Sorry if this is a long post. I am very new to this, and I am trying to figure out the basic calculations and math in my head and by hand, before jumping into the software. I don't want to be using it as a crutch, but rather something to help me gain an advantage. For simplicity sake, I won't put commission in the example below.
The main strategy I have been in training mode with is a lay low back high for specific football matches. But I really want more control of it with an even target goal or stop loss. Too many times to start off I have been finding myself lost watching the market, trying to milk the most out of a trade. Say I wanted to have a target goal of 30%, and a stop loss of 30%, how would I go about calculating that?
Example Pre-Match Odds:
Lay: 3.00
In my mind, I would take the pre-match odds and multiple by 1.3 (30%). With the example above, I get 3.9. However, to green up at 3.9, the guaranteed profit is only 23.08, which would be a 23.08% return on my stake...pre-commission.
However, if you divide 3.00 by 1.3 then you get 2.30, which means to red up at 2.30, I would stake 130 to win 170 which leaves me -30 either way. Exactly the 30% stop loss I wanted...
Why is backing different? What is the correct formula to use? Am I wrong using the stake as a basis for target goal/stop loss? Should it be my liability?
Then most importantly...what would the break even percentage need to be with a 30% target/stop loss?
Any help is greatly appreciated. I hope I am at least asking the right questions. Feels a little embarrassing, but we all started somewhere, right?
How To Calculate Even Target Goal /Stop Loss & Break Even %
http://www.betangel.com/guardian/automation.php
This may help. You do not have to calculate, software will do that for you. What you need to do is to specify entry/ exit point. There are plenty of possibilities and options. Just try it either with small stakes in live mode, or use practise mode.
https://www.youtube.com/watch?feature=p ... XsxiE9dPHw
Video above pointed me to the right direction.I am not telling you to do exactly the same thing, it's only example how to create rules for automatic trading.
This may help. You do not have to calculate, software will do that for you. What you need to do is to specify entry/ exit point. There are plenty of possibilities and options. Just try it either with small stakes in live mode, or use practise mode.
https://www.youtube.com/watch?feature=p ... XsxiE9dPHw
Video above pointed me to the right direction.I am not telling you to do exactly the same thing, it's only example how to create rules for automatic trading.