In the practice mode, you have an unlimited bank to be able to trade as much as you wish as long as each order/bet is under your set liability. However I have found that I have traded and traded in practice mode and it then doesnt really reflect the restriction when it come to having to trade with the limitation of bank available.
e.g if you have a bank of 1000GBP and you put 2 back bet in at 250GBP at 5.0 and another at 6.5 and then you try to put 2 lay bets on further down the ladder at 4.0 and another held back for your exit point/seeing how far the market will swing before you commit to that, also each @ 250GBP, then you would be able to do this in the practice mode because it doesnt check your bank....for real with your liabilities you may be in trouble not having enough monies to close the trade...... Wouldnt it be nice to be able to have an additional money management feature to TURN ON OR OFF and specify a bank amount in your PRACTICE, to give yourself the limitation of a BANK... like monopoly money, so you learn to work with what you have.. and would replicate everyone real life situation.... (AND NOT BOTTOMLESS POCKETS).
.
PRACTICE MODE - VIRTUAL BANK FOR MONEY MANAGEMENT
This is a feature that another software package has that i nearly migrated over too in my early days, i still think it should be introduced on BA, i only remained with BA
Because
1 Staff are quite helpful
2 I learned to use it at Peters course
3 Peter is a nice bloke
)
It would be nice to have, i always get anoyed when a new version comes out and it doesnt have that, i dont bother downloading new stuff till months after
Because
1 Staff are quite helpful
2 I learned to use it at Peters course
3 Peter is a nice bloke
)It would be nice to have, i always get anoyed when a new version comes out and it doesnt have that, i dont bother downloading new stuff till months after
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marksmeets302
- Posts: 527
- Joined: Thu Dec 10, 2009 4:37 pm
There is no better practice mode than with your own money.
Practice mode can be useful for testing strategies or automated trading, but in reality you need to get away from there ASAP
Practice mode will never prepare you for the emotional ride of trading. When playing with real money (YOUR MONEY!) the blood pumps faster and your brain will make different decisions
It's a bit like learning to swim or riding a bike - at some stage you need to take the armbands or stabilisers off in order to succeed
Practice mode will never prepare you for the emotional ride of trading. When playing with real money (YOUR MONEY!) the blood pumps faster and your brain will make different decisions
It's a bit like learning to swim or riding a bike - at some stage you need to take the armbands or stabilisers off in order to succeed
Practice mode is an extremly useful tool but does have to be used with common sense which includes a relatively small bank for the amount flowing through the market and not to turn BA into some kind of video game. A vurtual bank that you would be able to preset would automate something you should be calculating in your head at present. Why it's never been included I've never undertood it would complete the tool. Do we need a vote? 
Wanting something and implementing it are two different things.
If you look at a the current practice mode it can all be client sided. There isn't anything difficult or complex to do (though getting the matching as real as you can is tricky).
But imagine you trade something at 07:30 in the morning, you come back to Bet Angel at 11pm and see how you have done. How does Bet Angel know what happened at 07:30, what was the result, how was the market settled? Was the result amended? That's just to mention the top line problems. Basically you need to recreate the entire exchange mechanism and a whole resulting service.
If you just use small stakes, then Betfair does that all for you and you get to see the real results.
That fact aside, you can export the practice mode P&L in Bet Angel so you can check on how it performed at the end of the day. I would have thought that would suffice.
If you look at a the current practice mode it can all be client sided. There isn't anything difficult or complex to do (though getting the matching as real as you can is tricky).
But imagine you trade something at 07:30 in the morning, you come back to Bet Angel at 11pm and see how you have done. How does Bet Angel know what happened at 07:30, what was the result, how was the market settled? Was the result amended? That's just to mention the top line problems. Basically you need to recreate the entire exchange mechanism and a whole resulting service.
If you just use small stakes, then Betfair does that all for you and you get to see the real results.
That fact aside, you can export the practice mode P&L in Bet Angel so you can check on how it performed at the end of the day. I would have thought that would suffice.
To be honest Peter, what you've said there just shows how complicated getting the practice mode in operation is
This software is for traders, it isn't for gamers
I'd rather you pumped additional resources and ideas into the continuation of modifying and improving the software, and not to satisfy people who are too scared to jump off the diving board
This software is for traders, it isn't for gamers
I'd rather you pumped additional resources and ideas into the continuation of modifying and improving the software, and not to satisfy people who are too scared to jump off the diving board
Lighten up Letiss. He only joined 28/06/2015. He aint necessarily scared just enquiring. Peter answered the query fully enough said. Practice mode is there for a reason, to be used for whatever the user wants to do with it. In my learning curve I agree with you it dont prepare you for losing your own money, but this doesnt make the user scared. Personally I like going on practice mode - its the only way I can win a million
rogerlisa wrote:Lighten up Letiss
Apologies if I offended anyone, but through experience I've learned more about trading by using £50 in real markets, than I'd ever learn using £500 in practice mode
Granted, I'm a bit too aggressive for some people here, but I will always say what I strongly believe in.
You thick skin in this game!!
This is a trading robot. We all trade to gain. How much did I gain today?
I have used other auto bots that give you a P/L amount per race with a running total at the bottom. If you cannot monitor the amount you are winning or losing, how would you know what you are doing is the right thing?
I cannot sit and monitor every race, even if i had the time, to me there is nothing more senseless. If you are trading and watching - ok no need for results, but if you are using Guardian automation perhaps another column with P/L figure for each event would be the answer, without it.
it is extremely difficult to simply monitor results and may be very expensive to trade real money just to find the results - so Bet Angel please do this and then this robot may be complete with the answer - at the moment I feel it is lacking.
I have used other auto bots that give you a P/L amount per race with a running total at the bottom. If you cannot monitor the amount you are winning or losing, how would you know what you are doing is the right thing?
I cannot sit and monitor every race, even if i had the time, to me there is nothing more senseless. If you are trading and watching - ok no need for results, but if you are using Guardian automation perhaps another column with P/L figure for each event would be the answer, without it.
it is extremely difficult to simply monitor results and may be very expensive to trade real money just to find the results - so Bet Angel please do this and then this robot may be complete with the answer - at the moment I feel it is lacking.
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MMcGlasson
- Posts: 3
- Joined: Sun Jun 28, 2015 8:31 pm
Hello All,
I think your all missing the point I am trying to make here, and think its moaning its really isnt. Its about aiding a learning curve.
I am not scared about using my own money I have done this for real.
But I am a trainee trader and in order to learn to trade i.e. keep an eye on your money and whether you can exit the market at an appropriate time, with moneies in your bank to cover to liabilities of that exit point.. you need to be able to learn it.
When trading in the prctice mode I may be using £10-£50 trades or £100-£200 if scalping a tick or 2.. I have a handle on that.
But
I can only liken it to trying to learn to drive and on your first lessons your expected to mirror signal maneover, reverse, parallel park, hill start, drive along a motorway, know your complete highway code, emergency stop all in one go LOL!!
I like to think learning a new skill is done in chapters.. and a money management to teach you to learn to do all these things at once is very important.
Emotions are not the issue here, its not about hesitation or worrying about it... it about juggling the extra balls in the air......
I know you all may find these things are second nature but for a newbie.. juggling all these things at once is not easy.
I feel confident with watching a lot of these things at the same time, but not all because the only thing that isnt practised is a liability limitation when exiting.
Even if the facility didnt really replicate the actual LIVE Trades or the live bank..
I'd personally be happy to set up a LOCALIZED Bank that you switch on or off, and type in a bank amount... so that simply calculated the liabilty needed to exit, just like the liability limit option that you can set already... If your pretend bank (we could say) was set as 1000.. and depending on you matched placements, it deducts from this bank... and sees whether that was feasible. If kept saying you do not have enough money to place this back/lay bet to make your close...
If trades were being done that were not able to close because of this limit and the amoutn already allocated/spent, it would then be a lesson that had to be learnt to trade within the bounds... and money management and more like the real world.. It not about simulating earning a million or doing rediculous 10000 placements or anything like that.. its making more real... for learning only.
I do not liken BETANGEL or TRADING to gaming at all. I see the practice mode as a learning tool and that only!
I think your all missing the point I am trying to make here, and think its moaning its really isnt. Its about aiding a learning curve.
I am not scared about using my own money I have done this for real.
But I am a trainee trader and in order to learn to trade i.e. keep an eye on your money and whether you can exit the market at an appropriate time, with moneies in your bank to cover to liabilities of that exit point.. you need to be able to learn it.
When trading in the prctice mode I may be using £10-£50 trades or £100-£200 if scalping a tick or 2.. I have a handle on that.
But
- watching if Im going to get my placement matched
- the time counting down before the off despite the announcements
- monitoring the graphs of all the different runners in the race
- The monitoring of the activity
- and IF need be afford to move my placement and re-enter it if need be to be picked up, or exit with a small loss...
- and keep an eye on the money as well is too much all in one hit to learn.
I can only liken it to trying to learn to drive and on your first lessons your expected to mirror signal maneover, reverse, parallel park, hill start, drive along a motorway, know your complete highway code, emergency stop all in one go LOL!!
I like to think learning a new skill is done in chapters.. and a money management to teach you to learn to do all these things at once is very important.
Emotions are not the issue here, its not about hesitation or worrying about it... it about juggling the extra balls in the air......
I know you all may find these things are second nature but for a newbie.. juggling all these things at once is not easy.
I feel confident with watching a lot of these things at the same time, but not all because the only thing that isnt practised is a liability limitation when exiting.
Even if the facility didnt really replicate the actual LIVE Trades or the live bank..
I'd personally be happy to set up a LOCALIZED Bank that you switch on or off, and type in a bank amount... so that simply calculated the liabilty needed to exit, just like the liability limit option that you can set already... If your pretend bank (we could say) was set as 1000.. and depending on you matched placements, it deducts from this bank... and sees whether that was feasible. If kept saying you do not have enough money to place this back/lay bet to make your close...
If trades were being done that were not able to close because of this limit and the amoutn already allocated/spent, it would then be a lesson that had to be learnt to trade within the bounds... and money management and more like the real world.. It not about simulating earning a million or doing rediculous 10000 placements or anything like that.. its making more real... for learning only.
I do not liken BETANGEL or TRADING to gaming at all. I see the practice mode as a learning tool and that only!