How to Overcome Different Currencies Problem

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Yngwie/Sawyer
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Yngwie/Sawyer

How to Overcome Different Currencies Problem
« on: May 21, 2013, 11:37:54 AM »
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I can hear you saying "Use single currency for all accounts" but some books have only 1 currency option and they're too good to miss.

Let's say we have TRY (Turkish Lira) as currency in A book.
All other accounts are euro.

2 days ago, exchange rate was 2,36. (1 Euro = 2,36 Turkish Lira)

Today, we see exchange rate is 2,39. I like to show you how dramatically it will effect your profits..

Let's say you placed 10 bets like this:

Strasbourg 1,50   Stake 5000 TL  (2118,64€ based on 2,36 Exchange rate)
Lyon 3,30    (963€)

This surebet gives us a profit of 96,31€ but based on 2,36 Exchange rate.

Okay, let's say Strasbourg wins and exchange rate increased to 2,39.

According to 2,39 exchange rate, your risk on Strasbourg becomes 2092€!

And your proits drops to 83€!

Imagine this scenario with 100 bets. It means -1331€ net profit.

Can you imagine the loss in more dramatical swings such as 2,30-2,40?

Of course, the contrary scenario is possible. If currency rate drops, then it's good for you as long as the team you bet with your local currency wins.

Or euro may go up and if teams which you bet at Pinnacle/Betfair/Sbo are winning (which is very unlikely, lol. You're doomed to lose in these) then your profits will increase.



Here's the solution I found for this. I keep most of my cash in Euro. Therefore, when Euro gains value; Yes, my profits will be decreased a little bit but my overall balance will get more value since Euro goes up!

Let's say you have 200,000€.

If Euro is 2,36. Then it makes 472,000 TRY.
When Euro jumps to 2,39, it makes 478,000 TRY.

+6000 TRY profit. Not bad.

Of course, using single currency for all books means no headhache but as I mentioned, some books are too good (and gold) to miss. Therefore, sometimes you have no option.

Some arbers use a fixed exchange rate but I don't think it's a good idea. Me, I'm using daily, actual exchange rate. Euro is 2,39 today, it drops to 2,38 tomorrow. Then it climbs back to 2,39 next day. This way, you can get a more average number I guess.

I wish everyone a profitable week, Good luck!
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ArberLV
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ArberLV

Re: How to Overcome Different Currencies Problem
« Reply #1 on: May 21, 2013, 12:02:35 PM »
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Of course different currency is one of problems but regarding to this thread i have some questions..

Do you use your local banks currency rates or any other? and how you can know or rate will go up and down?

And which are these other gold bookies with other currencies? Call at least 5! I know only 5dimes wich have only USD as currency... Which are others?
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Yngwie/Sawyer
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Yngwie/Sawyer

Re: How to Overcome Different Currencies Problem
« Reply #2 on: May 21, 2013, 01:48:47 PM »
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Do you use your local banks currency rates or any other? and how you can know or rate will go up and down?

You can't know if euro price will go up or down. But you can be sure about something: the bets which you placed at soft book (with local currency) will win over long haul. You should look to euro (or whatever currency you're using) and your local currency exchange rate. It's same in all banks. If euro is 2,40, then it's approximately 2,40 in all local banks.

And which are these other gold bookies with other currencies? Call at least 5! I know only 5dimes wich have only USD as currency... Which are uothers?

5Dimes is not a useful bookie since it's a recreational book and owne by a d*ckhead called Tony. You don't really need 5Dimes when you have Pinnacle and asian books.

Even if I tell you local books I use, it won't be any use to you since you won't be able to use them.

Local Bookie means a bookie which is available for only people who are living in a specific country. For example, I can't use an austrian local bookie since I'm not from Austria or you can't use a cyprus local bookie if you're not living in cyprus. These local books can be online or betshop style.
« Last Edit: May 21, 2013, 02:01:11 PM by Yngwie » Logged
ArberLV
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ArberLV

Re: How to Overcome Different Currencies Problem
« Reply #3 on: May 21, 2013, 03:04:46 PM »
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Do you use your local banks currency rates or any other? and how you can know or rate will go up and down?

You can't know if euro price will go up or down. But you can be sure about something: the bets which you placed at soft book (with local currency) will win over long haul. You should look to euro (or whatever currency you're using) and your local currency exchange rate. It's same in all banks. If euro is 2,40, then it's approximately 2,40 in all local banks.

And which are these other gold bookies with other currencies? Call at least 5! I know only 5dimes wich have only USD as currency... Which are uothers?

5Dimes is not a useful bookie since it's a recreational book and owne by a d*ckhead called Tony. You don't really need 5Dimes when you have Pinnacle and asian books.

Even if I tell you local books I use, it won't be any use to you since you won't be able to use them.

Local Bookie means a bookie which is available for only people who are living in a specific country. For example, I can't use an austrian local bookie since I'm not from Austria or you can't use a cyprus local bookie if you're not living in cyprus. These local books can be online or betshop style.

So that mean u use your local bookies?
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Lansky
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Lansky

Re: How to Overcome Different Currencies Problem
« Reply #4 on: May 21, 2013, 07:12:47 PM »
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Let's say we have TRY (Turkish Lira) as currency in A book.
All other accounts are euro.

2 days ago, exchange rate was 2,36. (1 Euro = 2,36 Turkish Lira)

Today, we see exchange rate is 2,39. I like to show you how dramatically it will effect your profits..
Turkish Lira? I can still remember 25-30 years ago when an uncle of mine was doing Signals Intelligence work for NATO in Sinop and won a wheelbarrow full of Lira that barely amounted to a hundred bucks. What did they do chop all the zeros off again?
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In Arbitrage, Percentages are Vanity and Turnover is Sanity.
Lansky
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Lansky

Re: How to Overcome Different Currencies Problem
« Reply #5 on: May 21, 2013, 07:47:20 PM »
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As far as moving money (especially large sums) around I suggest Richard Olsen's outfit: http://www.oanda.com/currency/live-exchange-rates/  especially if you can do the transfer during periods of deepest market liquidity. A moment ago the EUR/USD spread there was 0.00012 So 100,000 euro could be moved into dollars for 12 euro in spread.

Also If you leave money in accounts there interest is calculated and paid by the second. Not any of that once at the end of the day crap. [iThis is in contrast to other firms and other financial markets, where interest rate payments are calculated only once a day for that entire business day’s activity. What if your electric utility company based their monthly charge on the power you happened to be using at 7 PM on one day? Why do you think phone companies have largely switched to second-by-second billing? We have to ask: how do other financial firms get away with it?][/i].
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Yngwie/Sawyer
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Yngwie/Sawyer

Re: How to Overcome Different Currencies Problem
« Reply #6 on: May 22, 2013, 12:32:14 PM »
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Do you use your local banks currency rates or any other? and how you can know or rate will go up and down?

You can't know if euro price will go up or down. But you can be sure about something: the bets which you placed at soft book (with local currency) will win over long haul. You should look to euro (or whatever currency you're using) and your local currency exchange rate. It's same in all banks. If euro is 2,40, then it's approximately 2,40 in all local banks.

And which are these other gold bookies with other currencies? Call at least 5! I know only 5dimes wich have only USD as currency... Which are uothers?

5Dimes is not a useful bookie since it's a recreational book and owne by a d*ckhead called Tony. You don't really need 5Dimes when you have Pinnacle and asian books.

Even if I tell you local books I use, it won't be any use to you since you won't be able to use them.

Local Bookie means a bookie which is available for only people who are living in a specific country. For example, I can't use an austrian local bookie since I'm not from Austria or you can't use a cyprus local bookie if you're not living in cyprus. These local books can be online or betshop style.

So that mean u use your local bookies?

Sure, I use them too. They can be headache sometimes but still handy and good to have.
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