I have been using BetIE during the last couple of days to try and learn to read the market. There are a number of pointers built into BetIE to help you. So far I still have not got it right but still managed to trade my way to profit. I shudder top think how it could be if I was to start to get it right.
The trade I am in now I got wrong, well not really – I wanted to do a back first then lay, but the 2 previous trades I had tried the other way around. Lay first then back after. I forgot to reset the software and the lay bet went in first. Which was a shame because I had read the market right otherwise. I put in a Lay bet of 100 euro at 2.72 and the next bet with LazIE bet is sitting there as an order for 2.76 euro. Well I had to trade it in running and I had a couple of chances to trade out at a profit. I left it the first time then I got a second chance and backed it for 4.00 with 100. That left me with a possible 128 euro if Baily won the race. It didn’t though and came second. Would have been 100 up if I had left it. I should have altered the bet amount so that the money was equalised.
The race was a 7 furlong short race and not much time to be able to do much in running. I had the same problem in the 2 previous races 6furlong and 5 furlongs and both of those I got wrong with the reading of the market. Good job we have learning mode in BetIE so that they were not costly mistakes. Well worth buying BetIE so that you can spend time learning to do it before you put up the cash in Betfair.
OK lets look at the next race Newmarket 2.35pm
The money meter was telling me to lay EKTIAAR as there was a good lot more money on the back side. Of course the price went the other way after that and there was only a couple of mins before the start. So in running I backed it d it 8.80 and the equalised the profit so in the end I had 20 euro winnings whatever happened. It didn’t win the race either. Came in 4th.
Ayr 2.45
Just backed Quest For Success 100 euro at 2.42 and the lay bet just got taken also so I have a profit of 0.84 – Nice to get it right that time. the price has come down now to 2.34 so I could have made more money on it but for now getting the reading of the market right is more important to me.
2.55 Goodwood
I went with Lady Dedlock following the prompt from the software and the price went the wrong way ???? Backed at 13 with and order in there at 12.5 and the price has gone to 19.5. Looks like i will have to try and trade out in running with this one……..Didn’t work out – I messed it up good and proper. Hail Learning mode !!!!!
Newmarket 3.10 pm
I followed the lead from LazIE and set a 1 tick movement to take profit on Majeen and it worked like a charm. Within a minute I have a profit of 4 euro sitting there. Backed at 25 with 100 and laid at 23 – I could have made more — lots more as the price has come right down to 15
Ayr 15.20
I went for Carrickmacross as the indicators suggested a movement downwards and of course it went up I backed at 4.80 with 100 and when it went in running I fired in the lay bet order at 4.6 straight away. It got matched at 4 so I had the profit of €66.95 if it won and 4.35 profit if any of the other horses won.
It won so that was a good result….
Goodwood 15.30
2 mins to god before the off and nothing jumping out as a possible trade. No clear favourite on this and it is a short race too.
So I will give a try with a Lay then back on MinWir – laid it a 9.4 – I will probably have to get in a trade in running.
Got matched at €13 311 if it wins and €4.08 if it doesn’t
Newmarket 15.45
I did a lay to back on Lion Sands using LazIE bet in BetIE with a 2 tick target lay at 2.48 and backed at 2.52 so there is a €1.52 profit there already. and still 7 minutes before the race is due to start. I put in another just to try it out for some more money. Still waiting for the odds to go the right way. 1 min before the race is due to start. Looks like an in running bet. Got matched right at the off – €5.05 if Lion Sands winds and €3.08 if it doesn’t.
Ayr 15.55 1m5f
Nothing in the run up so I tried a LazIE bet at the off with a target of 2 ticks for profit. Got matched pretty quick with the lay bet and there is €2.63 profit there, before the race is finished.
Goodwood 16.05 1m4f
€1.82 profit on any horse 2 mins before the race has started. I backed then laid Pivotal Answer. Just done a back to lay in running and the profit is now €3.59.
Newmarket 16:20 5 furlong
laid TAX FREE before the off and then backed in running for a profit of €2.56
Ayr 16:30
Tried a lay on one that was highlighted and I should have checked the chart because I saw that the trend was down and I wanted an upwards movement. But it worked out though even with it being a short 6 furlong race and I had a profit of €4 at the end of it. I just threw in a back bet as soon as the race started and it was soon matched.
Goodwood 16:40 1m3f
I laid Dustoori at 1.74 and I am looking for a back price of 1.76 – Another one for trading off in running. less than a min to go before the off. Odds now 1.70 to back ( I got the direction of the odds wrong again)
Got matched just after the start of the race at 1.79 leaving a profit of 1.14 or 4.10 if Dustoori wins – and it did win
Newmarket 16:55
5 minutes before the off I have backed Mango Music at 9.2 and I am looking for 8.8 on the lay side now. This is another of those short 6 furlong races. 3 mins and the odds went to 9 but not the extra tick I am looking for.Now gone back up to 9.4. I think I might just trade out in running, although the odds have hit 10.
Well that was a disaster – I really should have left the short race alone or at least gone with a lay first rather than a back. The damage was €100.
The lesson is that I should have traded out before the start of the race with those circumstances, I could have traded out at odds of 10 which would have been a manageable loss in the long view.
Saved of course by BetIE and the Learning mode which is invaluable.
For the next race I have decided to try a dutch. Short race again and I can’t be bothered with the trading on this one. 5 horses out of 9 covered. 5.87 euro if one of them wins. But an outsider won it and thats €50 learning mode euros down.
So today has be a good day for learning things and not so good for making money. I could have done a few things better and there were a couple of things I did purely for trying it out to see what would happen. I am sure that I would be a little more cautious with real money. The main thing is to try out a system and see how it fares over a longer period.
to that end I will give myself a month period to see how it goes learning but trading as if I was using real money. Main thing is to protect the bank at all costs. On some of trades that lost today I would have only had a small loss if I had traded out to stop a bigger loss. Overall I would have increased the size of the bank probably. There are always bad days. Ray the sports trader has a bad day from time to time but still manages to have good monthly profits.
It is all about the long view with a good system and using BetIE is a good way to do it.
