Best Execution and Current Price

[Nick JD]

Hi Folks,

In order to make sure I get back bets to respond successfully I can't place an order with a price that's higher than the current price - so I'm having to call the marketbook just beforehand.

Thing is, can I just use BF's best execution and submit an order that's a few ticks under the current price? Letting BF up it to current?

Or is this foolish? Can anyone see pitfalls with this?

Also, just to check: do lay bets get best executed downwards?

Cheers

[Franklin1]

In order to make sure I get back bets to respond successfully I can't place an order with a price that's higher than the current price - so I'm having to call the marketbook just beforehand.

I don't understand why you can't get a successful response placing a bet at any price? Are you looking for an immediate match?

Thing is, can I just use BF's best execution and submit an order that's a few ticks under the current price? Letting BF up it to current?

Yes, thats how the exchange works (for limit bets)

Or is this foolish? Can anyone see pitfalls with this?

The pitfall would be that if liquidity or prices move you can get matched at your requested price, when perhaps you only really wanted to get matched a few ticks better.

[Nick JD]

Yes, sorry, my bot wants an immediate match. It'll take what's on offer as opposed to waiting for a match, coping with partial matches, or coping with unmatched.

It's a long term swing strategy, so it's quite a patient and unfussy bot.

Thanks for clarifying the best execution on back bets, do lay bets best execute as well? I'm thinking they probably do, but am not sure as I haven't see it happen in action.

[Franklin1]

Thanks for clarifying the best execution on back bets, do lay bets best execute as well?

Yes

I'm thinking they probably do, but am not sure as I haven't see it happen in action.

Why don't you have a play around on the website-exchange with min bets before coding things up?

[merecat_]

"It's a long term swing strategy, so it's quite a patient and unfussy bot"

You could read what's on offer to work out what is available and what [average] price you would get. You might want to set limits for example.

There's always the possibility of not being matched esp in a fast moving market.