Guaranteed stop order on Bet Angel

Just over a year ago, Betfair released a useful tool for traders, though they didn't realise at the time, a guaranteed stop order. We were quick to spot the opportunity, integrate it into Bet Angel and start using it. A year has passed since then and it seems we were one of few people to offer and understand the potential for this useful tool.

The concept is that a guaranteed stop will close any open orders before the start of the race automatically. If you have laid something and are attempting to back it back you can wait as long as you like or even walk away from your computer knowing your position will be closed.

Of course what I am talking about here is not some magical new function, its Betfair SP. The very tool designed to encourage non trading activity actually has a useful purpose for traders. Imagine you are trading near break even and waiting for an order to fill but the horses look a bit ready. Rather than close out for a loss, click on the 'Take SP' function in the unmatched bet area and you can wait till the off and see what price you get matched at. It's slightly random approach to closing your trade but there are some benefits. First, your bet will be matched, second you have longer to allow that bet to get matched. It's a useful way to close out a position.

There are some flaws that creep in with the way Betfair have implemented SP, you need to read some other posts on the blog before considering this tactic, but have a play. It's another weapon in your arsenal and it also stops you from accidentally taking a position in play which is the antithesis of the pre race trader.