In the first of a series of articles, Alan Thompson discusses the benefits of using trading software, explaining and demonstrating its key features.
One reason that traders prefer to use trading software is that they can automatically refresh prices and the volumes available at those prices in milliseconds rather than having to manually refresh the Betfair screen or waiting 15 seconds for the Betfair prices to update automatically.
One thing many Betfair users don't realise is the speed at which these markets are trading, particularly in the final minutes before an event starting.
If your refresh rate is set too slow you could be missing out on vital markets moves that had you know earlier you may not have traded in a particular way. Using trading software, you can setup your own default refresh rate depending on the speed of your computer and your internet connection.
Greening Up (Cash Out)
Cashing out a position is simply applying a mathematical calculation to hedge your profit or loss against all the possible outcomes in an event. While Cash Out is a great feature that has now been added to the Betfair website API users have been "cashing out" their positions for some time.
The ability to trade out or close a position is a key component to many trading techniques and strategies. Using trading software allows you greater control to either automatically, or with the single click of a button close your positions in a market to realise a profit (Green Book) or just as important to limit your losses should the market move against you (Red Book).
Faster refresh rates and the ability to close positions offered using software will give you greater control and allow you to manage your positions more efficiently.
The software used in the above demonstration videos is Betting Assistant
For a selection of Betting Apps for Betfair.com please see the Betfair App Directory