Betfair Trading software is very simple to get hold of and a lot of Betfair users are using it. There are many different types of trading software available, some automatically place bets for you and are known as “bots”, others make trading on Betfair quicker (not necessarily easier).
Before we even think about using this type of application, we must look at the possible benefits and advantages it could bring us.
One Click Bet Placement:
This is a feature which allows a trader to place a back or laybet for a specified amount using just one click of the mouse. Traders gain a speed advantage over traders using the normal betting interface which could prove vital to profit margins. With “one click betting”, when you see a price, you can have that price in less than one second (if the event is not in-play).
Flow of Money Indicators:
These are indicators which show the “flow of money” on any event at a betting exchange. Traders use this information to determine whether or not a price will move up or down so they can guarantee a profit. If there is more money on the lay side, it usually means the price will move down. More money on the back side usually means that the price will move up.
If you are an “all green” position, profit equalisers will use a formula to work out how to equal the profit over all outcomes so that you guarantee a profit no matter the outcome by placing one more bet. Similarly, there are also Loss Equalisers which equalise a loss over all outcomes.
These are just some of the advantages that software users achieve over non-software users. However, Betfair trading applications do have their disadvantages. 2 disadvantages that I have experienced are:
Application Freezing: In some circumstances the trading application or your computer may freeze leaving you stranded in the middle of an open position. This actually happened to me and I lost most of my stake. To prevent this from happening again, I load up a separate Betfair screen and have another computer on standby. This may sound drastic, but believe me; it’s not worth losing a £1000 stake over something that can be prevented easily.
Human Errors: can be made more frequently using powerful software. For example, the “one-click betting” feature in most applications could lead to more mistakes being made as prices can change very quickly in Befair. The back price could be showing 2.2 one second and 2.1 the next which means it is quite possible that you could back the wrong price at the last second and incur a loss.
Betfair trading software has good points and bad points. We must remember that the software is only as good as the person controlling it. Using these types of applications will not instantly make you a professional trader. There are no shortcuts to success. To be a successful trader, you must first learn the basics.