the lowest loss based on the new odds of that selection, at say start time of the race?

Currently, I'm doing it manually, which is a little sub-optimal!

Can't you just hit the 'green all' button?

[Goobs]

Always has "N/A" over it when I start from the Bookmaking page.........?

[jamesedwards]

Always has "N/A" over it when I start from the Bookmaking page.........?

z344.jpg

[Goobs]

Ahhhh but like the note suggests, "Note: When dutching or bookmaking, it is often more efficient to complete the book rather than close the positions via the one-click green up routine."

So I think that's what I'm asking, is there automation to complete the book, rather than closing?

[Goobs]

So I think this is what that note is talking about, using greening as "inefficient"....?

If I manually try to balance my book before the race starts (which is close to impossible without automation, as I can't do all that Math in my head), I can place orders with £1 bets on either side of a selection until I get close to balanced. So I can get away with about a £3-4 average loss, but the green up function wants to get me out at a -£10 loss....?

So, my question still stands: how do I balance my book in the most efficient way to minimise loss on exit?

[banana_man]

The problem with greening is that it takes prices rather than offer, that's why you get worse results. Also there is the risk that money disappears just before you click greening and possibly get an even worse pnl. Whenever I bookmake I have a time window in mind for how long it will take me to manually close each selection by offering prices rather than taking prices. As time gets closer to the OFF I take prices if I have to to avoid a selection with a big red. If you have to use automation you can try offering prices at the best price or 1 tick better than best price. The risk there is that sometimes people fat finger or deliberately take bad prices and you could end up following them.

[jamesedwards]

The problem with greening is that it takes prices rather than offer, that's why you get worse results. Also there is the risk that money disappears just before you click greening and possibly get an even worse pnl. Whenever I bookmake I have a time window in mind for how long it will take me to manually close each selection by offering prices rather than taking prices. As time gets closer to the OFF I take prices if I have to to avoid a selection with a big red. If you have to use automation you can try offering prices at the best price or 1 tick better than best price. The risk there is that sometimes people fat finger or deliberately take bad prices and you could end up following them.

In Guardian there are options to green all at reverse market price and various close position with greening options.

[Goobs]

But no option to do what i'm asking specifically??

I would be good to have a reverse price button on the bookmaking screen, as defult if you lay they are all take orders...

[Dallas]

But no option to do what i'm asking specifically??

I would be good to have a reverse price button on the bookmaking screen, as defult if you lay they are all take orders...

You can add custom columns to do everything James has just mentioned above but manually
viewtopic.php?t=22957

[Goobs]

Interesting...but from what I can see I'm not greeing up! The man situtation when bookmaking is that one selection's order is left that has not been taken. I end up opening a new lay trade on that selection for a loss at then completes my book (like the images above, this usually makes for a much smaller loss than greening up), AFAIK, greening is just backing all my current open lay bets?

[jtrader]

Interesting...but from what I can see I'm not greeing up! The man situtation when bookmaking is that one selection's order is left that has not been taken. I end up opening a new lay trade on that selection for a loss at then completes my book (like the images above, this usually makes for a much smaller loss than greening up), AFAIK, greening is just backing all my current open lay bets?

If you could check how green button is working ( try it in practice mode ) you could see that all bets that are done on greening are opposite greening bets on selections that already have placed bets.

If for example you:

back 4.80 @ 3.60 on selection 1
lay 6.00 @ 4.90 on selection 2
back 3.21 @ 5.30 on selection 3

next odds :
selection 1 - lay odds 4.50 -> green bet is lay 3.84 @ 4.50
selection 2 - back odds 6.40 -> green bet is back 4.59 @ 6.40
selection 3 - lay odds 7.00 -> green bet is lay 2.43 @ 7.00

final position - greened P/L = - 0.33

It's a very simple math to calculate greening stake on given bet if you know greening odds.
You could do that on servant ( or you could add buttons on one-click screen as Dallas said to do that manually ) ,you could ask for reverse price, but there is no guarantee that your bet could be matched too.

[Goobs]

I kinda think everyone is missing the point I'm making here...... I don't want to green up! I want to complete my book in the most efficient way possible.

The scenario goes like this: have an open lay bet on every selection except the fave before the race starts, the fav has drifted out, and my order was not filled. I now want to lay the fave at the new higher price, to give me the lowest loss across my entire book. This generates a lower loss than greening up my open lay bets..... hence the note on the greening button settings and exactly like the images I've already shown.

It's like only the person who wrote the software gets what I'm saying here...!?