Greening "insurance"

[timbillington]

I am aware that this could be a ridiculous question, so thank you for your patience.

I am trying to work out to how "cover myself" is something is going well, but I expect it to get even better, but also want to be sure to lock something in if it goes against me.


Back £20 at 5 for example.

Later, things are going well, so it's trading at 2.

Could green for 50 for example.

However, would instead like to leave it (and hope to get the lot) BUT with an insurance policy that allows me to green up for say £20 profit if it starts to move against me.

What order can be put into market ahead of time to allow that without being active in the market?

I can't put in a lay bet at a higher price (since that would just get matched now).

I can't put in a back bet on the other runner(s) at a lower price (since that would just get matched now).

What am I missing? Thanks..

[andrejt]

Here you go (trailing stop) -> http://www.betangel.com/user-guide/stop_orders.html

[timbillington]

Thanks again for the reply.

That works well if done at the time of placing the trade...

If no offset placed at that time then it's a case of watching and waiting.

Thank you again.

Tim

[timbillington]

Hi again,

Aside from placing a trailing stop at the time of the entry point is this is just a case of having to be active and watch the market?

Thank you.

Tim