One step forward, two steps back.

We were all new to Bet Angel once. Ask any question you like here and fellow forum members promise not to laugh. Betfair trading made simple.
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I)@v1d
Posts: 17
Joined: Fri Jan 22, 2010 12:14 pm

:evil: Let's be honest, "Bet Devil" would have been a better name for this software.
lilgreenback
Posts: 211
Joined: Thu Apr 16, 2009 11:28 am

I can understand your frustration if things are not going well. I had a mare myself this PM, two or three trades went my way then lost the next 5 for one thing and another.

The software worked fine it's the other people in the market that affect it as well I me not doing what I should have done i.e. picking the wrong entry points and miss-reading or not reading the info infront of me. The saving grace was I only lost 29 quid.

Not nice I know but and probably no consilation if you have had a worse time than be BUT and here is the but at least now I am able to cut a loss and not let it ride, otherwise I'd been in play trying to catch up and a 20 quid lay bet would have gone south costing me 100+.

It's never nice losing it's how you deal with is the thing. Today I was not in the right frame of mind, I was distracted, irritable and not concentrating things like this are important.

The bright side is a cuppa later some biccies and there is evening racing and football, if I can trade out some of the loss I'll be happy, if I make £31 it's victory £1 profit and a bit for commision. It's all realative, but I can sympathise if it gong pearshaped.

LilGB
I)@v1d
Posts: 17
Joined: Fri Jan 22, 2010 12:14 pm

Bet Nightmare, feels like I'm like flogging a dead horse. Seem to have wasted two weeks of my precious life learning how to lose money. Tethered to my laptop like a ball a chain while I have my pockets picked. Thought I was being thrown a lifeline, but I'm starting to feel like a mug punter.

(Glad I've got that of my chest!)

Has anyone got any useful advice?

Like how to make £10 on every a horse race?
andyfuller
Posts: 4619
Joined: Wed Mar 25, 2009 12:23 pm

Firstly my main advice would be to change your mind set 180 degrees.

Secondly don't dream you will be making £10 a race anytime soon especially not in 2 weeks, nor even 2 months, more like two years.

Few people make £200 a day from the horses, most people lose. We can't all win!

Rather than diving into the markets spend a lot of time watching the markets, reading blogs, forums and watch videos. There is heaps of info out there you just need to spend the time finding it and learning from it.
hgodden
Posts: 1759
Joined: Thu Apr 16, 2009 2:13 pm

Two weeks? That might seem like a long time, but it took me more than a year of slogging through it. There are no short cuts I'm afraid (at least that I'm aware of.) Its a hard business, and thats to be expected given the rewards that are available if you crack it. Try to lower your expectations and spend your time learning instead of making money. The volatility of the markets means everyone is always on the verge of having to accept nasty unexpected losses, so you better get used to that now. Those that make it have the ability to keep taking the punishment and come back for more and finally learn from it. Maybe you came into this with high expectations, perhaps now you see what is required.

Welcome to Hell ;)
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LeTiss
Posts: 5386
Joined: Fri May 08, 2009 6:04 pm

Anybody expecting to make £10 per horse race within a couple of weeks are deluding themselves.

Successful trading requires patience and experience

Making £10 per race is possible, but it's critical not to get disheartened. The best of way of avoiding this is to play with small stakes. The losses won't make you kick the cat, and every successful trade will build your knowledge and confidence
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Stewart
Posts: 225
Joined: Wed May 27, 2009 10:49 am
Location: Oohh Arrr - Suffoooolk

Your mindset is your key to success. Remember that even the most experience traders learn and refine their techniques - it's a continual process. There is no set time when you start making money, however, the stark reality is that most don't even get to this stage and either give up or run out money.

If it was as easy as turning up to make £10 per race, unemployment would be nil overnight!

When you trade on an exchange, you are trading with a pool of people and organisations, for every one that wins a £1 then someone or a group of people have lost a total (between them) of £1.

Use your eyes and ears to learn, but really think about your attitude. If you don't, all of the guys answering your post will gladly take your cash. ;)

Start by trawling the newbie area for tips and review trading videos - some good ones to start with on this site.

Wise man said - how can you master trading when you can't even master yourself :ugeek:
I)@v1d
Posts: 17
Joined: Fri Jan 22, 2010 12:14 pm

Thanks for advice and suggestions. I was sold on this idea that betfair trading was a simple, safe and easy way to make steady, low-risk substancial profits on betfair, and that betangel was a sophiscated trading tool capable of doing it all for you. I'll be lucky to make money back at this rate.
andyfuller
Posts: 4619
Joined: Wed Mar 25, 2009 12:23 pm

I would go complaining to whoever sold you it like that as it is anything but a simple, safe, low risk and easy way to make money!

The old saying if it looks to good to be true it usually is!
Bet Angel
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Bet Angel
Posts: 3999
Joined: Tue Apr 14, 2009 3:47 pm

Let's see if we can give this guy some simple tips to get him off on the right foot.
andyfuller
Posts: 4619
Joined: Wed Mar 25, 2009 12:23 pm

Start with reading and watching the videos on this blog:

http://samwilson82.blogspot.com/

Also read the two posts Adam Heathcote did on Entry and Exit:

http://adamheathcote.blogspot.com/2009/ ... oints.html

http://adamheathcote.blogspot.com/2009/ ... oints.html
PeterLe
Posts: 3715
Joined: Wed Apr 15, 2009 3:19 pm

My suggestion would be..
Read all the betangel Current and Old Blogs...there is lots in there...Choose some of the better blogs; Adam Heathcotes (some excellent entries on Entry and Exit points)...You will soon get to know the good ones and the not so good...

The biggest help for me..was (as suggested in the BA Blog)...trading at random (£2/Stakes) ...starting here you will almost break even. From there, cut out the easy mistakes (we have all made them..and continue to make them some times!)..Keep the same mindset and slowly increase your stakes (this is the hard bit). Once you are in good profit it gets easier as you believe you are playing with "Betfairs Money"... as I like to say..

It was explained to me that you have to pay for your apprenticeship...that is so true..it will cost you. I still laugh now when I thought I had won £10000 on Man United at 1-0..only to find that Reading had scored first...!! (But Shss - dont tell anyone!! Nobody knows that!)...will never make that error again!...yes it cost me a tenner, but money well spent
You will make stupid mistakes, we all do...it is how you choose to learn from them..
Regards
Peter
PS : £10/Race sounds good to me...800 Races a month in the summer....!
darrenjhill
Posts: 1
Joined: Wed Jan 27, 2010 7:14 pm

I fully understand how you feel, I myself thought that laying horses was like printing money on Betfair but alas it is not that easy. Yes, I was able to to take my £50 starting point upto £400+, but I was also able to lose it all again. Iam currently looking at bet angel and learning all the tweeks, of which there are plenty. However, Iam just doing small bets with a pot of £50 and so far so good. Stick with it and over the course of a couple of weeks you will find that you slowly pick it up. Good luck
lilgreenback
Posts: 211
Joined: Thu Apr 16, 2009 11:28 am

Hi there,

I would echo what some of the others read, watch and watch the graphs n the markets moving.

Start off with small stakes, try and trade the 2nd or 3rd fav can be a bit easier.

Make sure you have time to settle to watch the race at least 10-12 mins before the off. Set the countdown and keep an eye on it.

Try to trade out 2 mins or so before the off give yourself time to close out your position.

Don't be tempted to go in play, Don't be tempted to go in play.

If you are wrong about your entry point and the market goes against you close it reassess and if time try and trade out your loss.

Good Luck.

LilGB

Green or Red up, it's a good habit.
I)@v1d
Posts: 17
Joined: Fri Jan 22, 2010 12:14 pm

Thanks again for your help. I've already made the mistake of leaving the trade in-play till its too late. I learnt the lesson about how the market can go for you, turn the trade green, and you make a few quid. What I want to avoid is, that horrible sinking feeling you get, when the profit and loss indicator stays red and increases exponentially, and your balance is reduced to nothing. :(
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