Betfair Single Entry Tactics
When you hear the word Unpredictable, what usually comes to mind? Well, one synonym would be that it is random on online currency trading. That is actually quite true when it comes to Betfair trading.
Because its movements are erratic and there are a lot of conditions that you need to take into consideration, a lot of things could go where you least expect it.
That is why you will notice that there are a lot of strategies out there for trading because no strategy will fit all scenarios.
That being said, single entry tactics are made for a reason. It is to let yourself enter a position and if things do not go your way, then you can add to that position so you can exit. In other words, you could add to your bet without really taking profit.
The reason why this is a tactic is that it allows you to cut the ties whenever the odds are against you. But this thing is not for beginners because, to some Betfair traders, it is something considered as an arrogant thing.
It is like “I am willing to exit even without taking profit”, but what is the main reason why you entered Betfair in the first place, right? It is to get some profits, of course!
If you are still new in trading, I highly recommend that you test this tactic with a simulator first.
Backtesting Using Simulation
You can go ahead and download your favorite trading platform on your computer. I recommend using BfBotManager and set it to simulation mode. In this mode, you can begin trading just like you would in Betfair and what’s good is that you can make use of historical data, which means that the data was present in real life and that can be used for simulation purposes as what we are about to do.
You can try this: set a strategy and place 50 random trades with a 5 and 10 pip take profit. Add another 50 trades, but this time, add 10 pip stop and 10 pip profit. Add another one and then set 20 pip stop and 10 pip profit.
So, what can we get from this simulation? After everything is done and you analyze the results properly, you will find that the ratios are not really proportional. In some cases, you could win either 90%, 60%, or even 55% of the time.
So as you can see, there is an element of randomness whenever you trade. That is because, in theory, there is some form of linearity from point A to point B. However, the real world doesn’t work like that. There are just so many things to consider and so many things that can alter the course that there really is no set strategy that will fit for most scenarios.
Yeah, you can use single entry tactics, but if your main purpose is to get as many profits as you can, you should ditch this and use something else.