View Full Version : Some help for a beginner trader

09 BVB
12th January 2010, 09:55 AM
Iím new to this forum and my name is Steve.
In fact Iím new to the world of trading and to the world of trading softwares, like The Toy, for exemple.
I have gambling for 8-10 years now and starting from september I opened an account with betfair.
I learned a little about them and I thought itís time to advance a little.Then I read something about trading softwares, especially bet devil.I wanted to buy a trial or something , but because I didnít know what to expect I turn to ďThe ToyĒ.

Yesterday was my first day when I was using The Toy.

Not Being used to use trading softwares my question is : where I can read the advantages that The Toy brings to the user regarding the classic betfair interface.
Because Iíve seen the 4 videos how to change different layout, markets and colours.
But what are the true advantages that The Toy can bring to the trader?
If I must read all the instruction , then I will do, but I wanted to see if it is a shorter way to learn about The Toy!

Thank u and keep up the good work!


12th January 2010, 10:06 AM
How about speed ? Try trading horses using classic betfair interface and you will see what i mean.....and after that try trading same horses InPlay....
Hedging ? How are you doing when you hedge using Betfair interface ? ;)
Fasten your seatbelt and enjoy The Toy. TT is fastest of all appz available today, its my opinion. Other appz may have more tools for automated trading but for my style of trading TT is #1 choice.

12th January 2010, 10:48 AM

If I must read all the instruction , then I will do, but I wanted to see if it is a shorter way to learn about The Toy!

Welcome Steve! Its well worth putting in the time to learn about The Toy. Its really nice to be able to customise the display to your own tastes. I'm a short sighted old fart, so I have two enormous ladders with nice big numbers and graphs. Most people could read it from 2 miles away. Others like lots of graphs maybe in two rows, looks like Las Vagas on saturday night. It depends on what you trade and the way you trade as to how you want it set up. Once you get into it I think you'll agree its the No1 choice - it is for me!:)

12th January 2010, 11:48 AM
hey steve.

as some have staed the great thing with the toy is you make make just how you want to, at the moment i have 4 ladders open, (one of the videos is mine in that section) so i am constantly monitoring 4 looking for openings where i can nick a tick or 2, ticks being the difference between odds as they move up or down speed is important and thats where the toy is most useful, at the moment i am restricted to my trading as i am even now at work, so i have been playing on the usa markets, where you need to be fast in a low liquid markets.
have a good read of the manual 1st and foremost, then set up the toy as how you want it,trade using small stakes at 1st to get in the grove, i recall my 1st ever venture into trading making a right hash of it using £100 stakes taking a £32 loss, a set back no less but 1 step back and then 2 or 3 forward, take profits when they presnt themselves likewise losses keep them to a minimum.

steady as she goes.

09 BVB
12th January 2010, 12:08 PM
Thanks for your response!
So i will read the books first and then i will see. Anyway i will use only The Toy because i'm a beginner and i can still improve.

Keep in touch and good luck!

12th January 2010, 12:10 PM
Stick with small stakes until you get the hang of it.

12th January 2010, 12:12 PM
You have to remember that The Toy and any other trading software is just a tool. It's not a magic road to riches. The most important factor is you. Do you have the right mindset for trading? Are you prepared and willing to accept losses? You mention that you've been gambling for 10 years. Have you been successful (and by that I mean not lose any money)? If not, why not? Do you have a disciplined methodical approach to your gambling?

What do you want to trade? I would suggest loading The Toy and watching the markets you're interested in. See how they behave and where there may be opportunities for you to make money. You need to look for an edge, no matter how small, and exploit it. At this stage there may be no need for you to actually do any trading - just watching and learning may help you.

When you are ready - start small. Depending on what you want to do, a large bank isn't always necessary. If things aren't working out, go back to the drawing board. Don't risk any more of your money. Two of the most important factors in trading are preservation of capital and discipline.

One last thing I would say to any new trader is don't set daily/weekly/monthly targets. In my opinion they're meaningless and may lead to chasing losses. If things are going well, why stop? Just keep on doing what you're doing. You need to approach your trading with a clear mind, not with 'I need to make £x today'.

I don't think there's necessarily anything wrong with having general long term goals, but they shouldn't be the foundation of your approach to trading. The foundation is the knowledge of your approach and the disciplined and mechanical application of that approach.

12th January 2010, 12:25 PM
on of the most important things when starting out is taking it slow and using minimum stakes, your P&L in the beginning is just an indicator of when you are ready to use bigger stakes. if your P&L for the last month shows a profit then you probably are. and when testing things it's better to have the result in the form of a loss of £10 rather than a £1000 loss.

and as the others have mentioned, just watch the markets in the beginning, see how they react and try to predict the movement without entering.