When I tried to green out today a message came up telling me there was not enough money in my Betfair account to proceed.
A mad rush to deposit more funds failed, the race went in play and I kissed goodby to £400.
£1000 was sitting in my Betfair account. Not enough to fully green out but the loss could have been more than halved if this money was used to green as much as possible.
Does anyone know if there are any settings to force the best green out for the funds available, or am I right in thinking that if the amount to fully green out was only £1 more than in your account BA would say no?
Is it not possible for BA to include a flashing warning if you do unwittingly put yourself in this position?
Not enough funds in Betfair
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spreadbetting
- Posts: 3140
- Joined: Sun Jan 31, 2010 8:06 pm
Are you sure the problem wasn't due to your exposure limit? I can understand a situation where you'd be underfunded to red out but not underfunded to green out.
Hi, you may be right. The max exposure was set to £1000 but that is all that was in the account at the time.
By the time I deposited another £2000 the race was over.
The trade was £400 at an average back price of 5.27. I should have quickly layed off whatever I could manually then deposited more cash and then layed the rest. This would have minimised the loss.
I should have been watching more closely, but it would be nice if the software could shout out that you are digging a hole for yourself. Can't imagine it would be too difficult.
By the time I deposited another £2000 the race was over.
The trade was £400 at an average back price of 5.27. I should have quickly layed off whatever I could manually then deposited more cash and then layed the rest. This would have minimised the loss.
I should have been watching more closely, but it would be nice if the software could shout out that you are digging a hole for yourself. Can't imagine it would be too difficult.
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CaerMyrddin
- Posts: 1271
- Joined: Mon Sep 07, 2009 10:47 am
I never experienced such a thing and can't really understand why having more or less funds on your wallet would make a difference?
I have been badly burnt a couple of times in the past with this problem in tennis markets.
I have no idea what caused it but I know it wasn't my exposure limit, all I can think of is that I made several backs and lays for differing amounts and when I tried to green out I got a message saying 'exceeded account balance'.
I can only imagine that somehow I overloaded the server with lots of backs and lays
I since learnt my lesson though!
I have no idea what caused it but I know it wasn't my exposure limit, all I can think of is that I made several backs and lays for differing amounts and when I tried to green out I got a message saying 'exceeded account balance'.
I can only imagine that somehow I overloaded the server with lots of backs and lays
I since learnt my lesson though!
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CaerMyrddin
- Posts: 1271
- Joined: Mon Sep 07, 2009 10:47 am
But if you cancel all your open positions you can close your position, right?
I think spreadbetting may be right about the exposure limit. When I tried to green out the lay stake would have been about £407 but the total liability of the lay just under £1700, the exposure limit was set to £1000 with about that amount in the Betfair account.
Had the exposure limit been set to £2000 would the trade have closed properly though due to the trade being green (about +£7). I really do not know.
Several lessons were learned such as know where your cards are or at least remember the security code. When entering your password and it is not accepted - check your capslock key. Or probably best of all set your exposure limit at a decent working level and deposit enough funds before trading - not during.
This has been an expensive week with this and getting caught out by ATR talking through the start of a race earlier in the week.
Not to worry I'll get it back.
Had the exposure limit been set to £2000 would the trade have closed properly though due to the trade being green (about +£7). I really do not know.
Several lessons were learned such as know where your cards are or at least remember the security code. When entering your password and it is not accepted - check your capslock key. Or probably best of all set your exposure limit at a decent working level and deposit enough funds before trading - not during.
This has been an expensive week with this and getting caught out by ATR talking through the start of a race earlier in the week.
Not to worry I'll get it back.
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spreadbetting
- Posts: 3140
- Joined: Sun Jan 31, 2010 8:06 pm
It's one of those quirks of the betfair site, no matter how much you'd deposited it wouldn't let you do a single bet that exceeded your exposure limit of £1000 despite the fact you had more than enough green on the runner to cover it.
Just ring up Betfair and ask to get the exposure limit on the account raised to above your usual levels of exposure. Also worth remembering you can green out manually by placing lots of separate bets that don't exceed your exposure limit. It's caught out a lot of traders especially when you're playing at higher odds as it doesn't take a lot at higher odds to exceed the standard limit of £1/£5K
Just ring up Betfair and ask to get the exposure limit on the account raised to above your usual levels of exposure. Also worth remembering you can green out manually by placing lots of separate bets that don't exceed your exposure limit. It's caught out a lot of traders especially when you're playing at higher odds as it doesn't take a lot at higher odds to exceed the standard limit of £1/£5K