Hi all:
Im sorry if the questions have been asked before but Its been a bad day so I did as green giant and others recommend (walk away and forget for the day).
So I took the dog down the beach and packed up horse racing for today at around 4pm.
I took out the trial version of bet angel for 2 weeks did all in practice mode and liked it alot so then paid for the professional version.
I am still using practice mode 100%
Brilliant bit of software if I may say so Peter.
However a WRC World rally car is only as good as its driver correct.??
I have watched all the videos on the bet angel you-tube channel and they are very informative for understanding the software and how betfair works.
I have gone through almost all of the newbie forum topics.
I have read all the bet angel software instructions.
I need help with the other side of things please.
A few questions below if somebody could help with answers please?
1 There were 28 races today, Would you trade all of them?
2 If so then which horse? And why that horse, what tells you the direction of money travel so that you know to trade that horse?
3 Or how many different horses in that race would you trade?
4 Does one trade 1 back and 1 lay and does not do another back or lay on that horse till both back and lay has been taken? Or do you just bang them in left right and center?
5 If it goes in the wrong direction as in the price goes out, would you leave your lay in the hope it would come back in or would you put a stop loss at 2 or 3 or 4 clicks? Then trade out?
6 When choosing to trade only one horse, would this horse be the favourite?
7 Would you trade on a horse under 2.0 or 1.6 or is there a limit to how low its profitable to go?
I thank you all in advance for any answers.
Meurig.
Newbie pulling my hair out HELP! Please.
You could give different answers to all those questions and all would be right. But what you are lacking is a methodical trading plan.mindiawl wrote:A few questions below if somebody could help with answers please?
Go with a strategy, work it and refine it. Try to understand why one thing you did was wrong and where the big mistakes came from and work on building one and eliminating the other.
It took me 3 months to understand how the market works.
You can learn alot by just watching the market, when you start trading your attention is moved away by what's happening in the market.
It can take years to learn, but if you keep learning how the market works you will keep getting better.
You can learn alot by just watching the market, when you start trading your attention is moved away by what's happening in the market.
It can take years to learn, but if you keep learning how the market works you will keep getting better.
There is no "get rich quick" or silver bullet solution.
However, humans have an amazing capacity for pattern recognition. Way better than any computer.
So read, read, read, experiment. Fail. Experiment, read. Fail. Adjust, adapt, read, succeed, fail, adjust, succeed again.
I am very part time, started in 2011. And I made most of my profit in the last six months, even though I was profitable from day 1. There have been lots of experiments and then bang, I found out a couple of things, through observation and failure. If you don't fail, you can't succeed. No longtime trader has a 100% successful trade rate.
My number 1 tip. Don't pick up pennies in front of the steamroller. We are all tempted.
However, humans have an amazing capacity for pattern recognition. Way better than any computer.
So read, read, read, experiment. Fail. Experiment, read. Fail. Adjust, adapt, read, succeed, fail, adjust, succeed again.
I am very part time, started in 2011. And I made most of my profit in the last six months, even though I was profitable from day 1. There have been lots of experiments and then bang, I found out a couple of things, through observation and failure. If you don't fail, you can't succeed. No longtime trader has a 100% successful trade rate.
My number 1 tip. Don't pick up pennies in front of the steamroller. We are all tempted.
Hi Meurig, unusual name; is that Welsh?
As Peter has pointed out, the type of questions you ask are indicative of someone who doesn't have a clear plan and who has not yet developed an edge. The term "trading" is a very general concept and until you have zoned in on a single methodology then you are unlikely to make much progress. Perfecting one single technique from the many hundreds available, is what you should be aiming for.
Nevertheless, here are a few answers to your questions:
1. The more races you trade and the less experienced you are, the worse your results will be. Start with just trading one race every 15 mins and then you will have time to get the most from those races.
2. Most traders (but not all) trade the favourite because it has the most liquidity
3. see 2)
4. Techniques vary quite a lot and the number of backs/lays depends largely on your strategy (when you find it). Watch some VT's and you will get a better idea
5. Stop losses are a controversial issue in this forum but for the most part odds more often than not do not return to base and for that reason its better to get out when you are wrong.
6. see 2)
7. The actual odds of the fav being traded makes little difference to profits, so a 1.6 fav will move more ticks than a 3.0 fav and provide equal opportunity.
Hope this helps
As Peter has pointed out, the type of questions you ask are indicative of someone who doesn't have a clear plan and who has not yet developed an edge. The term "trading" is a very general concept and until you have zoned in on a single methodology then you are unlikely to make much progress. Perfecting one single technique from the many hundreds available, is what you should be aiming for.
Nevertheless, here are a few answers to your questions:
1. The more races you trade and the less experienced you are, the worse your results will be. Start with just trading one race every 15 mins and then you will have time to get the most from those races.
2. Most traders (but not all) trade the favourite because it has the most liquidity
3. see 2)
4. Techniques vary quite a lot and the number of backs/lays depends largely on your strategy (when you find it). Watch some VT's and you will get a better idea
5. Stop losses are a controversial issue in this forum but for the most part odds more often than not do not return to base and for that reason its better to get out when you are wrong.
6. see 2)
7. The actual odds of the fav being traded makes little difference to profits, so a 1.6 fav will move more ticks than a 3.0 fav and provide equal opportunity.
Hope this helps
have a look on utube for mugsgame's (him of this forum) trading videos. they should give you something to think about, and perhaps guide you in the right direction.
take your time there are/were loads of them, spend a good amount of time viewing/understanding them,dont rush things.
also he had a blog not sure if he still updates or if its still online, try and find it, you will/should find it very useful.
mugsgame is a very experienced capable trader,if you watch his vids etc, you will NOT be able to trade as well as him, it will take you a long time to learn how to trade pre off horse race markets.
his vids are very good, he explains clearly why he is doing what he is doing (the reasoning behind his opening/closing etc), mistakes as well but, he trades in a quite agressive confident style (my opinion) which may not suit you - REMEMBER because you may have watched his vids, read his blog, it will NOT turn you overnight into a proficent trader, it will take a lot of time and effort, but his vids show what is possible if you take the time to learn. you will not find anything better for free.
take your time there are/were loads of them, spend a good amount of time viewing/understanding them,dont rush things.
also he had a blog not sure if he still updates or if its still online, try and find it, you will/should find it very useful.
mugsgame is a very experienced capable trader,if you watch his vids etc, you will NOT be able to trade as well as him, it will take you a long time to learn how to trade pre off horse race markets.
his vids are very good, he explains clearly why he is doing what he is doing (the reasoning behind his opening/closing etc), mistakes as well but, he trades in a quite agressive confident style (my opinion) which may not suit you - REMEMBER because you may have watched his vids, read his blog, it will NOT turn you overnight into a proficent trader, it will take a lot of time and effort, but his vids show what is possible if you take the time to learn. you will not find anything better for free.