Hi I am new to betangel and betting exchange trading. Having read and watched all available material I can find online, I feel as if I am making very slow progress. I would be extremely grateful of some advice which would help me on my way. Forgive me if these seem like stupid problems and questions.
I have a setup for my trading that goes like so, offsetting by one, fill or kill set at 20sec, 5 pounds tick size, force open to reverse, I enter the horse racing markets about 10 mins before the off, I usually trade on the ladder or one click screen but struggle to get a large portion of my bets matched, and if one side is matched it is usually on the wrong side of the market, leaving me in the red by some 3 or 4 ticks and I spend the remainder of my time before the race trying to correct the position.
As I have the page in reverse I tend to use the arrow at the top of the page indicating the weight of money as a guide as to which way the price will move? Is this wise? What should I be doing to judge a good point to enter the market?
Another thing, sometime there is a massive instant jump from one trading point to another for no apparent reason, what causes these large volatile movements?
I am really finding it difficult to generate a high number of turns to help make things more beneficial, so any comments or suggestions on this point would be most welcome.
I currently greening out for between 1 to 4 pounds on about 30% of the markets I enter, with around 40% resulting in smaller gains of between 10 and 50 pence and then I would lose between 5 and 10 pounds on the remaining 30%, leaving me with frustratingly low returns.
I really enjoy the challenge but I would like it to be more rewarding, how can I get more bets matched to help guarantee a higher profit before the off? I would really like to become a fulltime trader but at this rate it is not really worth it, I would be interested to hear what anybody thinks and welcome all constructive criticism and advice. Thanks for taking the time to help a newbie.
Need help and advice please.
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whereistom
- Posts: 5
- Joined: Wed Feb 10, 2010 12:53 pm
Hi There,
look Im not an experianced trader but I do know this.
With your current strategy it is only going to work on stable sideways markets or slightly trending markets. If you are hitting the volatile markets that are caused by low grade racing, short priced favourites and small fields you are going to struggle.
If you stick to class 4 and above, favs priced above 4's and larger field sizes you will find it is a lot less jumpy.
look Im not an experianced trader but I do know this.
With your current strategy it is only going to work on stable sideways markets or slightly trending markets. If you are hitting the volatile markets that are caused by low grade racing, short priced favourites and small fields you are going to struggle.
If you stick to class 4 and above, favs priced above 4's and larger field sizes you will find it is a lot less jumpy.
I'm new as well, so you might want to take my advice with a pinch of salt, but employing stop losses will help cut out the instant 3-4 tick swings against you and minimise your loss-chasing.
Also, on the ladder, I think it's wise to look at the money available for 3 or 4 ticks directly around the market price, for an indication of which way the market is likely to move short term. And watch out for sudden influxes of cash that may or may not be trying to get taken, or might be trying to manipulate the market one way or the other. They happen more frequently nearer the off.
The graphs are also vital. Follow them closely and you might be able to spot support and resistance levels and enter the market accordingly.
I also like to follow the advanced chart set to line graph, last traded price, 5 sec intervals. In close betting markets, have 2-3 horses charts up, which might help to spot steamers and drifters quickly enough to make money and predict swings, eg if the second favourite suddenly starts shortening, the favourite might well drift.
There is no sure fire solution though, as just when you think you've got it cracked, you find yourself trading a market where you read everything wrong. The trick is to minimise the impact of those events, hence the stop losses, because typically your winning trades will be marginal, but your losing ones can be quite heavy and, if you're not careful, one loss can negate half a dozen successful markets.
Good luck anyway.
Grigsy
Also, on the ladder, I think it's wise to look at the money available for 3 or 4 ticks directly around the market price, for an indication of which way the market is likely to move short term. And watch out for sudden influxes of cash that may or may not be trying to get taken, or might be trying to manipulate the market one way or the other. They happen more frequently nearer the off.
The graphs are also vital. Follow them closely and you might be able to spot support and resistance levels and enter the market accordingly.
I also like to follow the advanced chart set to line graph, last traded price, 5 sec intervals. In close betting markets, have 2-3 horses charts up, which might help to spot steamers and drifters quickly enough to make money and predict swings, eg if the second favourite suddenly starts shortening, the favourite might well drift.
There is no sure fire solution though, as just when you think you've got it cracked, you find yourself trading a market where you read everything wrong. The trick is to minimise the impact of those events, hence the stop losses, because typically your winning trades will be marginal, but your losing ones can be quite heavy and, if you're not careful, one loss can negate half a dozen successful markets.
Good luck anyway.
Grigsy
Hi,
I also am far from an expert at this but have been learning for nearly a year so have made a lot of mistakes and also learned a lot in that time.
I dont think your tick size needs to be anyway near as high as £5. Until you feel as though you have a grip on things and have been consistantly profitable for a while I would keep to minimum stakes. You will more than likely be consistantly losing money until you become more proficient. Therefore while learning keep the losses down to a minimum.
I can only go by my own experiences and of course everyone is different.
Good luck, its a long and at times very frustrating journey.
I also am far from an expert at this but have been learning for nearly a year so have made a lot of mistakes and also learned a lot in that time.
I dont think your tick size needs to be anyway near as high as £5. Until you feel as though you have a grip on things and have been consistantly profitable for a while I would keep to minimum stakes. You will more than likely be consistantly losing money until you become more proficient. Therefore while learning keep the losses down to a minimum.
I can only go by my own experiences and of course everyone is different.
Good luck, its a long and at times very frustrating journey.