Huge over-staking foolishness

[Kafkaesque]

Anyone got any stories about staking mistakes

Missclicked today at some aus horses market, hedged for 50e loss. Just accept you loss and move on. If we are taking about few thousands loss after hedge, then I don't know, cut your fingers off or something .

Cut off the body part causing big mistakes? With that strategy the human race would die out.....most men wouldn't have their baby-making equipment past their teens

[dmbusa]

Sorry about the derail, but I've always wondered about those lays of 1000 at non-relevant spots. It's a sure thing, when it does happen for whoever does it, obviously. Still, you'd have to think, someone only makes that misclick once in a blue moon, and even then it's even a very small roi. Who has 40k to toss around in many spots on the off chance of a tiny roi payoff? What is you guys' take: Betfair filling those spots, someone with a deal with Betfair, or is it actually traders with funds not currently in use and then placing it there?

I know some traders who will lay 0-0 then when a goal is scored back at 1000 to get the funds back into their accounts to reuse save waiting for the end of the match

[Kafkaesque]

Sorry about the derail, but I've always wondered about those lays of 1000 at non-relevant spots. It's a sure thing, when it does happen for whoever does it, obviously. Still, you'd have to think, someone only makes that misclick once in a blue moon, and even then it's even a very small roi. Who has 40k to toss around in many spots on the off chance of a tiny roi payoff? What is you guys' take: Betfair filling those spots, someone with a deal with Betfair, or is it actually traders with funds not currently in use and then placing it there?

I know some traders who will lay 0-0 then when a goal is scored back at 1000 to get the funds back into their accounts to reuse save waiting for the end of the match

What am I missing here.....how does doing that get money into their account before the end of the match?

[dmbusa]

What am I missing here....how does doing that get money into their account before the end of the match?

laying 0-0 at 20's for £5000 stake has £95k Liab back it 1000 for £96 removes the Liab leaves the profit on the other scores which leaves them with the £95k to play another match sooner than waiting.

Personally don't have the guts to do those trades.

[Derek27]

What am I missing here....how does doing that get money into their account before the end of the match?

laying 0-0 at 20's for £5000 stake has £95k Liab back it 1000 for £96 removes the Liab leaves the profit on the other scores which leaves them with the £95k to play another match sooner than waiting.

Personally don't have the guts to do those trades.

I didn't realise you can get bets that large on the correct score market but that's a lot of money to throw away on a strategy that's not likely to have a high ROI. When the 0-0 draw comes in they'll suffer heavy losses so I wouldn't have thought they could afford to throw money away just to move onto the next match.

[dmbusa]

I didn't realise you can get bets that large on the correct score market but that's a lot of money to throw away on a strategy that's not likely to have a high ROI. When the 0-0 draw comes in they'll suffer heavy losses so I wouldn't have thought they could afford to throw money away just to move onto the next match.

Pick the right matches yep can get those on.

I agree that it is the fast way to the poor house for the majority who try it

[Kafkaesque]

What am I missing here....how does doing that get money into their account before the end of the match?

laying 0-0 at 20's for £5000 stake has £95k Liab back it 1000 for £96 removes the Liab leaves the profit on the other scores which leaves them with the £95k to play another match sooner than waiting.

Personally don't have the guts to do those trades.

Arhhh, read it too fast, and missed the "back" part of 1000. I assumed you were saying, they were laying at 1000, as my initial question was who is doing that side of the business

Probably also threw me off that you wrote traders The fine line between trading and gambling has been discussed to death already, but laying a spot where there only really a big loss to trade out to or a "pure win" is 100% gambling imo. Especially when you kick in effective throwing money out the window, as Derek has touched upon already, by backing at a 100% certain loss of yield. That truly screams gambling (and poor BRM, if you need the funds right now).

[Derek27]

I had my default stake size set to £64 on the ladder one busy saturday and flicking through the markets on a lap-top that was a bit slow heard a 'pop' only to discover that I'd acciddently placed a back bet on 0-0 in a correct score market when the score was already 2-1. I didn't even get it all matched at 1000 as there was only about £40 there so everyone who'd left a lay bet in at lower prices got a piece of my action too.

Brutal! A misclick where you have to take a loss is one thing, but with no way out, yikes

Sorry about the derail, but I've always wondered about those lays of 1000 at non-relevant spots. It's a sure thing, when it does happen for whoever does it, obviously. Still, you'd have to think, someone only makes that misclick once in a blue moon, and even then it's even a very small roi. Who has 40k to toss around in many spots on the off chance of a tiny roi payoff? What is you guys' take: Betfair filling those spots, someone with a deal with Betfair, or is it actually traders with funds not currently in use and then placing it there?

I've no doubt there will be a few untalented traders who have a few grand in a Betfair account but are unable to make any money or end up losing. So they might turn to investing their money in bets that can't lose in the hope of scraping a few quid, after all, it's better than losing it!

I'd like to think mistakes happen both ways. After a goal somebody might lay the wrong 1-0 scoreline at 1000.

[trader44]

i remember rstrachs post it was painful to read at the time as i remember he had went full time i think and his family were saying be careful etc and he was proving to them he could do it .i remember him being very disciplined to build it all up i think he turned £1,000 into £10,000 or soemething like that and then BOOM it all went as he says in a few hours .A very painful lesson but it looks like he has learned from it as is the case we wouldnt choose the lessons we get but if we can learn from them then we can become better traders.

i have so many instances of my own self implosion but heres one

i had built my trading bank to £900 and backed a front runner on the flat in ireland for £20 at something like 6s to lay off shorter it started to drift and dropped way off the pace ,i thought i arent losing £20 stake so laid it back at a massive price ( as it couldnt win from there ) those elusive words haha, anyway it came back on the inside like a rocket and me watching it like a rabbit in the headlights turning religious saying please god no no please i wont do it again just give me this one i have learned my lesson and obviously it gets up by a nose on the line and took most of my bank with it ,i felt sick and took the kick in the bollocks

[brimson25]

I can just picture that!

[stueytrader]

As this has been a good 'sharing' thread:

I was playing BF around 2002 (wow how long ago that seems, but like yesterday), in those days often just backing selections mostly.

My bank was doing fairly well - markets were a lot softer for straight punters back then too. I was cruising through a fairly usual afternoon a few hundred up on the day. Got to a large field sprint, and I noticed a selection I had fancied trading around 12.0 - there was a big gap in the other side so I thought I'd throw in a cheeky request for a lumpy stake at 25.0. But, I accidentally pressed the 'lay' at 25.0 instead for the same stake. Of course it got snatched immediately - and it was only about 10 seconds to the off. I sat there frozen, did absolutely nothing, and thought - oh well it's a massive field and it was 12's anyway, what chance.. there was only audio commentary those days, and no inplay trading....it won by 3 lengths. Can still remember listening to my funds draining away!

Destroyed me for about 9 months must admit. But it's great to look back on at times these days as a reminder.

[brimson25]

Jesus. I'm wincing at every one of these!

[jimibt]

not quite the same thing, but a similar tale of caution. back in 2015 I had been doing pretty well on matched betting. being a developer, i'd managed to find a few loopholes that allowed me to exploit more offers than I was reasonably entitled to!! (enough said already on that)

however, I knew that things wouldn't last forever, so I deceided to take a look at BA around about that time and having a fairly nice bank to start with, set about exploring the tools that BA offered. the dutching tool looked great and i decided (on day 1) to have a pop at that. to my amazement, i somehow (luck, ignorance and bravado) managed to secure a profit of about £500 on that 1st day. I was laughing at how *easy* this malarky was and having explored automation for at least 2 hours that evening, thought that i'd setup a rule to take away *all the hard work* that i'd had to undergo earlier to make my tidy profit.

*** SPOILER ALERT *** - IT DIDN'T END WELL.

On setting up my rule, i had of course not taken into account MANY things (the main one beng that I was clueless and had had a very, very lucky 1st day). Roll on day 2 and i popped the rule on and ordered the yacht. The 1st couple of races did quite well and i therefore fancied that i could leave that running and get on with other things. It therefore came as a bit of a shock when i returned at 18:00 to find that my bank was down by over £1k.

What i'd underestimated was the fact that you couldn't just dutch every race and that you couldn't leave automation (that was literally untested) running on what amounted to full *production grade* stakes. This was as much a lesson in humility as it was one of enlightenment. I realised then that there was much more to all of this than just picking the top 3-4 runners and spreading the stake across them. Roll fwd 3 years and although dutching is still very much in the toolkit, the approach is way more rigourous and the selection criteria and filters probably end up removing 80% of all races. Also, that lesson taught me to focus on bank management/protection as that arrogant 2nd day could have wiped me out at any other time.

In short, 3 years has been an education and one that continues right to this day.

[trader44]

that made me laugh jimbit ,great lesson to us all.there is no quick way