Betfair Bot and Software Forum

I've just set up a forum for people interested in building bots or trading software. So far not a lot is there, as I've just set it up, but feel free to register and make it your own. If it gets used I'll keep it up, if not then I'll close it down. It can be found at:

Bot forum

Testing My Strategy

Whilst trading on the horses the other day, I managed to get caught out a couple of times by a change in price move. I was trading using the ladder interface in Bet Trader pro, but my laptop had been playing up and I couldn't see the graphs very well (and I don't find them very clear anyway), so I think I missed seeing the momentum change (or perhaps there was no signal of a change, although I was trading using the momentum of the prices matching). As I am revising my eBook about trading software and bots, I have decided to add in some graphing examples and started building them. My primary goal is to be able to see the equivalent of bollinger bands (price envelopes - kind of like in Bet Angel Pro) and also some kind of momentum indicators. I've been talking about graphing applications for a while but now is the first time I've got to really get on with it. I'll include any code in the eBook and will make the executable available, if anyone wants to play with it (it won't be a battle hardened application like Bet Trader Pro or Bet Angel Pro mind!) but might be useful to run alongside. I just want to know if I am missing any signals or whether my strategy is flawed. I'm hoping that there are signals that I'm not seeing yet otherwise it's back to the drawing board.

eBook Complaint

I recently received a complaint that my eBook, "How to build your own Betfair bot or trading software" didn't contain enough information. When I wrote the eBook, I put in it information that I found really useful, getting started. I don't want anyone to be less than over the moon, so I am withdrawing the eBook and enhancing and updating it. Anyone who has already bought it will automatically receive the updated version.

Quiet day

If anyone still wants to have a read of the special report I wrote a few weeks ago, then grab it now, as I am in the midst of a big rewrite and will be withdrawing it soon. Click here to download it.

If Betfair software is more your thing, then have a look at my eBook, "How to build your own Betfair bot or trading software".

I only had one trade today, as I was out with Sam (the missus) and my little boy Harry, trying to find some fancy dress outfits for Sam's little sisters birthday party next week. No joy. Harry found a viking hat that he liked, so much so that he refused to take it off and needed some serious distraction and decoy work done! Hopefully I'll get some in tomorrow.

"How to easily build your own Betfair bot or trading software"

Yay! I've completed it! After a lot of researching, trial and error and banging my head against an uncompliant computer screen, I've done it. I've worked out how to create a Betfair bot or bit of trading software, for free. I've recorded all of this, so you don't have to go through the hair ripping frustration and annoyance I've been through. I've got it all down in an eBook. It's called, "How to easily build your own Betfair bot or trading software"
By the end, if you follow along, you will have:

• Your own easily modifyable spreadsheet that loads prices from Betfair.


• An extendible, .NET based (just like the pros) trading application

You can take these starting points and turn them into whatever it is you want.

In the eBook, I explain:

• What a bot is and what you'll need to get one working


• How to get odds and volumes from betfair easily


• Building on top of Excel, or in .NET


• Writing a .NET trading application

I explain some of the trickier parts of using the free API (not forgetting, what an API is and why we'd want to use it), including (for the more technical) how to use (with example code) GetMarketPricesCompressed

So, if you're technically mind, you'll be happy, but what if all that stuff is gobbledy-gook to you? Well, I also explain how to find someone else to do the work for you, at bargain basement prices. There are a lot of great programmers out there, with rock bottom prices, if you know where to look. I tell you just that, in my eBook.

Click here to find out more

Build your own trading bot

Some good trades today on the old horses. I decided to quit whilst I was nicely ahead, rather than do what I normally do and keep on going until I whittle away my gains!

I am also putting the finishing touches on a eBook/Report called, "How to easily build your own Betfair bot or trading software". I'll put it up for download as soon as I'm finished. It is not just for programmers, as it has examples for use with Excel and also advice on how to find a programmer to build your bot for you (cheaply).

Loss of Control or Control of Losses?

I've been thinking more about losses and how we deal with them. It seems to me that an experienced trader asks himself, "How much could I lose today?", whereas a beginner wouldn't even contemplate the possibility. Unless the idea of taking a loss is already in your mind then if it comes to the point when you have to, to avoid the possibility of taking an even bigger loss, you won't be able to. If you have read my report (see sidebar for a copy), then you will remember about the work done by Kahneman and Tversky on loss aversion. Having already prepared for the possibility of getting out of a trade early with a small loss, if the market turns against you, then you are partial innoculated against loss aversion.

Own Charts

So far, the software I've been playing with has not given me the graphing that I'd like to see (I've not yet tried Bet Angel Pro though, so can't comment on that). My plan is to put together my own graphic tool, using the Betfair API. I'll keep you up to date with my progress on this.

In the meantime, if you are interested in how technical analysis type charting can be used with Betfair, have a look at this article:

http://www.jimmakos.com/en/articles/tutorial-trading-charts-in-betfair.html

Trading Software

This is a post I intend to keep updating and have as a perma-link.



I am going to list any bet trading software I come across, may be adding reviews in later.



Initially I will list the freebie ones and will expand the list when I get the chance. Please let me know of any good ones you can recommend.



Free Bet Trading Software

1. Bet Angel Basic
2. Betfair Direct

Commercial Bet Trading Software

1. Racing Traders
2. Bet Angel PRO
   

Ooh, Betty!

I cracked and decided I needed some more software to help me with my trading. Rather than go for Bet Angel Pro or one of the other subscription based products, I thought I'd try out one of the one off fee products I had heard good things about. I gave Bet IE Trader a go.

So, what is it like?

First of all, it has a licensing model, which involves sending an email with a code to the owner company and waiting for their reply. This isn't explained very well and seemed a bit of a strange way to go about things. Still, it worked.

In terms of the software itself, I was a little disappointed, but then again I did have very high expectations.

What I liked
I liked the weight of money graphs. These show the difference between the back and lay volumes graphically. You can easily see which way the market is pushing. This taken in addition to a graph over time gives a nice trend indication.

The ladder interface for seeing the odds and related money was very clear.

The auto hedge feature makes handling your staking easy.

The equalise button was pretty cool for greening up.

The learning mode is a clever touch, although it would be nice if it integrated in with the Betfair part of the screen (I understand why it doesn't).

What I didn't like
As a professional software developer, I am quite picky about a software package's user interface, ease of use and features. Bet IE Trader did not really impress me there and did not seem very professionally put together, windows didn't resize properly, the layout wasn't very clear.

Having half of the BetFair screen below, was not something I liked. It looked like the developers were taking a shortcut.

Overall
I'm holding my judgement until I've used it more. This was my first go with it and I'm still getting used to the ladder interface. I did accidentally make a bet I never intended, which annoyed me, but is my own fault. I'm sure it will help me improve my trading successes, which is the reason I bought it, although it does look a little amateurish.

My Plan
What I've tried doing is running Bet IE Trader and Betfair direct side by side on my two screens (I have a laptop, with its own screen and a second flat screen monitor next to it, which I extend my desktop over). This way I can see the graphs etc from Bet IE and also see the now familiar BetFair direct application.