Back to Lay - Limiting Losses

[smd100]

Hi there - I have been working on back to lay trades which I am automating in Guardian but I'm wondering how I can limit potential losses i.e when they lay bet doesn't get matched.

I'm using a refined bot that leaves scratch on the back to lay horse and profit on all the others - it works well but he winning trades can be small and one loss can wipe out quite a bit of your profits if not all ( i generally trade 5-10 max B2L per day)

I am not sure using a green/red all would work as the odds bounce around so much I could red out far too early soon after the off so I'm hoping to get some ideas from the community about what might work best

noting i'm also pretty new to horse racing and automation in general

Thanks in advance

[iambic_pentameter]

One of the best bits of advice I've received from a full time in running trader, was that stake size is critical.

He worked on the basis of only risking 2% of his bank and because he had a decent strike rate, he knew if one didn't work out, it wouldn't be the end of the world.

In terms of limiting losses, it's a tough one because the price moves so quickly in play that any stop losses you put in the market may not get matched.

You mention you are 'pretty new' to horse racing so I don't know how much research you put into your trades but if you use sites like Patternform, Timeform etc, you can get a good feel for how a horse has run previously.

Also, watching replays will help you as well as you can see how a horse travels / responds to pressure etc.

Finally, going back over your trades after the race can be helpful as well.

Best of luck

Iambic