Money Management
Managing your money is always a subject of great debate when using a betting / trading system(s) but I believe (at least for the strategy that I will present here) that keeping it simple is the best way to manage your money. Obviously as you have heard, probably many times before, just don’t put in what you can’t afford to lose.
I also use a separate bank account which I use just for betting / trading and any money being withdrawn or deposited into or from my Betfair account goes through it. If I do use a more volatile system, have a bigger loss day or I want to top up my account if the system I’m using is still profitable and viable in the long run – I will “repair” the betting account from this separate bank account.
The system that I will present here can use a bank roll of just about any amount you wish, as you are just taking 20% of it as your lay to liability stake. So you could use an initial bank roll from say £10.
You can of course, if you wish, use a low starting bank roll such as £10. This will just reduce profits; this is a good idea if you want a live non-simulation run of the system without much risk but with a real money experience.
The system that I will cover has a possible maximum loss on a negative day of any amount up to the bank roll you choose to use, even though losing your entire bank roll or having more negative days than profitable days in a week is unlikely.
Note: This & other points in this section will be covered in more detail later on.
I also withdraw any profits at the end of each day, so it essentially resets and you start fresh again the next day with the same bank roll. After some time and testing of the system, consider increasing the daily bank roll amount.
You may have days where you take a loss so you could either take 20% of the new bank as your lay to liability stake and at least temporarily trade at that level, or repair the account balance back to your original default bank roll.
Choosing an Auto Trading Bot Solution
There are many Auto Trading Bots available to you, but you should really be looking mainly at the Betfair solutions due to the massive contrast and range of available bots that are available to you, even though other exchanges such as Betdaq also have some options available. We are focusing on just the Betfair software options.
To see a directory of all the Betfair solutions there is a section on the website that you may or may not be aware of, go to - http://extras.betfair.com/ this is the central hub to Betfair’s extra -
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and professional betting services that they provide. Including applications that are in development and the section that is of the most interest to us, just go to - http://solutions.betfair.com/ and click on the start browsing tab and you will see the wealth of different software systems and bots available on Betfair.
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I personally have tried quite a few different bots over the past few years and experimented with backing & laying, dutching & ladder trading etc. The area we are focusing on here is an auto laying strategy to realize a profit.
The bot which I use is called Bf Bot Manager, they have 2 versions of this bot now (at time of writing) and I still use the initial one with the latter having a few more advanced options built in. I use it due to its range of trading options & simplicity of use versus price while still being powerful. In short it is the best all rounder that I have personally used for what I wanted to get out of a bot. There are trial options available with Bf Bot Manager so you can try it out for free, as is the case with many of the software solutions, so you don’t have to throw your money away on different bots until you have found one that is right for you. Obviously the bot I will use in here is Bf Bot Manager. Even though many of the other bots that provide auto backing & laying options are extremely similar, i find this software by far the most comprehensive all round professional betting software that i have ever used. The bot is available for download at the BF Bot Manager Website where there is a request trial section at the top of the page for whichever bot you’re interested in, which includes both versions of their Bot Manager. (Just follow the blue BF Bot Manager Website link above)
Note: I am in no way associated with the developers of BF Bot Manager; this is simply the software which I choose to use for the purpose of running my strategies including the one shown here, it is also the one i would recommend due to its ease of use and professional range of features - you will basically have everything that you need to get started to run and experiment with betting strategies.
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Instruction manuals are found by clicking on the bots tab – so I won’t go through all the different areas & settings of the bot except any that are relevant in this eBook, as you can go through the official manual(s) in your own time and pace if you feel you need to.
Note: It’s also worth noting that this bot, like a few others has a simulation mode so you can basically paper trade without any risk to yourself. It’s also a useful way of getting a large volume of trading data to analyze. I’ll briefly explain this option shortly.
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