Author Topic: tried to lay favourite at 950/1  (Read 8405 times)

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tried to lay favourite at 950/1
« on: Fri, 05 April, 2013, 20:22 »
hi,
the program tried to lay the fav at 990/1 having backed it at
1000/1. The result was no bet due to insufficient funds.
That would have been a nightmare had it been in real mode
and had sufficient funds.
It happened with the same team 3 mins and 46 secs apart.
I checked the trigger and program logs. The program logs highlighted the error
in red and blamed trigger 1
I have used "favourite" in my triggers in all the triggers for
both the main blocks and conditions.
Anybody any idea what the problem could be.?
should I be using market selection or similar instead of "favourite"?
it is worrying :(
R
My grandma taught me not to run downstairs and never back odds on.

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Re: tried to lay favourite at 950/1
« Reply #1 on: Sat, 06 April, 2013, 07:32 »
It is one of the limitations of test mode compared to the real money mode. It can't make assumptions as to whether you will generate enough profit from the forthcoming trade to cover your liability, like the real exchange does. It can only work with the actual available funds.
Had you been trading in real mode, your bet would have been allowed.
Always try your triggers in Test Mode before switching to real money!

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Re: tried to lay favourite at 950/1
« Reply #2 on: Sat, 06 April, 2013, 07:55 »
Good grief !! that would have been a disaster.
My question was why did it put on such a big bet in the first place ?
Considering I am only betting the favourite.
Should I be selecting something other than "favourite" in the conditions
or in the block ?
Should I be selecting "matching Selections" instead of"favourite" ?
Thanks
R
My grandma taught me not to run downstairs and never back odds on.

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Re: tried to lay favourite at 950/1
« Reply #3 on: Sat, 06 April, 2013, 08:30 »
Hi
Try putting in a condition that restricts bets within an acceptable price range, for example:
and selection’s lay price is less than <your max lay price>

It sounds like the market you were trading was an unmanaged market. If the back price offered was 1000 the event was probably over but the market was still open. The above condition should deal with it, but you should also be careful in your choice of markets you wish to trade in.
Please read the following disclaimer with regards to the information you may request and obtain on our forum. This specifically concerns trigger files and various instructions as to how to implement a strategy.

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Re: tried to lay favourite at 950/1
« Reply #4 on: Sat, 06 April, 2013, 08:35 »
Thanks, that all makes sense now.
I was a bit concerned I was selecting the wrong
selection method ie: fav or matching sel. etc.
perhaps volume limit would also help.
R
My grandma taught me not to run downstairs and never back odds on.

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Re: tried to lay favourite at 950/1
« Reply #5 on: Sat, 06 April, 2013, 08:44 »
Sorry, I misinterpreted your question, but MarkV seems to have explained it very well!
Always try your triggers in Test Mode before switching to real money!

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Re: tried to lay favourite at 950/1
« Reply #6 on: Sat, 06 April, 2013, 12:13 »
hi,
the program tried to lay the fav at 990/1 having backed it at
1000/1. The result was no bet due to insufficient funds.


sorry if I misunderstand it: if the program has backed it at 1000/1 first, why is it a problem than to place the lay bet at 990 reguarding the total funds? the back bet brings the amount that is needed for the lay bet. or not?

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Re: tried to lay favourite at 950/1
« Reply #7 on: Sat, 06 April, 2013, 13:40 »
Hi
Oxa tries to explain it in reply#1

In test mode you need enough test funds to cover the liability of the lay bet on its own, or any individual bet.
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Re: tried to lay favourite at 950/1
« Reply #8 on: Sat, 06 April, 2013, 15:41 »
Hi
Oxa tries to explain it in reply#1

In test mode you need enough test funds to cover the liability of the lay bet on its own, or any individual bet.

ok. but in real-mode there wouldnt have been any problem of funds, I think. I wondered because of this sentence:

Good grief !! that would have been a disaster.


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Re: tried to lay favourite at 950/1
« Reply #9 on: Sat, 06 April, 2013, 15:48 »
Real mode will be fine, except you will probably lose the back bet :)
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Re: tried to lay favourite at 950/1
« Reply #10 on: Sat, 06 April, 2013, 16:02 »
Thanks for all your replies.
I only wanted to bet the favourite.
The program made a back bet of 5 @ 1000/1  
Then tried to lay 5 @ 990/1
It is no wonder there was insufficient funds. But that was not the issue.
The issue was, why did it bet it in the first place?
I have a max price in place now to hopefully avoid that happening again
as suggested by Mark and also he explained why it could have happened
as it may have been an 'unmanaged market' and that I should be more selective in loading up my markets.
Thanks again and still on the learning curve :)
R
My grandma taught me not to run downstairs and never back odds on.

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Re: tried to lay favourite at 950/1
« Reply #11 on: Sun, 07 April, 2013, 09:21 »
hi,
I think I understand this now about how to unequivocally select the fav.
in the block section
selections "favourite"
in the conditions section
choose     "selection's"
Is that correct?
thanks
R
My grandma taught me not to run downstairs and never back odds on.

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Re: tried to lay favourite at 950/1
« Reply #12 on: Sun, 07 April, 2013, 10:56 »
Hi
In the program The Favourite is defined as the selection with the lowest back price.

In the trigger Selections field, Favourite refers to the above

In a Condition you can use Favourite's which means the same as above
In a Condition you can also use Rank:
Selection's Rank is equal to 1

these all refer to the selection with the lowest back price at the time the trigger executes, and works well in high liquidity markets.

If you are trading in markets where there is a large gap between back and lay prices, the program still refers to the Favourite as the selection with the lowest back price. However, this is quite likely to be a false, or ambiguous "fav", so you need to help the trigger along a bit with some other conditions. For example:

Selection: Favourite
Conditions:
Selection's Lay Price is less than 2.00
and All Other Selections lay price is greater than 2.00

however, if as is shown in your first post, the trigger is backing and laying for 1 tick, you really do not want to be trading in markets where there is a big gap between back and lay prices:

Market's back book% is less than 105
and Selection's Triggers expression g_ticks(back_price, lay_price) is less than 3

the above allows max 2 ticks between back and lay prices
Please read the following disclaimer with regards to the information you may request and obtain on our forum. This specifically concerns trigger files and various instructions as to how to implement a strategy.

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Re: tried to lay favourite at 950/1
« Reply #13 on: Sun, 07 April, 2013, 15:26 »
thanks Mark,
that has cleared that up.
The Fav I was using in both Trigger block and conditions
were not at fault as I thought, and hoped was the case.
The problem may have been caused by
using in a low liquidity market when all conditions
can comply just for a few moments and in that time
a bet can be placed.
Cheers
R
My grandma taught me not to run downstairs and never back odds on.