Horse Racing

Royal Ascot: Day #3 Trading on Betfair

What a banger! Day 3 turned out to be everything I hoped for and more…

Today was the most enjoyable days trading on Betfair this week. Everything just fell right, below is a brief update sharing why I think that happened.

Today’s Trading…

If you read yesterday’s blog, I was a little frustrated by the end of the session. Being on the wrong side of last-minute money caught me out a little. Not because I didn’t react but because of the large volumes of money that follow a brief price movement at Ascot. It happens, it’s part of the game, but today I was adamant it wouldn’t happen…

Being defensive in how I managed positions early on led to one of those wonderful trading sessions where you’re just “in the zone” to quote Mark Douglas.

Placing orders early in the betting queues, absorbing the additional liquidity and doing the right thing at the first sign of a change really gave me a boost in confidence. Sure I lost some potential profit at times, but there wasn’t one painful mistake.

Now I know this is easier when you have a large trading bank to play with, but it’s crucial we get those early positions in the market at these big meetings. If it’s your first time trading Ascot, you might be wondering…

How Much Money Do I Need When Trading Ascot?

It’s a fair question, one that’s subjective based upon expectations too (and if you have to go through additional affordability with Betfair). However, I would say a good starter bank at Royal Ascot is around £2,000 if you are placing trades at £25, £50 and £75 a click. You won’t be able to lay too much at larger prices, and really, that’s the issue here – laying liability.

I’m not saying you should expose yourself to 100% of your bank with an open position, more that it’s ideal to have some balance to spread amongst those unmatched prices to get peak trading positions ready. The more you have to do this, the more advantageous it is. Scalping a few ticks out of the markets on such stakes adds up and there’s plenty of time to scratch a position. The larger you go in terms of matches money the tricker things become.

If you’re inclined to give it a go tomorrow remember to manage that risk and scratch quickly!

Related: Royal Ascot Day #2 Betfair Trading

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