How to test a strategy?
Well, first we should start by placing bets and watching for profit/loss patterns which could be utilized to run fully automated betting or trading strategy. It is a good idea to place such bets in practice mode, so no real money is in risk.
Let’s say we place dutch bets on horse racing. What is a dutching bet? Dutching is placing more bets on event selections, so when any of our selections won we won the same amount.
https://en.wikipedia.org/wiki/Dutching
In bfexplorer app we can place bets manually using Bet Wizard tool, click on Market / Bet Wizards / Back Dutching, or we can place bets automatically by using bot: “Place Dutching Bets”, or by custom built bots, like I use in my short video.
We can spend hours placing bets manually, or just setting bot up and run in automatically using Bot Executor tool. After day/s of automated bot running we can just check total results: profit or loss, and when there is any profit in total results, we can continue analyzing market data to find even better way to make a profit with the strategy.
Bfexplorer saves a lot of data internally and those data can be accessible by writing script. In my video I show such script which exports data to Bfexplorer Spreadsheet. The script: AnalyzeMyHorseRacingStrategyData exports following data:
Racecorse, Race Distanace, Race Type, Number of Runners, Bets Book Value, Profit, Win, Total Profit, Winner, Maximal Price Traded
In my spreadsheet I created chart showing total profit. Data can be saved to CSV format and analyzed by other tools. I have used Tableau Public to create following reports: