Betfair scalping for beginners

We were all new to Bet Angel once. Ask any question you like here and fellow forum members promise not to laugh. Betfair trading made simple.
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Iron
Posts: 6793
Joined: Fri Dec 11, 2009 10:51 pm

Thanks Dave

Suggestion for the admins- I think it would be helpful if threads like this one, which are likely to be useful to beginners for years to come, are marked as 'sticky' and placed at the head of the section.

Jeff
JollyGreen wrote:Money above and below the price can help maintain a stable market BUT........just be wary of a single amount that sticks out like a sore thumb. I get nervous if I see a single amount holding a price up or down! I just ask myself "what happens if that is withdrawn or matched?"....answer is usually a sudden move.
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convoysur
Posts: 187
Joined: Mon Jun 13, 2011 12:26 am

Hi Jolly green..
Thamk you soo much for taking the time to write all that i really apreachiate it.thats my plan for the day,
hope you have a great trading day ....
Regards
Marc
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JollyGreen
Posts: 2046
Joined: Sat Mar 21, 2009 10:06 am

convoysur wrote:Hi Jolly green..
Thamk you soo much for taking the time to write all that i really apreachiate it.thats my plan for the day,
hope you have a great trading day ....
Regards
Marc
Hi Marc

No problem, have some fun practising today. Please bear in mind you may get it wrong today but it is vital that you stick with it and at least try. if you get it wrong stay positive as best you can and try to find what went wrong. You may jump in too early, you may get caught by a huge sum hitting the market. If it is the former then you can practice some more on getting the entry time correct. If it is the latter then you have been unfortunate and must accept it is part of trading. Some days the spike will go your way so smile and accept the profit. When it hits you try and smile and accept the loss. Getting angry will only make things worse so there is no point!

No, I am not perfect and I do get angry and I do get it wrong. However I try and keep anger levels and their occurrence to a minimum!

JG
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rion6791
Posts: 5
Joined: Mon Jun 13, 2011 7:17 pm

Thanks for all your comments!

Just a quick update, I think I've got my head around scalping now.

I'm playing it VERY safe and over 4 races today have made 0.82p using £2 stakes. I'm only scalping a maximum of twice in any given race.

I'm finding it a bit easy, and I'm sure it's not! Am I due a big hit or do you think it's because I'm using such small stakes that human emotion isn't playing a part, i.e losing large stakes etc. Or is it perhaps because I am playing it so safely?

Also I haven't been using bet angel pro to do my scalping, just on the betfair website. Is this a good or bad thing?

Sorry for all the questions! Would be thankful if someone could give a few answers though!

Cheers
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Iron
Posts: 6793
Joined: Fri Dec 11, 2009 10:51 pm

Well done!

There's a book on trading psychology called Trading In The Zone (by Mark Douglas). One of the thing Douglas observes is that sometimes beginners get off to great starts. Perhaps the reason for this is because you don't know enough yet to over-complicate things! :lol: But Douglas also says that new traders sometimes think 'Great! This is easy!', and end up going too high on their stakes and getting burned. So beware of taking the market for granted - she can be a bitch if you don't give her enough respect. :)

Jeff
rion6791 wrote: I'm playing it VERY safe and over 4 races today have made 0.82p using £2 stakes. I'm only scalping a maximum of twice in any given race.

I'm finding it a bit easy, and I'm sure it's not!
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rion6791
Posts: 5
Joined: Mon Jun 13, 2011 7:17 pm

Brilliant, I'll try and give that a read.

I think it's exactly that, I'm just feeling my way into it and it seems beginners luck played a huge part today.

I'm sure as I become more experienced I will try upping my stakes ever so slightly and using the graphs etc. I definitely won't be using large stakes any time soon!

As you say I'm still waiting to get burned and if I'm honest, I know next to nothing about trading!

However after todays result, I'll spend the evening blissfully in ignorance!

Cheers

Rion
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JollyGreen
Posts: 2046
Joined: Sat Mar 21, 2009 10:06 am

Hi Rion

Well done! This is just a start so I would not get too excited.

Royal Ascot is a strong market so it will not move very far in terms of price. That is why I mentioned a "ranging" price and not being afraid to queue money just below the main price. The market is never going to be 100% flat but it should hold long enough for you to nip in and out.

Trading in the Zone by Mark Douglas is a very good book and does help create the correct mindset.

Also, I suggest you start using Bet Angel as this will also make it much easier. I suggest the ladder because that will allow you to see where the money is building.

Good luck
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rion6791
Posts: 5
Joined: Mon Jun 13, 2011 7:17 pm

Thanks JollyGreen.

I completely understand this is just a start, I won't be blowing £100's anytime soon!

I'll definitely be having a read of that book.

To be honest,when I tried out Bet angel yesterday, I was a little intimidated as on the face of it, it seems very complicated.

One of the things I think could be hugely helpful (apologies if it already exists) is a glossary with definitions of terms such as 'ticks' 'offsets' 'stop loss'

As a beginner, just simply knowing exactly what these terms mean would simplify bet angel a lot. As I said apologies if such a glossary already exists.

Cheers

Rion
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JollyGreen
Posts: 2046
Joined: Sat Mar 21, 2009 10:06 am

Rion

Okay I have just had a great trade at Hamilton and I am about to open a cold beer and kick back!

Tick = Change in price e.g. 6.0 - 6.2 is 1 tick

Offset = A counter order to your initial order. e.g. if your offset is set at 1 and you open by laying at 6.0 then the software will automatically place an offset 1 tick above. Likewise if you backed first at 6.0 and it is matched then BA will place a lay order 1 tick below at 5.8

Stop trigger = This is set and measured against your opening order. if you laid at 6.0 and used a 2 tick stop it would trigger if the price reached 5.6

Stop (place) = This is where BA will place the stop order. A lot set it one tick below the stop trigger.

Fill or Kill = This is used in conjunction with offsets. The time you choose is the "kill" setting. If you place an order at 6.0 and the order is matched, then and only then will BA place an offset closing order according to your offset. If the time you set (e.g. 60s)expires then BA will kill the order.

Just shout if there are any more you want to know

JG
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convoysur
Posts: 187
Joined: Mon Jun 13, 2011 12:26 am

HI jolly green
Thanks for your advice this simple system has been working just fine ,i pull up the graph set on back only candle.and watch for the spike headin down ,using the global settings offset feature recommended by you.and im taking it very easy on the stakes.
To Rion
Rion its better to use the betangel software if possible its daunting in the beginning,but its a fantastic product.ive tried all the others and the free ones,there really not as good i find,
Regards
Marc
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convoysur
Posts: 187
Joined: Mon Jun 13, 2011 12:26 am

Hi Rion
This is great ,,,betangel has just released a practace mode so we can play with pretend money to master the software...
viewtopic.php?f=29&t=4143#p29167 NICE ONE PETER WEBB.......
Regards
MARC
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Iron
Posts: 6793
Joined: Fri Dec 11, 2009 10:51 pm

Here's another piece of advice that might help:

Trade what you see, not what you think.

It's something that I've only recently started to apply (I've been trading on and off for years).

Rather than trying to constantly read the market, try to just respond in a pre-determined manner to whatever it throws at you...

In the words of Maverick in Top Gun - 'You don't have time to think. If you think, you're dead'. That reminds me - this is quite a funny clip about Top Gun: http://www.youtube.com/watch?v=vyN8VN4B ... re=related (Warning: contains strong language!).

Jeff
convoysur wrote:Hi Rion
This is great ,,,betangel has just released a practace mode so we can play with pretend money to master the software...
viewtopic.php?f=29&t=4143#p29167 NICE ONE PETER WEBB.......
Regards
MARC
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deanodean1984
Posts: 30
Joined: Sat Jun 05, 2010 10:07 am

convoysur wrote:Hi Rion
This is great ,,,betangel has just released a practace mode so we can play with pretend money to master the software...
viewtopic.php?f=29&t=4143#p29167 NICE ONE PETER WEBB.......
Regards
MARC
[/quote]


It was on the Geeks Toy well before Bet Angel, sorry but its true
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deanodean1984
Posts: 30
Joined: Sat Jun 05, 2010 10:07 am

deanodean1984 wrote:
convoysur wrote:Hi Rion
This is great ,,,betangel has just released a practace mode so we can play with pretend money to master the software...
viewtopic.php?f=29&t=4143#p29167 NICE ONE PETER WEBB.......
Regards
MARC

It was on the other software well before Bet Angel, sorry but its true[/quote]


lol i didnt even write "other software"!! seems as though bet angel has a block on other softwares names......
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edwards
Posts: 17
Joined: Fri Apr 15, 2011 9:23 pm

Hi,

Thanks for all the great questions and answers in this thread guys. I am in a similar position to Rion and Marc and am a very new aspiring trader. Only started looking at the markets a few months ago have learnt a few things along the way since then but have a very long way to go before I can confidently turn regualr profits. I am trying to take on board as much advice as possible and there is some very helpful advice in this thread so Thank You JollyGreen and Ferru for your posts! I am very grateful for yours and everyone elses advice on this forum. This along with a lot of practice and gaining experience hopefully one day us newbies can get there!
Thanks again.
Chris
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