Back At x Ticks Below Initial Lay

[leest2019]

Hi,

I've made Guardian rules in the past where I have placed a lay bet and set a back bet a certain number of ticks below. But what rule can I use to have back bets placed at a set amount in the market that will trigger when a certain price is hit?

EG, I lay at 5 for £1 with a liability of £4. I want to place back bets in the market at
0.25p @ 38 ticks below my initial lay
0.25p @ 75 ticks below my initial lay
0.5p @ 100 ticks below my initial lay

I can't figure it out. Like I say, I can see how to place a cash out bet at a set number of ticks below my initial lay, but can't seem to work out how to place back bets for specific amounts. I'm playing around with stored values and know how to add "new stored value actions", but can't find where I can set it at place a back bet at £x at 38 ticks below initial lay, £x at initial lay etc.

[Dallas]

Backing at lower odds than you lay at means your making a loss, so are you trying to place back bets to reduce your loss in stages if the price continues to move against you?

[firlandsfarm]

Hi,

I've made Guardian rules in the past where I have placed a lay bet and set a back bet a certain number of ticks below. But what rule can I use to have back bets placed at a set amount in the market that will trigger when a certain price is hit?

EG, I lay at 5 for £1 with a liability of £4. I want to place back bets in the market at
0.25p @ 38 ticks below my initial lay
0.25p @ 75 ticks below my initial lay
0.5p @ 100 ticks below my initial lay

I can't figure it out. Like I say, I can see how to place a cash out bet at a set number of ticks below my initial lay, but can't seem to work out how to place back bets for specific amounts. I'm playing around with stored values and know how to add "new stored value actions", but can't find where I can set it at place a back bet at £x at 38 ticks below initial lay, £x at initial lay etc.

Can you not use a Stop Loss?

[leest2019]

Hi,
Thanks for the replies.

Backing at lower odds than you lay at means your making a loss, so are you trying to place back bets to reduce your loss in stages if the price continues to move against you?

Basically yes.

I could and do sometimes use a stop loss, but that just ends the trade where what I'm trying to do at the minute is slowly reduce my liability if the trade goes against me instead of just cashing out when my loss hits a certain point.

[firlandsfarm]

I could and do sometimes use a stop loss, but that just ends the trade where what I'm trying to do at the minute is slowly reduce my liability if the trade goes against me instead of just cashing out when my loss hits a certain point.

it should be automatable ... put 3 bets in with stop losses as required

[leest2019]

Will that work though? Won't a stop loss just stop the trade and cash out?

[firlandsfarm]

Will that work though? Won't a stop loss just stop the trade and cash out?

Sorry Leest, I'm not understanding you. when you said

"EG, I lay at 5 for £1 with a liability of £4. I want to place back bets in the market at
0.25p @ 38 ticks below my initial lay
0.25p @ 75 ticks below my initial lay
0.5p @ 100 ticks below my initial lay"

I thought you were saying if the market moves against you and the exit back price falls into loss then you wanted to close your position

[leest2019]

Hi,

Thanks for getting back to me. I don't want to close the position, just place a back bets for a certain amount at a set tick price if the market moves against me. The back bets wouldn't be closing the position it would just reduce the liability slightly if the market moves against me.

[leest2019]

How about this - what rule can I use to just place a back bet when the price hits what I want it to be? EG at the start of the event the odds to back are 4.0. I want a back bet to be placed when the price shortens to evens though. What can i do?

[firlandsfarm]

Hi,

Thanks for getting back to me. I don't want to close the position, just place a back bets for a certain amount at a set tick price if the market moves against me. The back bets wouldn't be closing the position it would just reduce the liability slightly if the market moves against me.

I'm not sure you are quite understanding how the stop loss would apply. It doesn't close your position as it would with a shareholding. It simply opens an opposite position and both that bet and the original bet are held to the finish with the return on the stop loss bet offset against the original bet.

[leest2019]

I'm not sure you are quite understanding how the stop loss would apply. It doesn't close your position as it would with a shareholding. It simply opens an opposite position and both that bet and the original bet are held to the finish with the return on the stop loss bet offset against the original bet.

Hi - when the stop loss is met, it closes the trade though (or it has done with the stop loss I've used). If I put a stop loss in at 1.95 and the prices reaches 1.95 the trade is over. It closes my trade. I don't want to do that. All I want it to do is when the market reaches a set price to place a back bet.

EG the price of the market at off is 2.0 to back and 2.02 to lay. I want to set BA so that when the market reaches 1.5 in play BA places a back bet for 0.25p. Not cash out / stop loss. Just a back bet at 1.5 for 0.25p

[firlandsfarm]

I'm sorry but I have clearly misunderstood what you are wanting to achieve! Please try and explain again.

My comment that a stop loss on BF does not close the position is because I thought yo0u were confused ... you still hold the bets until the event finishes whereas if holding shares and exercising a stop loss you no longer hold any shares.