Best Reverse Price

[Trader724]

5/2 you reckon? Tempting odds! Does Betfair take bets on hypothetical gambling problems?

[ShaunWhite]

No Shaun Im just a very Naive persons, however it’s not a bad thing, means you get yourself stuck more often and there’s only one way to get out and that’s success !

But its not all bad news, you're rewarded for effort and ideas rather than how much your boss likes you.

Nobody here would tell you not to bother trying but they'll all say it's not easy. Just learn all you can about it, remember it's not 'special' it's just buying and selling (backing and laying), so if you apply some common sense and can see what's hot and what's not, then you can make a few quid when the prices change. It's a game that's as old as the hills

The only essential fact you need to know is why you'd back heads on a coin toss at 2.1 but not at 1.9. Then you just hunt for situations where you're getting that sort of deal. Avg win > avg loss.

It's a good game, it'll keep your brain busy for years.

[ShaunWhite]

5/2 you reckon? Tempting odds! Does Betfair take bets on hypothetical gambling problems?

The GC might have something to say about that one.

[Tuco]

I hope you have watched and understood the 'training video' I posted earlier?.

https://www.youtube.com/watch?v=6RvVRgNr08Y

...having done so, please advise your understanding of the video in how it directly relates to online trading.

[Trader724]

The paperwork alone would be legendary!

[Emtaxx]

It definitely keeps the brain braining. driving to and from work its nice to take some time and reflect and also them late nights where you cant sleep and then decide to problem solve also helps. The thing I dont like about it, is there is SO many strategies you could create, its just about finding them but that could take 5 years lol different sports, pre race, Crazy stuff really

[ShaunWhite]

It definitely keeps the brain braining. driving to and from work its nice to take some time and reflect and also them late nights where you cant sleep and then decide to problem solve also helps. The thing I dont like about it, is there is SO many strategies you could create, its just about finding them but that could take 5 years lol different sports, pre race, Crazy stuff really

Pick one small area of one type of market and master it. It doesn't matter what, they're all equally tricky. But if you flit about trying different things and different sports you'll almost certainly fail.

Any strategy you try, even if the bottom line is negative, will contain both positive and negative bets. Get yourself set up so you can know which is which. Eliminate the negatives without adversely affecting the positives and your on the way to a profit. It's not a situation where there's something easy that nobody has thought of, but it is the case that almost every situation and strategy has the potential to be refined and make a return.

If you intend to automate, and unless you have unlimited time and money, you should consider what data you'd like to inform your strategy ideas. It's not essential but it's going to help.

You might not know but specialist quant traders usually collect the entire Betfair price stream and store it in a database, and have highly accurate simulators for running and refining strategy variations. Those can be running 247 on your AWS server and you wake up each day to a dozen backtests all done over a year or more of events. And with the tick level data you can also think about time series analysis using ML. Not guarenteed success but it opens up options that are better than guessing and hoping. But choosing that approach depends on your interests and willingness to learn unfamiliar tech because you'll need to write a lot of that yourself rather than buying a package.

It's the 21st century, there's not much you can't do if you put your mind to it. Work smart not hard and if you want it enough you'll do what it takes to improve your odds of success.

Forget stratgegy for now and just figure out how you're going to find a strategy.

[ShaunWhite]

All of the above isn't essential but just opening your eyes to the various ways to do this. Others have success doing it their own way.

[Emtaxx]

Thanks Shaun great post nice one.

Yeah there’s some clever people out there that’s for sure. I don’t think I’ll go into the mad detail with all that data stuff.

It’s very much beyond me I fe without a mad amount of time and learning. I’d rather spend it elsewhere and plus all the tell tail signs are in the markets where someone else has figured it out so it’s all fine really just plan to make a little each day and towards on average 50£ a day is the goal.

It’s all good stuff tho lots to lesrn and ivr came very far now from 3 months ago never written a programme bwfore

[ShaunWhite]

Trading is very much about the tipping point, you make money or not. Making £10 isn't easier than making £20. There is no "I only want 50 quid so I don't need to try very hard".

"plus all the tell tail signs are in the markets where someone else has figured it out".....

Serious questions...
What odds would you put on you still thinking that in 6 months time?
And what percentage of people who try to make money on Betfair actually do?

[Emtaxx]

I've created a Bot which knows when Peter is in the market. I just follow what he does

[Emtaxx]

Guys to all who have helped I will not take your pie.

However for when I 100x this new scalp bot. RIP For those that did not!

James, Shaun, I have told the bot gods to look after you.

[ShaunWhite]

Guys to all who have helped I will not take your pie.

However for when I 100x this new scalp bot. RIP For those that did not!

James, Shaun, I have told the bot gods to look after you.

Looking fwd to seeing the month end numbers.

Every now and then a savant turns up as the exception to the rule, so maybe this time it's you.

[jamesedwards]

Guys to all who have helped I will not take your pie.

However for when I 100x this new scalp bot. RIP For those that did not!

James, Shaun, I have told the bot gods to look after you.

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