Trading Tips For Beginners

[Cloverleaves]

Say the bookies have an average price of 1.6 on the favourite. Betfair is currently trading at 1.65. I would then put a back on for 1.72 (or something like that) and wait. Often that money would get taken. On several occasions I could then close this out before the start of the event for a profit or occasionally only break even.

Can you explain that a little more?

Do you mean you put your money on to back (i.e it's a lay for the taker), and then lay it yourself later? In which case, are you assuming that if the bookies are pricing at 1.65 now, then the odds will drop later, and the lay odds at Betfair will go with it?

Thanks for the input!

[Procrastinator]

Can you explain that a little more?

Do you mean you put your money on to back (i.e it's a lay for the taker), and then lay it yourself later? In which case, are you assuming that if the bookies are pricing at 1.65 now, then the odds will drop later, and the lay odds at Betfair will go with it?

Thanks for the input!

Hey there, yeah, I mean put a back in the queue. In the example I gave, betfair is already offering better value than the bookies (excluding commision), 1.65 compared to 1.6. So I put something in the queue that is even further away. If you look at the graphs of odds on lots of events, the odds are much more volatile while the market is forming. So if you put a back bet in the queue at say 1.72, you will possibly get it at some point. If you do, the odds will "hopefully" come in again towards the start of the event and you can match out for a profit before the event starts.

I don't have time to look it up, but I think I tried this on 5 cricket matches. All of them got matched at the price I wanted, 4 of them I locked in a small profit before the start (about 50p - £1) from bets of about £5-£20. There was one bet,India V Eng I think. Where the bookies were offering 1.53, betfair was at 1.61, so I tried for 1.66, got it, but then it had shifted to 1.67 by the start of the event. So it doesn't alway work, but another thing to try!

It is interesting to look at what has been matched before the start of an event. There are always some matches at stupid prices way out of line.

Anyway, please take all I say with a pinch of salt, I have been trading all of about a week and really the extent of my knowledge is the difference between the pink and the blue buttons on bf.

[Cloverleaves]

Hi,

Thanks for the info. My trading experience is also very limited, and so far very unsuccessful (!) so I am interested in finding out how people do this. Appreciate the help.

Clover

[darkhorse]

Along those lines regards 'over reaction', I'm wondering right now if Federer at 1.95 to win Wimbledon is a bit of an over-reaction to Nadal pulling out before it starts. I would have thought that the first time he's in a match that goes to 5 sets, that price will go out a good few points.

At 1.95 the market is basically saying he's a lock in for the final and everyone else is in that market is just playing for the one other place in the final... but then again maybe the market is right!?

When I heard Nadal was a doubtful starter I whacked £10 down on Murray and Fed at 4.7 and 2.02 respectively. Then yesterday managed to green up before Nadal was withdrawn from the market, but only for a couple of quid. Bottled it really as should have waited longer and backed £100 each, not 10.

[snoopy]

guys id like to look into doing this but dont want to mix it up with my current Betfair account so id like it completely seperate.... Is it possible to have two Betfair accounts? or is that a complete no-no?

[darkhorse]

Apparently you can but they have to be funded by a different method to your other account. So a different moneybookers email would suffice.

[snoopy]

Apparently you can but they have to be funded by a different method to your other account. So a different moneybookers email would suffice.

lol well thats me out then as i think ive funded betfair by just about every means possible lol and i havent got a VIP moneybookers account

[darkhorse]

You can add as many email addresses as you like to your non VIP moneybookers, so count yourself in !

[Nintendo2k]

Traded myself to £104 (about £99 after commission) last night again, bringing me up to a total of ~£230 on my three attempts on trading. It is more luck than being a good trader. It is a bit strange to have made this much money on a sport I don't really know anything about and only started watching two weeks ago.

I layed Cleveland Indians last night, I started laying them at around odds of 1.40-ish, and then they went on to lead 7-0 in the 4th inning. I then layed them some more at 1.01/1.02, knowing that Cleveland has a very weak bullpen (pitchers). This lay was originally meant to get out of the £30-ish loss I would have faced, as I figured the cubs would get a few runs and odds would go up when cleveland's starting pitcher left the game. I also had some faith in the Cubs as they made a strong comeback in their game against the White Sox the previous night.

Chicago Cubs later came back to win the game after extra innings. I will never understand why someone would want to back anything at 1.01/1.02. It's just silly, but it sure made me happy This has to be one of the more memorable comebacks in baseball history

I did think about just leaving the lay there and go for the full £200 win, but some strange things (errors mostly) started to happen, so I traded down to ensure a healthy profit.

[snoopy]

You can add as many email addresses as you like to your non VIP moneybookers, so count yourself in !

If thats the case then ill see about opening another betfair account cheers darkhorse