Hi,
I'm just trying out the basic version and have a couple of dumb questions:
1) Obviously prices can change very rapidly. When you click to back or lay the price can change as you do so leaving you with a bet you didn't want. The price change could be disastrous if you find yourself suddenly laying at a price far above what you intended. Is that just a risk with one click or is there a way of avoiding the problem?
After typing this it strikes me I can return to the option to confirm bets before placing. Perhaps that is the solution.
2) I back for £2 at 9.0. I wish to lay for £2 when the price moves to 8.6. My maximum liability is set to £10 so I cannot close the trade. I read the manual as saying the maximum liability only applies to the first bet but obviously I misunderstood. It seems weird though for the system to refuse to place the second bet in order to keep me from going over my maximum liability when there is no risk and all I am doing is taking a profit. It's a hassle to keep having to change the liability setting and risks the price moving against me while I do so. Am I doing something wrong?
Thank you.
One click betting, price changes and liability
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JollyGreen
- Posts: 2047
- Joined: Sat Mar 21, 2009 10:06 am
I've answered the questions as you numbered them
1) Why not place the order manually? (Oops, not sure if the Basic version allows this) Because the market changes so quickly you run the risk of selecting the wrong price
2) If you are using low stakes and know that your "true" liability is not excessive then why not just slightly increase the £10 limit? Obviously you need to determine the sensible level of liability you are willing to accept and monitor it from time to time.
1) Why not place the order manually? (Oops, not sure if the Basic version allows this) Because the market changes so quickly you run the risk of selecting the wrong price
2) If you are using low stakes and know that your "true" liability is not excessive then why not just slightly increase the £10 limit? Obviously you need to determine the sensible level of liability you are willing to accept and monitor it from time to time.
Yes, as you suspected the Basic version doesn't allow manual staking. I might try out the trial version.
I suppose whilst being slightly nervous about my ability to screw up I've kept my liability low but you're right, I could safely increase it. I just expected there not to be an issue with liability if my 'excessive' bet was just in order to close a trade with a profit but apparently that's not how it works.
I've decided that I hate the idea of one click betting without confirmation. Not only do you risk crazy price changes but even stupid things like dropping the mouse and having it randomly click in an unfortunate place could leave you in massive trouble. I'm surprised that the manual suggests turning off confirmation once you are comfortable with how one click works. It seems like a recipe for disaster to me.
I suppose whilst being slightly nervous about my ability to screw up I've kept my liability low but you're right, I could safely increase it. I just expected there not to be an issue with liability if my 'excessive' bet was just in order to close a trade with a profit but apparently that's not how it works.
I've decided that I hate the idea of one click betting without confirmation. Not only do you risk crazy price changes but even stupid things like dropping the mouse and having it randomly click in an unfortunate place could leave you in massive trouble. I'm surprised that the manual suggests turning off confirmation once you are comfortable with how one click works. It seems like a recipe for disaster to me.
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JollyGreen
- Posts: 2047
- Joined: Sat Mar 21, 2009 10:06 am
I think the "bet confirmation" is okay for new users or those who are worried about potentially huge risk. I am not saying this is in any derogatory way, it is normal to want to have this safety feature. What you consider a large risk may not seem so large to others, we all have our limits so it is always best to work within them.
When you become more familiar with the software, the markets and what you are doing then the "bet confirmation" can actually be a hindrance. It could mean you will miss a price when you then confirm your order.
When you become more familiar with the software, the markets and what you are doing then the "bet confirmation" can actually be a hindrance. It could mean you will miss a price when you then confirm your order.
Oh, I entirely agree with you that it's a hindrance, hence my question. I'd just have thought that it's a necessary hindrance whatever your stakes or comfort levels are.
Let me give you an example and perhaps you can explain what I'm missing.
I want to lay a horse at 5.0 for £20. I'm happy to risk £80. There is currently £50 available to lay at that price. Because there is no liquidity in the market the next price up is 11.0. As I'm one clicking my lay the money available at 5.0 is cancelled or taken by somebody else and I suddenly find I've layed at 11.0.
Alternatively my cursor happens, randomly, to be hovering over a lay price of 50.0. The cat jumps up onto my desk, lands on the mouse, and I find I just laid at those odds.
That's why I say the capacity for cock up seems to be enormous no matter what your level of experience or level of stake.
Let me give you an example and perhaps you can explain what I'm missing.
I want to lay a horse at 5.0 for £20. I'm happy to risk £80. There is currently £50 available to lay at that price. Because there is no liquidity in the market the next price up is 11.0. As I'm one clicking my lay the money available at 5.0 is cancelled or taken by somebody else and I suddenly find I've layed at 11.0.
Alternatively my cursor happens, randomly, to be hovering over a lay price of 50.0. The cat jumps up onto my desk, lands on the mouse, and I find I just laid at those odds.
That's why I say the capacity for cock up seems to be enormous no matter what your level of experience or level of stake.
As for the cats, just keep them out of the room 
It's really not a problem, ive done it everyday for years, yes mistakes can happen on occasions but you just take a loss and move on.
the ladder in the full version is far far safer though, as you can not click odds by accident that are miles away from the current odds, if that makes sense
It's really not a problem, ive done it everyday for years, yes mistakes can happen on occasions but you just take a loss and move on.
the ladder in the full version is far far safer though, as you can not click odds by accident that are miles away from the current odds, if that makes sense
Last edited by freddy on Thu Sep 20, 2012 1:23 pm, edited 2 times in total.
Yeah, I can see that the ladder, which I do not have access to, is preferable.
There is no facility as far as I can see in the basic version to submit a back or lay at a price you, as the user, specify in the same way that you would on Betfair itself.
I submit a lay at 5.0 on Betfair I of course get matched at 5.0 or better. With the one click as far as I can tell I get matched at 5.0 or whatever the price happens to change to while I'm clicking.
I dunno - given your comment about that not being how it works and the 'wtf' afterwards I must either be missing something really obvious or not explaining myself properly.
I wonder if we are talking at cross purposes. In the basic version one click betting screen if I hover my cursor over a back or lay at odds x which I want to take and it changes to odds y I get odds y. I'm not talking about manual placement.That's not how it works,if you place a lay bet at 5.0 you will only ever get matched at 5.0 or better.
There is no facility as far as I can see in the basic version to submit a back or lay at a price you, as the user, specify in the same way that you would on Betfair itself.
I submit a lay at 5.0 on Betfair I of course get matched at 5.0 or better. With the one click as far as I can tell I get matched at 5.0 or whatever the price happens to change to while I'm clicking.
I dunno - given your comment about that not being how it works and the 'wtf' afterwards I must either be missing something really obvious or not explaining myself properly.
Yes i did misunderstand at first, but i deleted that part of my post when i realised, sorry for confusion. 
i thought you meant if you clicked a lay bet at 5.0 you might get matched at 11.0 which is impossible .
anyway yes you are correct in a low liquidity market or in-play you could get caught out if the odds changed
quickly, i would suggest you keep confirm bets turned on or get the ladder in the full version.
i thought you meant if you clicked a lay bet at 5.0 you might get matched at 11.0 which is impossible .
anyway yes you are correct in a low liquidity market or in-play you could get caught out if the odds changed
quickly, i would suggest you keep confirm bets turned on or get the ladder in the full version.