My latest Mentorship Induction has once again bought into focus how we view data.
Without doubt this is the most important tool we have in trying to understand the dark art that is the Racing market.
I have many questions about this and thought it was about time I addressed it.
As many of you will know my background is from manufacturing, specifically in the Motor Industry. I spent most of my manufacturing career at Peugeot including a 9 week spell at Toyota. The Toyota experience was particularly enlightening. They pretty much wrote the book on modern manufacturing techniques that most of the World’s blue chip Company’s use in their manufacturing processes. It is widely know as Kaizen or “continuous improvement”. This philosophy opens up a whole range of lean manufacturing techniques, which I won’t bore you with. But the one I want to talk about here is the visualisation aspect.
Within each area of the Toyota plant is a space where there are information can be displayed. Every aspect of each areas performance is measured. From staff absence to build numbers. It is heavily influenced by quality indicators and they are all displayed in a familiar pattern. The idea is anyone from the management team can walk into each area and within a few minutes get an unto date snapshot of how the area is performing and more importantly see any negative trends developing that require attention. This works very well, as Toyota produce some of the highest quality and reliable cars ever built.
So what has this got to do with Betfair/Betdaq and trading?
Visualisation. It taught me how important it is visualise what is going on. To see a bigger picture.
Now you will be familiar with my set up.It’s about as simple as it gets. There isn’t that much data that is returned from Betfair, but there are a multitude of ways we can display it. The software vendors have given us lots of options with this. So you wannabe City Traders can sit there with multiple screens filled with impressive looking graphs and charts to help you make some profit. Now although I snigger at this, let me say that for some of you I am sure it works. And that’s the point. You need to use the visualisation tools that you have to understand what is going on.
What do I need to understand the market?
How much Traded Volume?
How much was matched at what odds?
When was it matched?
What odds is being matched now?
How much money is available at each price point?
How quickly is this being matched?
These are the key pieces of information. The rest is how that is visualised.