Getting your basic settings right within the Bf Trader Bot is key if you are to develop your ideas or strategies. More importantly before you decide to invest your hard earned money in running you firstly have to get your set up right pre race. The Trader Bot is more effective pre race than inplay especially in the horse racing markets. It will run smooth without any issues barring lost internet connections and Betfair crashes. These situations will arise at some stage and are always out of your hands.
The question you need to ask yourself is what type of trading suits you best. Do you scalp ticks for quick profit or do you like to wait for prices to Swing in your favour. Lets take a look at the latter and set up a basic strategy for Swing Trading within the Trader Bot.
We will be using the price percentage directional tool in both directions for Back and Lay trades. With the addition of a new setting "Stop Recording Prices X Secs before Start Time" we can now use a fixed point price set to any time we like. This allows us to get a fuller price percentage movement which is not false.
Lets get some screenshots up of a Swing Trade set up. I always start from left to right and work my way around main settings window.
Definition of Swing Trading: The basis of a Swing Trade is to Lay low when the price has shortened to much or back high when the price has gone far to big. You then hope that the price swings back in your favour insuring a nice profit. A stop loss is always advised to limit losses.
Figure 1 below shows our settings window.
What we are trying to achieve here is to record Min/Max prices 10 minutes before off time and pause or stop recording those prices 595 secs(9m55secs) before the start time. With this we have a frozen starting price for bot to assess percentage price movements be they up or down. This will give us an accurate price movement of a 10 minute period.
Figure 2 shows the Trader Bot settings.
In the General Tab it is advised to only ask for 1 trade per runner and market as over a 10 minute period there may be not time for a second trade. Plus because you have paused recorded prices the second trade will trigger straight away as the desired price percentage movement has been reached. This is not what we want.
The most important setting on this screenshot is "Stop Trading and Hedge All Uncompleted Trades X Secs Before Start Time" This i have set to 10 seconds. One word of caution here and i can't stress this enough. Make sure your computer clock set to the correct time. Bot operates from this time.
This setting is our only hedge unless stop loss is triggered, we won't be placing a second bet with this set up.
Figure 3 is our Trade Direction And Runner Selections Rules
I have ticked Any Fav In Price Range as this gives more scope for a trade to occur. If ticking first favourite a situation can happen where the favourite can change many times before the start time. Bot will then start to follow a different horse then its first original target favourite. You could manually tick the favourite you wish bot to track also. A lock favourite position before off time would be a good new setting for trader bot. Then it can track one horse up and down for our price movements. Under selection conditions i have set up to track horses in both directions to certain percentages. These percentages are just an example. First place back and lay bets over-ride default trade direction back and lay within these windows. Also note i track the opposite price to the bet type. This is very important as back prices are on the lay side and vice versa. People still don't understand this. If i want to back a horse then someone has to put in a lay price for me to be match. That lay price appears on lay side. So all my back prices are the opposite side or lay side.
Figure 4 Screenshot is our First Initial Bet(Trade)
Because this set up is tracking price movements in both directions its better to use Actual Price in both windows. You can choose a tick offset of 1 if you like. I have sometimes used 2. This means bet would remain unmatched once entering market. We can cancel initial trade if incomplete at 60 seconds. Again this is just an example figure. You may not choose to use it at all. You have the back up of the timed hedge x seconds before start time. Bets persistance should be always set to Cancel.
Figure 5 Screenshot is our Second Bet(Trade)
With Swing Trading i prefer not to place a second bet but again you can use a tick offset if you wish. There is always many options. With hedge all uncompleted trades Xsecs before start time ticked we can hope it hedges for a profit.
It is always advised to use a stop loss. Again you can choose a percentage like here or use if price goes up or down by X ticks. Beware when using both of these settings together bot will hedge for profit as well as loss.
For example if you tick both boxes, hedge if price goes up and down by 5 ticks then if your first bet is a Back bet it will trigger the down 5 ticks side of this set up for a profit. This is good to know and can be utilised if so desired. Again bets persistance is always set to cancel.
Figure 6 Screenshot is our Advanced Option Settings
Again these are fairly self explanatory in that we start to monitor markets 11 minutes up to start time. You can monitor 2 or 3 markets at one time depending on the amount of racing on.
You can also see with each screenshot the main bot window is set to bet Â£20.00 with its own price range and over rounds. These again are just examples for article purposes.
The main or overall set up is a good guide to swing trading set ups. You may choose to trade only one direction if you feel Backing a drifter is to risky. But remember you are limiting your trade options.
Finding a happy medium in the total price percentage movement is another days work. But if you are persistant you will start to see patterns in price movements especially on the favourite.
I am hoping a new setting of Lock Fav Position from Multi Bot will be added in next update. Then we can follow that first favourites price from the second we start to montior markets.
You can also choose not to use Stop Recording prices X secs before start time. The other new setting Clear recorded prices when first bet is placed can be used for smaller price movements and more trades per runner. But that will feature in another article.
Please note. All articles are wrote to advise and guide people on basic settings and are not guaranteed to provide any profits. Any losses incurred are not the responibilty of the writer.