These's been some great posts over the last couple of days and they have kept me busy trying to understand them all. One thing keeps cropping up which I don't fully grasp and that is over-round. Looking at the info I understand it to be a way bookmakers obtain their profit from an event. A bookmaking shop works into the event the over round so that which ever horse wins, the bookmaker makes a profit.
This makes sense and I can see what they are doing to achieve this. But, since Betfair is an exchange, why do they need to build over round into the events when they are not a conventional bookmakers shop?
In this case, why can't a price of a favourite drift all the way out without others coming in since it doesn't matter what the price is?
good reading
Maybe it would be good if new subscribers were given a document that outlines key concepts, such as:
- The over-round
- Money management
- What it means to have an edge
- The folly of using martingale
Jeff
- The over-round
- Money management
- What it means to have an edge
- The folly of using martingale
Jeff
LeTiss 4pm wrote:I don't wish to be rude Redtra, but I find it amazing that somebody with 145 posts can start a thread like this.
Jeff,Ferru123 wrote:Maybe it would be good if new subscribers were given a document that outlines key concepts, such as:
- The over-round
- Money management
- What it means to have an edge
- The folly of using martingale
JeffLeTiss 4pm wrote:I don't wish to be rude Redtra, but I find it amazing that somebody with 145 posts can start a thread like this.
Like anything, you only get out of something that you are prepared to put in.
If someone were kind enough to produce such a doc, often the person reading it would get little value from it.
Now, if that same person were to spend 3 hours studying it and writing their own doc, then they would learn.
I spent about 4 hours writing a new program on Friday night and ran it yesterday. It didn't work as I thought it might do. However like every time I do something like that I learn something new?
Its like studying for a degree. I remember the very first assignment I had - the question was "To what extent do Judges create the law".
I can not tell you how many hours I put into that - really. I remember sitting up till 3 in the morning trying to work that one out. I felt ike packing my degree in after that very first assignment, but I didn't.
I went from knowing nothing about that subject to knowing it inside out.
Why is trading on betfair any different? Anyone who wants to be successful on here HAS to put the hours in. If they are not prepared to do that then they should do something else.
regards
Peter
Peter
I agree that successful effort requires time and effort. However, I don't think there is any harm in extending a helping hand, and shortening people's learning curves.
Anything worth achieving requires time and effort, but there's no point in making things harder than they have to be. If you were starting uni now, I don't think you'd shun Google just to avoid short cuts.
Jeff
I agree that successful effort requires time and effort. However, I don't think there is any harm in extending a helping hand, and shortening people's learning curves.
Anything worth achieving requires time and effort, but there's no point in making things harder than they have to be. If you were starting uni now, I don't think you'd shun Google just to avoid short cuts.
Jeff
I agree with Peter entirely
In order to make profits from trading, you need to fully understand what you are doing. This comes from practice, and invariably from making mistakes too. Just being told about over round books is not enough (as Redtra has shown), you need to grasp the reasons why over round books are important.
In order to make profits from trading, you need to fully understand what you are doing. This comes from practice, and invariably from making mistakes too. Just being told about over round books is not enough (as Redtra has shown), you need to grasp the reasons why over round books are important.
Jeff,Ferru123 wrote:Peter
I agree that successful effort requires time and effort. However, I don't think there is any harm in extending a helping hand, and shortening people's learning curves.
Anything worth achieving requires time and effort, but there's no point in making things harder than they have to be. If you were starting uni now, I don't think you'd shun Google just to avoid short cuts.
Jeff
No disrespect; but you're missing the point. There are no short cuts.
Regards
Peter
No disrepect inferred, I'm not missing the point.
When you study a new subject, reading an introductory manual can help get you there more quickly. It's not a substitute for hard work, but it can get you to where you need to be more quickly.
To use an analogy, for most people learning to drive takes at least twenty hours of practice on the road with an instructor, but there's no harm in supplementing your driving lessons by reading books aimed at learner drivers.
Jeff
When you study a new subject, reading an introductory manual can help get you there more quickly. It's not a substitute for hard work, but it can get you to where you need to be more quickly.
To use an analogy, for most people learning to drive takes at least twenty hours of practice on the road with an instructor, but there's no harm in supplementing your driving lessons by reading books aimed at learner drivers.
Jeff
And 10 thousand miles to become proficient.Ferru123 wrote:No disrepect inferred, I'm not missing the point.
When you study a new subject, reading an introductory manual can help get you there more quickly. It's not a substitute for hard work, but it can get you to where you need to be more quickly.
To use an analogy, for most people learning to drive takes at least twenty hours of practice on the road with an instructor, but there's no harm in supplementing your driving lessons by reading books aimed at learner drivers.
Jeff
JeffFerru123 wrote:No disrepect inferred, I'm not missing the point.
When you study a new subject, reading a manual can help get you there more quickly. It's not a substitute for hard work, but it can get you to where you need to be more quickly.
To use an analogy, for most people learning to drive takes at least twenty hours of practice on the road with an instructor, but there's no harm in supplementing your driving lessons by reading books aimed at learner drivers.
Jeff
Forget the analogy's. I could quote one that counters.
The point is that it's a voyage of self discovery and understanding- not a short cut.
True understanding is when you start questioning what you are reading and forming your own opinions, its what stops you dropping off to sleep and reaching for a pencil and paper and think…"what if I try that".. (I sure my mrs thinks I going back on the computer after we have gone to bed because Im checking out the porn sites). Its hard t switch off that flow of thought
I dont know how you quantify "IT", but "IT' is worth working towards
Regards
Peter
Indeed, and I'm not disputing the role of practice.
I just think a manual with a few tips and tricks could shorten the learning curve. If it can steer just one person away from martingale or for letting losses run in-play, for example, it will be more than worth it...
It would also help to engage people who know nothing about betting and feel a bit alienated by terms they don't understand.
Jeff
I just think a manual with a few tips and tricks could shorten the learning curve. If it can steer just one person away from martingale or for letting losses run in-play, for example, it will be more than worth it...
It would also help to engage people who know nothing about betting and feel a bit alienated by terms they don't understand.
Jeff
LinusP wrote: And 10 thousand miles to become proficient.