Constantly changing triggers

[chopper]

Hello,

When I get up and running my trading strategy will involve me trading in one market given that I can trade at a certain price in another market to hedge myself.

Assuming there is a price to trade at in Market 1 this means I'll always be happy to trade in Market 2 at a certain price. eg If I can buy at a certain price in Market 1 this may mean I'm happy to sell at a certain price in market 2. If the price goes down (up) in market 1 I'll wish to move my sell price down (up). As the prices in Market 1 change so will the price at which I'm happy to trade at in Market 2.

If I'm betting on something fast moving where the prices are constantly changing in Market 1 this means the prices I'm willing to trade at will be constantly changing.

Does this mean that I'll be constantly cancelling and updating my orders (triggers)? Is this actually practical in terms of the BA application and the Betfair API (are cancellations instant?) and in terms of any charges for making these constant changes.

Also I'm wondering how this 5 second delay is going to affect my trading. This means that when I submit my order it is effectively held for 5 seconds before hitting the market. But during this 5 second period I can cancel my order? Is this correct?

Thanks for any advice and opinions.

[Captain Sensible]

Does this mean that I'll be constantly cancelling and updating my orders (triggers)? Is this actually practical in terms of the BA application and the Betfair API (are cancellations instant?) and in terms of any charges for making these constant changes. Also I'm wondering how this 5 second delay is going to affect my trading. This means that when I submit my order it is effectively held for 5 seconds before hitting the market. But during this 5 second period I can cancel my order? Is this correct?

Thanks for any advice and opinions.

In practical terms there's no problem sending bets and cancelling them thru BA the only thing to be aware of is your data and transaction fees if you're quickly scraping data/placing lots of bets. The charges structure can get complicated so read up on http://www.betfair.com/aboutUs/Betfair.Charges/ . If your system makes money data fees do get offset against comms and the offsets are generous so it's worth knowing limits so you run at max settings and don't cap yourself unneccessarily.

Transaction fees can be expensive and doesn't take many active markets on the go to hit the 1000 bet/hour limit.

Yep cancellations are instant but you cannot cancel an inplay bet during it's 5 second countdown. As for the delay affecting you're strategy the only way to find out is try it, there's a lot of activity and cross matching going on especially now PC charges are in place so just cos you see something on the screen doesn't mean it'll be there 5 seconds later.