This is the one thing I just can't find any information about.
After you have backed or laid a bet, and it
starts going against you (for whatever reason)
what should I do?
a) leave the bet to completion and accept the loss
(if any)
b) some how close/terminate the bet early? (how?)
c) cover the bet wit some kind of reciprocal bet
that potentially reduces my overall losses?
I am interested in (c) but have no idea how to do it.
If anyone has any info please post an example
(or screenshots, or video if you have one)
Many thanks.
Managing a losing bet?
I like this question.
If I were facing you, I would answer it with a question. In fact several questions.
Do you have an incling as to what they may be?
Because, there is quite a bit of missing information. Particularly...What Were The Reasons For Opening The Trade In The First Place.
I don't expect you to try and answer, reasons are many but the point is... What was it that really made you think this would be a profitable move?
Mark Douglas expands the point when he asks if we have really accepted and owned the risk of the trade.
Only you can answer your question effectively because of your reasons for entry at that moment.
If I were facing you, I would answer it with a question. In fact several questions.
Do you have an incling as to what they may be?
Because, there is quite a bit of missing information. Particularly...What Were The Reasons For Opening The Trade In The First Place.
I don't expect you to try and answer, reasons are many but the point is... What was it that really made you think this would be a profitable move?
Mark Douglas expands the point when he asks if we have really accepted and owned the risk of the trade.
Only you can answer your question effectively because of your reasons for entry at that moment.
Hi,
my question was based on the Bet Angel Basic Tutorial
video where Peter (for example) backs a horse at 3.55
and lays it at 3.45.
That all makes sense, but whatis missing for me is what
happens if the prices doesn't come down to 3.45?
What if it starts going up to 3.6..3.65 etc?
Ok, I know I can either wait in the hope that the price drifts down again or enter a lay bet at that point purely as a stop loss.
Can't I do anything to turn this bet back into a profitable one?
my question was based on the Bet Angel Basic Tutorial
video where Peter (for example) backs a horse at 3.55
and lays it at 3.45.
That all makes sense, but whatis missing for me is what
happens if the prices doesn't come down to 3.45?
What if it starts going up to 3.6..3.65 etc?
Ok, I know I can either wait in the hope that the price drifts down again or enter a lay bet at that point purely as a stop loss.
Can't I do anything to turn this bet back into a profitable one?
-
lilgreenback
- Posts: 211
- Joined: Thu Apr 16, 2009 11:28 am
Hi There,
Sorry to start the answer as the Mighty Quinn did with a question, but there are a few variables. with this bet that goes against you how long would you generally have before the off or start. That can determine whether or not you can try to trade any loss out.
Are you Backing or Laying.
As with both the longer you leave it the worse it gets, but you are aware of the liability in laying. A 20 quid back bet could be left to run it's course in the hope that it will win. But why lose a whole 20squidilies when you can lose 15, 10, or just 2.50. Letting it go does not seem so atractive.
When laying you definately want to cut out ASAP as your 20 note lay at 6.0 is going to cost you a £100 when it crosses the line (Bronze Cannon you b*****d but forgave you next time out) not nice.
Putting in a stop loss will cut you out without emotion and remember to Red Up the loss as that guarantees a loss but lessens it.
It may be as Quinny says you have picked the wrong entry point as the market corrects you can cut the loss and then trade the loss out or lessen in from a more realistic position.
If your horse has shifted suddenly ask WHY go in to the one click screen and check who is steaming or drifting remember all the horses are interlinked one goes up another comes down and vice versa.
Play with minimum stakes it's not as painful when you get it wrong. Remember 07, 27p Green or 2.70 green is better than 15 RED. And should still be seen as a victory just as you would be if you where taking 100+ each race.
Regards
LilGB
Sorry to start the answer as the Mighty Quinn did with a question, but there are a few variables. with this bet that goes against you how long would you generally have before the off or start. That can determine whether or not you can try to trade any loss out.
Are you Backing or Laying.
As with both the longer you leave it the worse it gets, but you are aware of the liability in laying. A 20 quid back bet could be left to run it's course in the hope that it will win. But why lose a whole 20squidilies when you can lose 15, 10, or just 2.50. Letting it go does not seem so atractive.
When laying you definately want to cut out ASAP as your 20 note lay at 6.0 is going to cost you a £100 when it crosses the line (Bronze Cannon you b*****d but forgave you next time out) not nice.
Putting in a stop loss will cut you out without emotion and remember to Red Up the loss as that guarantees a loss but lessens it.
It may be as Quinny says you have picked the wrong entry point as the market corrects you can cut the loss and then trade the loss out or lessen in from a more realistic position.
If your horse has shifted suddenly ask WHY go in to the one click screen and check who is steaming or drifting remember all the horses are interlinked one goes up another comes down and vice versa.
Play with minimum stakes it's not as painful when you get it wrong. Remember 07, 27p Green or 2.70 green is better than 15 RED. And should still be seen as a victory just as you would be if you where taking 100+ each race.
Regards
LilGB
Mighty Quinn?
lol lilgreenback.
Anyway...
Can't I do anything to turn this bet back into a profitable one?
Hmmm! Maybe.
Does that help?
Thought not!
I think Derren Brown has an 'out' for this but he keeps his cards close to his chest since his last betting debacle.
Seriously though...
There is a technique you might want to look at.
Using what some people know as ‘averaging down’ ie adding to a losing trade so as to lower your breakeven point and waiting for the market to move back in your favour. In stock market trading this is generally considered to be a weak strategy in the long run.
However, I have found that in certain, and I emphasise certain, pre race markets I have discovered this technique works consistently.
If you try to use this randomly you will most definitely lose your bank and most probably your mind in double quick time. Use the right tool (sparingly) at the right time to do a specific job. It is a very useful Get Out Of Jail Free card, not a trading strategy in and of itself!!
That's your starter for 10, the rest is down to you.
regards
Quinny
As an aside to the 'Learning to lose'
lol lilgreenback.
Anyway...
Can't I do anything to turn this bet back into a profitable one?
Hmmm! Maybe.
Does that help?
Thought not!
I think Derren Brown has an 'out' for this but he keeps his cards close to his chest since his last betting debacle.
Seriously though...
There is a technique you might want to look at.
Using what some people know as ‘averaging down’ ie adding to a losing trade so as to lower your breakeven point and waiting for the market to move back in your favour. In stock market trading this is generally considered to be a weak strategy in the long run.
However, I have found that in certain, and I emphasise certain, pre race markets I have discovered this technique works consistently.
If you try to use this randomly you will most definitely lose your bank and most probably your mind in double quick time. Use the right tool (sparingly) at the right time to do a specific job. It is a very useful Get Out Of Jail Free card, not a trading strategy in and of itself!!
That's your starter for 10, the rest is down to you.
regards
Quinny
As an aside to the 'Learning to lose'