Creative Ways To Use Bet Trader Pro – Part 2

In Part 1 we discussed why you should be using betfair trading software and in this part we’ll be looking at some ways to use Bet Trader Pro. The software has many features to explore and in this article we’ll take a look at how to use these features to our advantage.

The first thing we’ll take a look at is how to use the software for trading on horse races. I get a lot of emails from people who struggle with this type of trading so I’ll address this first. There are three indicators / features  that you should be using to gauge market direction. These are – the weight of money chart, weight of money on the ladder and trends on the Betfair chart.

The Weight of Money Chart:

Watch the Video on the WOM Chart

The video above explains the WOM in detail. What it does not do is show you how to use it and apply it to trading. In the screenshots below you’ll see one of the normal WOM chart and another with an imaginery centreline. This centreline represents a weight of money of around 50%. The significance of this line is that it tells us where the market has been and where it is likely to go next. So if the WOM line is consistently over our centreline we can see that there has been pressure for the price to move up and it is likely to keep moving up.

Looking at the screenshots above we can see that the price of this horse has been rising in the past. This indicates that we probably do not want to back this horse at this moment in time because, if we do, and the prices rises, we will not be able to lay it for lower than our back price.  However, this is an opinion formed on just one indicator. Before we can make our real trading decision, we need to consider all three indicators.

Weight of Money Ladder:

From the screenshot above, we can see that there is only £27 left to be matched on the back column before the price moves up. There is also more money on the lay side than the back side as a whole. These two signs tell us that the price will move up and using the WOM graph, it also confirms that the price should be move because it has been moving up previously.

Trends and Patterns on the Betfair Chart:

The Betfair chart can be accessed by clicking on the name of the horse in the race. A pop up window with the Betfair chart will appear.

This gives us a visual reading on how the market is moving and shows us the range of odds the horse has been trading at and also gives us an idea of when to exit a trade. The graph shown above shows us that the price has been rising for the this horse and again confirms our read from our other two indicators. By now, we should be confident that the price will rise.

The graph also tells us the price has not gone below 3.0. This gives us an idea of how much money we are actually putting to risk. You can also set a stop loss at 3.0 with Bet Trader Pro incase the price falls through that point.

Using these indicators you should be able to judge the market direction with a lot more accuracy. From the indicators in this live example we would have layed the horse and then backed it back later. The price for this horse made it up to 3.55  from 3.35 in less than one minute.

Apart from trading, you can also use the Bet Trader Pro software for placing bets in clever ways. There are many betting tools available within Bet Trader Pro and I particularly like the drip feed tool. For example, if you made a large lay bet, you could back the price back every 5 or 10 minutes. This could be applied in football matches or any other sport where time decay is a factor to limit liabilities. Time decay is when the odds in a market shorten or rise as the end of an event approaches. i.e. if no-one scores in a football match and there’s 10 minutes left, the price of the favourite to win the match will shorten and the draw odds will rise.

In the scenario above, you could also use the trailing stop loss tool to maximise your profit. For example if there were 10 minutes left in a match and you backed a team for £100 at 1.10, you could set a trailing stop loss to follow the odds down to 1.01 or get out early automatically if the odds look to be rising.

The stop loss tool can be turned into a deadly trading weapon, A good way to use it is as a reverse trade tool. A reverse trade is a strategy commonly used in Financial markets where you take a loss and immediately trade in the other direction. So for example, you backed a horse at 2.2 for £100 and it suddenly rose to 2.5, you would lay the horse for £200 which would immediately give you a position at 2.5. If the price has momentum continues to rise, then you will make a profit or reduce your loss almost instantly if the price goes over 2.5.

In the final part of this series, I’ll show you another creative way to use the trailing stop loss tool for in-play sports and also clue you in on how to use Bet Trader Pro to place bets for you when you are not at your computer.