Betfair trading - Here is how you should really be trading on Betfair!

Betfair trading - Here is how you should really be trading on Betfair!
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    trial so when you first start trading it's very tempting to sort of just go in
    all guns blazing you've probably seen some videos on YouTube you've seen a few
    or people giving you hints or tips or you've read a webpage that's telling you
    about a particular strategy and you just launch yourself into it it's quite a
    natural thing to do but the process of actually trading properly it takes a
    little bit more thought and consideration but if you break it down
    into its component parts it's quite easy to understand precisely what you should
    be doing and how to proceed safely now what you see in a video behind me here
    is somebody that sent me a video of many years ago now actually I can't remember
    exactly what it was but they gave me a demonstration of their trading and
    saying what am I doing wrong so other than the first click on this
    particular sequence of trading there's almost nothing that is correct about the
    way that this market is traded and the reason I'm showing you this is to
    contrast it with something that I've shown you in a minute which shows you
    really what your approach to trading should be on this particular video we're
    looking at some scalping and you can see here that this chap has placed a
    backorder at 5.9 and then he's laid a position back in it 5.8 but almost
    immediately after that first click I'd say that pretty much everything is wrong
    with the way that this market has traded initial entry looks okay but the trade
    management the money management the stake management all of the things
    related to the trade itself sort of deteriorate more and more as this
    particular trade goes on however this is pretty much how I see a lot of people
    trade it's very common to see people make this mistake and I remember some
    come into the office once and saying to me what am I doing wrong so he did a
    little bit of trading for me and he said can you tell me what I'm doing wrong I
    said yeah no it's really simple so I walked over to him and then started
    attacking him basically and pushing him around the chair and punching him and
    and he it was like what are you doing and I said that's what's the market is
    doing to you in the markets completely bullying you and pushing you around and
    you've got to stop letting it do that you've got to go in with a trade with a
    clearly defined objective and then you you know exit that trade and then you
    can perhaps repeat that process again but what you're seeing is going on in
    the video behind me has basically completely the opposite there's no
    concept of a clean entry a clean exit and of the management of the position
    there are just lots of positions going into the market there appears to be very
    little structure to this particular trade and you can see dumping in
    position here because it's gone very wrong we're only using 10 pound stakes
    but you know were down five or six pound and then at towards the end of this
    video which is what I wanted to show it to you you can see what happens at that
    particular point then basically you can see just lots of random clicking at this
    particular moment of time I'm not trying to be funny or derogatory to the person
    that did this video because this was them doing their first bit of trading
    they're clicking around all over the place there's no particular sense of
    management in terms of the way that the position should be taken to the market
    and manage thereafter and eventually degenerates into just loads of random
    clicking and I say that's 90 percent of the mistake that I see brand new traders
    make there's no structure to this trade at all there's there's no concept of
    managing a position or pist particularly what the objective is in this particular
    trade so what we'll do now is we'll have a look at exactly how you should really
    do this particular trade so we're looking at the ladder interface here
    we've got a load of runners on the screen so where should we start in terms
    of trying to create a sensible trading plan for trading this market well the
    interesting thing is actually you should and start on the ladder screen you
    should start in Guardian because if you look at all of the markets that are
    going through over the course today the next race up at the moment is going to
    be a maiden they've got a maiden hurdle a novice handicap purple some handicap
    races and you know and if you look at what's happening on the screen you can
    see that they're all different and you know that's the thing about the markets
    is that no two markets are the same so if you use generic strategy generically
    in generic markets again I wind up with a generic result so part of the process
    that you need to go through when trading is to look at the markets and understand
    you know are there markets that I like that I don't like that I get on with it
    I don't get on with and you structure your trades around there now to start
    with you're gonna have to probably trade all of them but you'll quickly learn
    which sort of types of behavior that you like within the markets and the way that
    they behave and if there are some markets that you do or don't like so
    when I first started trading this was the approach that I did was go through
    all of the markets understand what's in front of you and then see if you can
    start to see some repeating patterns and the first repeating pattern I saw was
    that some markets I kept losing money on and I just thought I'm gonna cut those
    markets out I'm not going to actively trade those markets so yeah you know if
    I apply the same market if it's a market the same strategy to each one of these
    markets I'll get different results and that's
    not because if you're trading ability and that's because each of these markets
    is slightly differently backed slightly differently so that's where you start is
    you start looking at the markets you start beginning to form a plan around
    what you're gonna do in each one of those markets so let's have a look at
    the next one that's coming up and we'll see if if there's something that we can
    do here so it may be that you know you look at this particular market
    you saw say I recognize this and I don't particularly like the font well and
    other characteristics and therefore I'm not going to deploy the strategy in this
    market or maybe you have like five strategies and your role as a trader is
    to then match that strategy to the market so you'll look at this market and
    you'll sort of say okay I think I recognize you know what could happen in
    market and therefore I'm going to deploy a certain strategy so your approach
    should be to look at the market understand the general theme that's
    occurring within the market and then deploy scratched unit that you think
    will match that particular range of activity so we can have a look at font
    while here we can have a look at the chance to give some sort of longer-term
    idea of what's going on so can you see here the price of the favorite started
    it two in half it's come in to about two and it's going back out and there was
    some unusual activity in the market at this point but you can see the trend on
    this is for the price to generally go out now at some point this will probably
    get value and the trend will flip around and then we look at I mean it's an
    unusual market for this spike that's occurring so I'm gonna have a quick
    flick through but can you see even now we're beginning to form an opinion on
    what's likely to happen in this market or why well that's something unusual has
    happened so maybe that's something unusual is a warning sign so perhaps not
    trade this market but you can see the the favourites going out the second
    favorite is coming in and so those two are interacting quite heavily the third
    favorite is sort of not going anywhere so immediately you begin to see that
    there's interaction on the front too if you think you know what's going to
    happen on those you can actively trade those or perhaps on this occasion we
    step down to the third favorite and decide because that's behaving a bit
    more rationally that maybe we'll have a look at this one it's near a crossover
    point there's another factor that you may want to take into account so I'm
    going to switch on global settings on the ladder I'm going to do an offset bet
    on here we're going to offset it by one tick we're going to do a fill or kill
    bet for 30 seconds so that will hold the order in the market for 30 seconds and
    when that order gets matched it will offset that position for us and I'm
    gonna do it would use small stakes when you're learning to trade it's better to
    be a little bit experimental and to you know use small stakes while you learn to
    understand the way that the markets work so we can see there's been a little bit
    of money here for this particular runner you can see it's traded a low down here
    I'm just try see I mean is there's a mixture you know
    so we're near the lower end of the trading range here so in order for the
    price on this one to go out we want these two to come in the favorite has
    received a little bit of backing sport remember me saying the prices going out
    but it's probably rich values that's going to come in and the opposite is
    happening to the second favorite but let's put a trade into this market what
    I'm going to do this is touching new territory down here at this particular
    moment in time so I'm going to pop a little trade down here you can see it's
    been matched and offset by bet angel but you can see that at the moment were
    slightly at a small loss on this particular selection so what should we
    do now now what you see a lot of traders do is just completely panic at this
    particular point and start swapping and changing things around so they're trying
    to dig out a position from here they're trying to make this position work
    particularly well for them so they'll start modifying things chasing but at
    that point then the price is very often flips back and goes in the other
    direction so the trading process from a proper perspective is you open a trade
    you set a boundary around that trade and then that trade completes or it doesn't
    complete and you end up having to take a loss
    so the decision that I've made here on this particular trade is that the price
    has been backed in quite a bit it's near the low end of its trading range however
    I'm sort of expecting that the price is going to go up so I'm not going to panic
    when the price moves against me but I would be entering the trade and then
    looking further down here and saying at this point I would probably close trade
    and can you see it's completed so we have successfully done that trade so do
    we think that the position is ready for us to do that again yeah I think we
    could probably do that again so I'll put the position into the market potential
    has offset it for us automatically and then we have to wait for that position
    to change so can you see what I'm not doing is going in all guns blazing
    trying to get this trade to complete desperately hoping to get a profitable
    trade I'm sort of saying right this is what I'm going to do this is how I'm
    going to do it and then we'll wait to see what the outcome is the market
    doesn't go in a straight line the market meanders and wobbles and all over the
    place so you can see we're getting close to getting that position
    but we still don't have that position matched but you know we would look down
    here and say okay what do we think is a tolerable loss do we think if the price
    gets down to here that we're going to have to take our position out but you
    can you see that favourites drifting again second favourites coming in those
    two are interacting but everybody's forgotten about the third favorite so
    you can see we've been matched again so you know do we think we're ready to go
    again around here well maybe we don't want to put it in where the current
    price activities maybe you want to put it down here where reasonable amounts of
    money has been matched using a fill of order it's perfectly possible to do that
    because Bettinger will offset that position we can even put one in above it
    as well so I can take my hands off the keyboard bet angel will get that matched
    offset the position for us and you can see that it's it's done it again for us
    so hey presto there you go there's a couple of trades yeah you know we've
    gone through or modified for you so can you see how would in complete control of
    this position the favourites gone rocketing off the top of the chart of
    the ladder the second ribbons have gone rocketing
    off the bottom but we're just sort of going well you know you get on with that
    we don't care what you're doing we're gonna do our own thing we're gonna look
    at it in a methodical manner and we're gonna deploy a strategy and we're gonna
    actively manage the strategy let's have a look at the chart as a favorite again
    so there you can see this is where the price came in and then it's shooting
    back out again we look at dalek you can see that it drifted out slyly and then
    it's being heavily backed in but the net effect of the two is to just put a
    tidbit of gentle pressure on the third favorite here we've you know I haven't
    traded this aggressively you can see I've been quite passive deliberately to
    contrast the previous video that you've seen but what I'm doing here is that I
    could have traded this more aggressively and got more trades through I could have
    held the position for longer I could have spread that the exit position pout
    over a wider range of prices you probably see me do that on other videos
    but I'm trying to do here is simplify the process for you to say that if
    you're starting to train then this is effectively as the way that you should
    trade you need to be in control of the trading process you need to say this is
    what I'm going in this is where I feel uncomfortable but I'm going to give it
    some time for this position to get matched down
    you don't put a trade in there all that's gotten terrible let's throw a few
    more orders in and then change your mind as it moves to ticks against you and
    then when sir price goes up you suddenly
    realize you know you don't do that you don't let the market bully you go in
    with a clearly defined strategy you deploy that stretch and you can see
    however I would have traded this whether I was going in and then closing my
    position now or putting repeated bets in this would be a perfectly good trade
    so you've seen me look at the market to start with you see me execute a plan in
    control almost hands-off you know I haven't had to do much on this
    particular position didn't trade it particularly crisply you could have done
    this just as easily and now that we're heading up to post time all I need to do
    is hedge that position we've got a profit on that particular runner and if
    I click on the hedge button up here then that will spread that profit across the
    field and we've made some money and you can see it wasn't particularly stressful
    on the market didn't beat me up it was very clearly defined we could have
    traded that in a number of ways whichever way we would have traded that
    it would have been profitable
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