THREE EXIT TIPS: In trading, when you ‘lay the draw’ the rewards can be lucrative. However, the main problem with this strategy is knowing exactly when to exit.
Many people find that they can’t find an exit strategy that goes along with their overall plan and ultimately it leads to a loss. Exit strategies are all about the balance between risk and reward, get it right and the balance grows, anything less will make life hard.
Here are a few tips for laying the draw;
If The Underdog Scores First
Exit – When an underdog scores the first goal, it often leads to mass panic because ‘that wasn’t supposed to happen’ but you need to stay calm. The first solution is to leave the market straight away; you will probably walk away with a small loss (on the rare occasion you may see a small profit, it depends how deep into the match) but the result won’t be too bad.
Underdog Lay – The second option is to lay the underdog because if the favourite goes on to score an equaliser, you will be in a great position to win a fair percentage of your position. As you may have realised, the problem here is that the underdog may actually go on to win the match.
Keep Going – The third and final option is to let the bet keep running; this takes confidence and guts because the safer options would be to take action. However, some prefer just to let the bet run and hope that one of the sides manages to win the game. It’s not particularly advisable though as it’s more of a gamble. In some bespoke situations though, it may be necessary.
If The Favourite Scores First
Cash Out – The first option if the favourite takes the lead is to cash out immediately as this will see you walk away with a profit and you can potentially end up with profit before half-time. However, the market has changed over the years and this will only lead to around a 40% return. If your strategy says to go for higher, there are other options.
Wait For Goal #2 – If the favourite is on top and manages to score again, you now have a tricky decision to make. Of course, if it is in your plan you can walk away with around 80% of your potential winnings but it raises a new question; will the favourite really drop a two-goal lead? A plan that many use is to stay in and if the underdog pulls one back, leave with a small profit. However, if it stays 2-0, you walk away with 100%. It depends largely on the pace of the game, that’s where you need to make a decision!
Limit Risk – As mentioned previously, you could let it run and hope that the favourite continues to lead the game as this will see you take all of the winnings. Of course, the biggest problem with this is the potential last-minute equaliser. It’s best to limit your risk as the match unfolds, slowly dripping out your liability as the draw price increases.
If It Stays At 0-0
Choose Exit Point – The first option if there are no goals is to leave at a predetermined exit point; before the game even starts you need to choose when you will leave. It could be half-time, 65 minutes, or maybe even when the odds reach a certain point. The important thing is to ensure the risk you’re willing to take is relative to you’re target reward.
Keep Going – Finally, you could just let it run and hope for a late goal. Let’s be honest, late goals are common and even if it doesn’t come you could risk it all on 0-0. This is why some prefer to lay the draw later in a match than the beginning. Although wins are less regular, returns per transaction are far higher.
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