From Bet Angel forum: Automation - taking profit and deleting stop loss bet.
I haven't been active for four years but now I'm re-joining. I do most betting on tennis and it works quite ok if I'm at the desk when the match is being played.
I tried with the betfair Automation rules, but I struggle with a very simple challenge: I back player A at 1.75 and expect him to go down to 1.22. This is my exit point. But I also want to stop my loss at 40%, so this would be at 2.92. I experienced that both lay bets got matched which resulted in an overall loss.
If the bet @1.22 gets matched, I need to cancel the bet @2.92. I assume this to be very simple, but can you give me the right advice or link me to somewhere where this question already got answered?
Bfexplorer Solution:
Bfexplorer trading bot is named: “Place Bet and Close Selection Bet Position”. To hedge bet position at Profit and/or Loss, we need to set parameters: Profit and Loss, and as the values are in percentage the ProfitLossType is set to Percentage.
In my video I tested this bot on horse racing market and as well on tennis market, after the bot placed the opening back bet the profit price was calculated and as the parameter ClosePositionImmediatly was set to True (checked), the bot placed immediately the lay bet to hedge bet position in profit at odds/price 1.14.
On the ladder we can see that bot set the profit/loss targets in the odds column, so profit odds/price background color was set to green and the Loss target to red color, in our case the loss target for 30% loss was calculated to 1.8 odds/price.
We were lucky and in both cases the bot successfully hedged bet position in profit, end immediately after Profit lay bet was matched, the bot finished its execution, we could see how the bot reported its activity in the Output view.
What would happen when we were not lucky and bet position went to Loss target? Well as soon as the loss target is reached, the bot would cancel unmatched lay bet placed on Profit target, and then immediately place lay bet on Loss target.