Been a while so I thought I would add my 2 cents!
Test Match trading is the toughest to implement hard and fast trading strategies because of the variables - but it can be the most profitable when you get it right.
Reason is that there are so many things that effect the outcome over a 5 day period – weather changes every minute, the pitch loses moisture as the game goes on, becomes cracked and harder to bat on, the players get fatigued in the latter part of the match, the balls changes every 80 overs, bowlers change, field settings change to stop runs rather than take wickets, the situation of a series (is it a dead rubber or meaningless test?) – the list goes on – and all effect the prices of the teams and the draw price
You really need to be a student of the game to be profitable long term and understand why odds move.
The 2 best ways to make money are to take a longer term view of a price, place a trade and wait for it to hit your get out point…this requires patience and many of is don't like to have thoudands tied up for long periods, so we get trigger happy and try to make things happen – big mistake – we trade out early or for a loss when we need to be patient and keep the powder dry.
The other way is to scalp – and there are hundreds of opportunities a day - boundaries, bowling changes, wickets obviously, rain, commentators mentioning the rain!, bad light…again the list goes on.
What I tend to do is have 1 account for scalping – my betfair account and another account for longer term trades, my betdaq account – works well as betdaq has shit liquidity in play for scalping and generally prices are hit at some point in a match….for me its a set and forget arrangement, with a stop loss in place. Its difficult to explain why you make a trade, but you get a feel for a match.
For instance right now, Aus are playing NZ in Hobart. Aus started the 2nd morning at 12 for 1 on a very grassy pitch in overcast conditions chasing 150 runs by NZ in the first innings. their price? 1.20 to back!! Oi?!
Even if they never lost a wicket and surpassed NZ's score, they would be no shorter than 1.10, a loss of 10 ticks…acceptable.
More likely is they lose an early wicket or 2 and the price jumps out….NZ have a pretty poor bowling attack but even they just need to land it on a good length and let the pitch do the work for them
So I laid them on betdaq at 1.21 and settled in to scalp the wickets on betfair if they came.
I jumped out just before lunch with Aus at 81 for 7 and Aus at 1.71 – a nice 50 tick profit for 2 hours sitting on my ass….
those situations happen all the time – you need to wait for the opportunity to come to you in tests – the best trading times in my experience are day 1 and the last 2 days of the test.
happy to try and help any newbies where i can if I'm following a match – I don't tip, I just read a match and offer suggestions!
This current match could be over by end of tomorrow, so is a great one to get on (though its late night trading!)