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This is a post from Diane in the forum which I thought was so interesting I just had to re-print here for all my readers.I went to the exchange that Taalamu mentioned in a previous post. (www.tradesports.com) I liked what I saw.
Today, I started trading with a bank of $270. I was a bit nervous in the beginning. I actually made a profit of $21.22 trading an NFL playoff game. I traded a total of 63 contracts. The funny thing is that I know nothing about football.
The most difficult part was getting used to how the site operates. Instead of "backing and/or laying", you "bid and/or ask". Also, the "odds" are in percentages instead of decimal odds (example: 4.0 = 25 and 2.0 =50). Additionally, trades are done in contracts instead of dollars. Each contract is worth $10USD. Profits or losses are figured in ticks and each tick is equal to 1% or 10 cents. A contract will either be worth 100 points if the event happens (ie, Team A wins) or expire at 0 (Team A loses).
What I like most about www.tradesports.com is that as soon as I closed (or free-traded) my positions, my profit was immediately available. Example: you buy 10 contracts at 50 and the price rises to 60. If you sell all 10 at 60 your profit is 10 ticks x 10 cents x 10 contracts = $10. The $10 dollars is immediately credited to your account. There is no need to "settle" or equalise your profits as on Betfair or Betdaq or Ibetx. You could then reinvest the $10 into more contracts if you wanted.
The commission is low...only 4 cents per contract. You can also call a toll free number (from 3am to 2pm EST) and get a real person on the phone ready to answer all your trading questions...talk about customer service!. There is liquidity (they have matched over a Billion Dollars) and the site is designed for ease of use by traders. They also have a tutorial and a trading demo video on how to trade on their site.
I had been trading at Betfair using Autobet Pro. This is so much simpler! Once I enabled the auto-confirm function, and preset how many contracts I wanted to trade, all I had to do was to right-click and my order was instantly placed. No need for special auto refreshing software, as the site constantly updates itself. It is really smooth!
The main thing with www.tradesports.com is to understand is the difference between "bid" and "ask".
When I am in agreement, (I think that team A will win) I want to buy. I trade on the "ask" side.
When I disagree, (I think that team A will lose) I want to sell, I trade on the "bid" side.
EXAMPLE: "TEAM A" TO WIN
BID 77 (50)
ASK 80 (20)
I agree with the event. I look on the "ask" side. There are 20 contracts available with an entry price of 80.
I disagree with the event. I look on the "bid" side. There are 50 contracts available with an entry price of 77.
So, in this case, I agree that Team A will win. I decide to buy (ask) 10 contracts at 80. At that point, I can either wait for the price to rise above 80 (on the bid side) or I can place my own offer to sell at a price above 80. As soon as the price goes above 80 on the bid side, I am in profit. I can sell all or part of my positions and let the price rise further before closing the remaining open positions.
There is one thing I would like to caution you. In the beginning it may be confusing to go on the right side when you want to buy and the left side when you want to sell since it is the opposite with backing and laying. Also, percentages are in direct opposite to odds. Higher percentages equal lower odds.
My advice is to learn the new language and forget about trying to convert it in your mind to something more familiar. If you don't want to learn the new language, then go to their sister site TradebetX . It is the same data but in the back/lay format. For the brave souls, check out their 3rd version, mostly for trading financials www.intrade.com (they have a beautiful how to trade demo). They are not 3 different sites but 3 version of the same site.
Once you open an account, you can trade on all 3 versions with the same account.
I definitely recommend to check it out.
Former "betfair.com" trader
P.S. There is life outside betfair.com!
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