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Ferru123
Posts: 6768
Joined: Fri Dec 11, 2009 10:51 pm

Tue Nov 23, 2010 3:17 pm

Hi Tash

Is that in order to go in the direction of the longer-term trend?

Jeff
mctash wrote:I agree that there is no such thing as correct settings. A tip I've recently found useful after watching some trading videos linked by a forum member, is to have multiple candlesticks of the same runner open at different time scales. You can then use the larger time frames to add weight to any indicators you might spot on the smaller time scale charts.

Tash

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mctash
Posts: 101
Joined: Wed May 12, 2010 2:11 pm

Tue Nov 23, 2010 4:20 pm

Hey mate,

I tend to use it as a safety indicator. I'm pretty new to this so mostly concentrate on trying not to lose :) Therefore I will look at say a five second interval candlestick for my short time frame, if anything happens on this scale such as break through resistance then I'll refer to a 15sec candlestick for a more medium term confirmation of that particular indicator. If they both agree that price is moving in a certain direction then it starts to look good. I also run a 30sec-1min candlestick for an even wider perspective. It something that technical analysts do according to those trading videos I watched, so I thought I'd try it. I've only really being doing this charting method for four days but I found my trading has improved.

However, I should point out I'm no expert and there may be no real benefit to this at all :)

Tash

Ferru123
Posts: 6768
Joined: Fri Dec 11, 2009 10:51 pm

Tue Nov 23, 2010 4:26 pm

Hi Tash

With the financial markets, there are 2 schools of thought about whether to look at the longer-term trend.

One says that it's a good idea, as it gives your trade a higher probability of success. The other says that, if you can jump onto a new trend, then you can ride it further than if you leave your entry till the longer-term timeframe is in agreement.

With Betfair, I personally prefer to just look at one timeframe, although I should stress that I'm not a pro either! :)

Jeff
mctash wrote:Hey mate,

I tend to use it as a safety indicator. I'm pretty new to this so mostly concentrate on trying not to lose :) Therefore I will look at say a five second interval candlestick for my short time frame, if anything happens on this scale such as break through resistance then I'll refer to a 15sec candlestick for a more medium term confirmation of that particular indicator. If they both agree that price is moving in a certain direction then it starts to look good. I also run a 30sec-1min candlestick for an even wider perspective. It something that technical analysts do according to those trading videos I watched, so I thought I'd try it. I've only really being doing this charting method for four days but I found my trading has improved.

However, I should point out I'm no expert and there may be no real benefit to this at all :)

Tash

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mctash
Posts: 101
Joined: Wed May 12, 2010 2:11 pm

Tue Nov 23, 2010 4:44 pm

Ah yes. As with most things trading there are many schools of thought. I suppose that each can be effective if used in the correct manner. I find it hard to know what strategies or techniques will cross over from the financial markets to the sports markets.

The reason I have found it useful is because I'm not at a stage where I'm trying to maximize my profit levels. I'm slowly getting to grips with the market behaviour and taking a tick here or maybe a small trend there. This chart methodology gives me (however foolishly) a sense of assurance that even though in the short term it may move against me, in all likely hood my trade should be successful. Obviously the market shall do as the market pleases but as far as I can tell anything the tips the scales just slightly in your favour can help.

I must hurt a lot to lose big money in bad trades, but I think those of us who are starting out who do two or three hours low stakes trading still feel the pain of losing their entire session profits in one silly manoeuvre(even if it is just relatively small amounts). I'm willing to try most things that serve to reduce the frequency of these mini disasters.

Tash

Ferru123
Posts: 6768
Joined: Fri Dec 11, 2009 10:51 pm

Tue Nov 23, 2010 4:57 pm

Hi Tash

I agree about the importance of protecting your bank.

That said, many traders make the psychological mistake of closing their trades for a tiny profit, rather than letting their profits run. Studies have shown that most people are more motivated to avoid losing money than they are to gain money. Basically, the pain of losing £10 outweighs the pleasure of making £10. As a result, they'll close out for 1 point even when the market is saying 'Hey, wait about, I'm probably going to give you a few more points if you just sit tight!'. :) And they'll hold onto losing positions, in the hope that the market will turn around (in my experience, it usually doesn't!).

Jeff

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mctash
Posts: 101
Joined: Wed May 12, 2010 2:11 pm

Tue Nov 23, 2010 7:53 pm

Yes, I think that learning to leave the profits running and ditching the losses (where appropriate) is an art form and one of key things to learn on the road to becoming a better trader.

The kind of protection I'm after is that which cushions "beginner style" avoidable mistakes. For instance you can spot what you should do based on market activity but enter the market in completely the wrong fashion, be it the wrong side, too late, too soon etc. My ideas may be correct but my execution is sometimes lacking, but that is something I can definitely improve through practice. This is completely unlike the market activity itself, which no matter how much I practice I cannot greatly influence without a whacking great load of cash.

Tash

Ferru123
Posts: 6768
Joined: Fri Dec 11, 2009 10:51 pm

Tue Nov 23, 2010 7:58 pm

One thing I'd avoid (and again, I'm no expert myself!) is markets with insufficient liquidity.

If you try to trade a market 10 minutes before the off, with just double figure amounts on either side of the spread, odds are you'll get burned!

Also, you might want to avoid markets that jump around like a flea on acid! I know some traders to well in such markets, but there are also experienced guys on here who find them very frustrating, so they're probably best avoided when you're starting out! :)

Hope this helps.

Jeff
mctash wrote:Yes, I think that learning to leave the profits running and ditching the losses (where appropriate) is an art form and one of key things to learn on the road to becoming a better trader.

The kind of protection I'm after is that which cushions "beginner style" avoidable mistakes. For instance you can spot what you should do based on market activity but enter the market in completely the wrong fashion, be it the wrong side, too late, too soon etc. My ideas may be correct but my execution is sometimes lacking, but that is something I can definitely improve through practice. This is completely unlike the market activity itself, which no matter how much I practice I cannot greatly influence without a whacking great load of cash.

Tash

Ferru123
Posts: 6768
Joined: Fri Dec 11, 2009 10:51 pm

Sat Mar 19, 2011 12:27 pm

Some Betdaq videos would be useful.

I suspect that one reason that more people don't trade on Betdaq is because they're not confident trading in low liquidity markets. Videos would help to address that (and would also help people who want to trade other low liquidity markets, such as greyhounds).

Jeff

Ferru123
Posts: 6768
Joined: Fri Dec 11, 2009 10:51 pm

Thu Apr 21, 2011 11:51 am

Would there be any chance of a video explaining how cross matching works, and tips for trading in the new environment it's created?

Thanks

Jeff

Innertube
Posts: 215
Joined: Mon Mar 14, 2011 9:18 am

Thu Apr 21, 2011 12:04 pm

Betfair have some info on their site

http://bdp.betfair.com/index.php?option ... &Itemid=62

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