Hi all

[Smokestak]

Just to introduce myself. I was recommended to try BetAngel by a friend who said it was the best. Probably jumped the gun and bought the full version without playing with the free trial first (eager).
My questions
1. What's a reasonable start bank to begin with on Betfair? I only have £30 at mo. Is that too small?
2. Bots? Is there a simple bot to start with? I have an understanding of the syntax of how they go together (like formulas in excel) but how do you choose which race to put which bot on?
3. Ladder trading? best left until I know more?
Fire your best advice
S.

[sa7med]

You can open up excel and choose markets through Guardian, its the G icon when you open bet angel. You should check out the manual for some input: https://www.betangel.com/user-guide/index.html

I would say even for 2 pound stakes 30 is too low. Even if you have an edge you could still lose this bank. Check out the Kelly Criteria.

Lastly, I would suggest you play around in practice mode until you know the ropes.

good luck

[Derek27]

Hi Smokestak, welcome to the forum.

I would recommend using practice mode to begin with to get a feel for the software and trading. If you're trading the ladder is essential and it's worth using straight away or shortly after you've learnt the basic screens. Ideally you should have a feel for trading before you start using bots as you'll have a better understanding of what they're doing.

Practice Mode Responsibly & Avoid Betfair Restrictions

[Smokestak]

I've mainly practiced on the ladder, but using real (£2) stakes it seems much harder to green.
I watched PW trade and he makes it look simple. I've reversed the ladder as he suggests and other tips, watching the one click screen and comparing charts. Do you always start with an opening back trade? or can you open on the lay side? It seems to tip the scales the wrong way whichever way I choose first.

[Derek27]

You need to open on the side you think is to your advantage. If you think a horses price has got too short and is likely to drift you would lay first and vice versa.

Laying first can be a bit of a problem though, with a small bank as you'll be restricted to laying shorter priced horses or going below minimum stakes.

[Smokestak]

I am planning to move some of my bank over to betfair from a couple of other accounts so I have more of a buffer. Can't remember where I read it but it said at least £200 bank for £2 stakes. It may have been £2000, but that's outside my range at present. Even £100 doesn't look enough when you look at the liability...

[spreadbetting]

Even £100 doesn't look enough when you look at the liability...

If you back first your liability is always limited to your stake not exposure, you'd have to be exceptionally bad to blow £100 quickly when trading and backing first.

[ShaunWhite]

Even £100 doesn't look enough when you look at the liability...

If you back first your liability is always limited to your stake not exposure, you'd have to be exceptionally bad to blow £100 quickly when trading and backing first.

+1
If you're very new it often pays to just look at one direction first. As sb says perhaps just look for horses shortening to start with so that you can work with that bank. £30 should keep you going for a while if you do that.

£2 stakes, perhaps limit yourself to no more than 30p loss in any one market. Even if you're doing badly that will keep you going for over 100 races.

[Smokestak]

That makes sense. I've been using 30p as my close point.