Scalping for beginners

[mightymoney]

Cheers PeterLe

Great advice. I have just read all three blogs and going to jump into some of the other blogs to.

Watching some of the markets today. Noticed a huge difference how much money already is in the market on betfair compared to betdaq for the murray vs federer match.

I know Peter writes that the amount of money in each market doesnt always go for you or against you but betfair seems to be the most popular despite the huge fees.

Even though I like the horses I am keeping an open mind and Ive been watching the football, tennis and cricket this morning for the Sri Lanka vs Pakistan third test. The odds were low for a draw on the lay. 3.15 on the lay and now the back for the draw is 5.6 which is a huge jump. Decent profit to. But still have that problem if someone would match my bet. Only done it in pretend mode just by watching the odds on betfair.

I do like how this green book/trading works. I am aware I need to walk before I run and concentrate on one market which I will do while I learn the others in the background. Just seems more positive at the moment.

Happy Days!!!

[mightymoney]

Cheers Mugsgame.

Thats brilliant.. Really appreciate what you and the others have written. Will try this in theory this week with practice to build my confidence.

I have taken everything everyone has said on board. The next step is defo practice, then small stakes and then bigger stakes over time. Got full time hours to get stuck into this.

What you said about the horses is something I defo noticed. But at the same time I did the mistake of looking to book on every race thinking I could win everyone every time..lol..

I will read everyone's comments repeatedly until it becomes second nature.

Thanks so much!!!

Joe

[Ferru123]

Joe

There is a spreadsheet somewhere in this forum that allows you to randomly enter and to have a stop loss x ticks from your entry point and a profit target y ticks from your entry point. If I were you, I'd play with it using very small stakes, and see what you observe...

Jeff

[mightymoney]

Defo going to do small stakes..I will try and find the spreadsheet.

I practiced just doing it manually on the tennis. But this was scalping and theres no guarantee my trades would of been matched. But with a £2k stake I would of won £650. Feds odds kept going up and down between 1.4 and 2.4 for most of the match. Almost got into trouble in practice but held out for a bit and feds odds went back down. Dont think in real life I would be as greedy. Think I would always try and aim for 10% profit on each market in the beginning until confidence and knowledge boosted. I do practice with small stakes to. Even £2 & £50 practice stakes. So when I do real money £2 stakes it will look more realistic. Downloading software on Tuesday to do a week of practice and then will try the software for real the following week with £2 real money stakes.

I am really enjoying this so far. Everyone is giving so much valued advice!!!

Cheers Jeff!!

Joe

[Ferru123]

Think I would always try and aim for 10% profit on each market

Good luck, but I question whether many pros do that well! Rather than aiming for a particular figure, I'd just gratefully take whatever the market is kind enough to give you.

Jeff

[mightymoney]

Yeah the results did seem a bit to easy lol.. I just need to get to the stage of £2 stakes in real money but not rushing there until a week tomorrow. Confidence in the software first..lol.

Be easier to be more realistic once I play with real money lol

Cheers

Joe

[Ferru123]

I would forget about your % ROI (return on investment), and just focus on finding an edge. Once you have an edge, the rest will take care of itself.

Jeff

[mightymoney]

What you say makes sense. Just get the method right first.

Cheers!!!

[rookie]

just after some advice i looked at betfair a while back so already used my free trial only just come back to it now, beucase already had used my trial had to put my scalp orders in via betfair.com

so after 1st race today i green up and made 17p profit from using £2 stake, the second race i green up with 14p profit, in second race i tried to get 3.4 matched instead of 3.45 and it didnt get matched so had to cancel green up without it by time i got 2.30pm race i thought to myself is it really worth it so stopped scalping and green up for 3p profit

my question i have when you try scalp horse racing do you need to do more than 1 horse and what is a realistic sized you have to make decent profit as the video shows 200 stake as it seems £2 stake no where near enough or am i not being realistic and profit was good for £2 stake

[steven1976]

Guess it depends if you are doing it for fun or looking to make money from it. If you won 17p on every single race for 12 months I guess you would be 1700 quid up if there is about 10,000 races and you traded them all.

So getting to understand the front of the markets and how and why they match money is important using small stakes before using larger stakes that you may not feel comfortable using. What works with 2 pound stakes may not neccesarilly work with 200 pound stakes. So play with a liabilty that your comfortable with and dont think about what you want to win.