bigfoot12
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Post by bigfoot12 on Sept 29, 2015 19:14:27 GMT
I understand that the forum consensus is likely to be that autobid doesn't work, or at least only for the seller. I have never used autobid until this week as my view was that it wasn't very good. I have never had a significant portion of my P2P invested at FC because I was waiting for the API. With the changes this week two of my objections to auto bid seem to have gone away. As we now have fixed rates the crude rate setting of auto bid doesn't matter, and I can set a (much) higher rate for secondary market loans so I don't get stuffed with all the unwanted junk.
Yesterday I turned autobid on for A+ to C, my account is funded and it bought some loan parts of some of yesterday's loans. Today it bought none. Is this normal? I did manually buy some loan parts after the autobid failed.
If anyone knows the answer to these questions I would be most grateful:-
a) When does autobid buy; is it as soon as a loan is listed, or does it perhaps run once per hour?
b) When a loan is too small to give everyone a share how is it allocated; perhaps it is random, or there might be a queue?
c) Does me manually buying loan parts interfere with the autobid?
d) Does anyone know the size of potential autobid bids?
e) What fraction of a loan is allocated to autobid?
f) Are interest only property loans included in autobid; and is anything excluded?
I am considering leaving it for the rest of the week, as some of the auctions are quickly removed from the site once filled.
g) Is there an easy way to see them, so that I can work out which loans autobid didn't bid on?
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Post by GSV3MIaC on Sept 29, 2015 20:39:30 GMT
AIUI (but only Fully Cloaked knows the exact answers, which may change daily) ..
a) Once every so often, exact timing (deliberately?) obscure. I have suggested it should run before the loan opens for manual bidding, but so far it doesn't.
b) I believe it is random-ish
c) I believe it does, since autobid won't buy what you are already exposed to.
d) You mean in total? It depends on how much money has been repaid overnight, since much autobid money is recyled interest and capital repayment, and peaks when a big loan repays in full, but from inspection autobid seems only able to find a max of <£100k for any one loan, and less if there are a lot of potential targets (which there are not right now!)
e) 65% max, so FC says. Recently increased from 50%.
f) All included as far as I know
g) No, only if you managed to put them on your watchlist (or have a bot to do that for you). A major FC annoyance ifs the way they hide closed loans unless you bid on them (or unless there are parts on the SM). You can download the loanbook a few days later and see what there was you might have missed, but it is not what I'd call 'easy'.
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bigfoot12
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Post by bigfoot12 on Sept 29, 2015 20:57:18 GMT
Great thanks for that. So it is quite likely that the smaller loans filled up before autobid kicked in, and that I intervened in the larger loans manually buying some. I'll resist the temptation to manually interfere for the next few days.
BTW what is the history of people using other words with the initials FC?
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Post by pepperpot on Sept 29, 2015 23:21:10 GMT
BTW what is the history of people using other words with the initials FC? It's the result of a little Festive Cheer last xmas in the 'It’s Christmas - so let’s play a game' thread that got strung out into a bit of Friendly Competition between Flaky Computations Frustrated Customers to come up with the most Faintly Comical non-abbreviations. To be honest, it's starting to feel a bit like Flogging (a) Crucified horse. When was the last time anyone mustered a Funny Chuckle over these word games that have only Featherweight Coherence? Is it time for a Little Change? I Wish & Covet with Forthright Sincerity that we are not So Stuck in our ways that All Chances of Redeeming Status are Totally Caput. Any Brave Lenders think I Forgot Enyone?? Me Thinks I did, Boll*cks, but I don't think I should mention Total Failures. 
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Post by yorkshireman on Sept 29, 2015 23:38:38 GMT
BTW what is the history of people using other words with the initials FC? It's the result of a little Festive Cheer last xmas in the 'It’s Christmas - so let’s play a game' thread that got strung out into a bit of Friendly Competition between Flaky Computations Frustrated Customers to come up with the most Faintly Comical non-abbreviations. To be honest, it's starting to feel a bit like Flogging (a) Crucified horse. When was the last time anyone mustered a Funny Chuckle over these word games that have only Featherweight Coherence? Is it time for a Little Change? I Wish & Covet with Forthright Sincerity that we are not So Stuck in our ways that All Chances of Redeeming Status are Totally Caput. Any Brave Lenders think I Forgot Enyone?? Me Thinks I did, Boll*cks, but I don't think I should mention Total Failures. Eh? 
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Post by GSV3MIaC on Sept 30, 2015 6:16:11 GMT
They just did the Friendly Camels thng to all the other major P2P lenders. 8>.
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min
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Post by min on Sept 30, 2015 6:17:37 GMT
BTW what is the history of people using other words with the initials FC? It's the result of a little Festive Cheer last xmas in the 'It’s Christmas - so let’s play a game' thread that got strung out into a bit of Friendly Competition between Flaky Computations Frustrated Customers to come up with the most Faintly Comical non-abbreviations. To be honest, it's starting to feel a bit like Flogging (a) Crucified horse. When was the last time anyone mustered a Funny Chuckle over these word games that have only Featherweight Coherence? Is it time for a Little Change? I Wish & Covet with Forthright Sincerity that we are not So Stuck in our ways that All Chances of Redeeming Status are Totally Caput. Any Brave Lenders think I Forgot Enyone?? Me Thinks I did, Boll*cks, but I don't think I should mention Total Failures. You also Forgot Keith ?
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Post by contangoandcash on Sept 30, 2015 7:34:39 GMT
Glad someone asked these questions, I have been manually using Frumpy Cider for a long time, since the fixed stuff came along I switched on Auto as I don't see the point anymore... So there I was, expecting to get a part of every new loan, and I log on and see everything closed with over 6d to go, and me with only 50% exposure to them. So, this is actually not particularly useful at all. Is there a site where I can buy a bot to do this for me? I presume someone must be selling them as standard as the site is nearly useless.
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arbster
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Post by arbster on Sept 30, 2015 7:54:18 GMT
Glad someone asked these questions, I have been manually using Frumpy Cider for a long time, since the fixed stuff came along I switched on Auto as I don't see the point anymore... So there I was, expecting to get a part of every new loan, and I log on and see everything closed with over 6d to go, and me with only 50% exposure to them. So, this is actually not particularly useful at all. Is there a site where I can buy a bot to do this for me? I presume someone must be selling them as standard as the site is nearly useless. I must admit I was similarly disappointed that Autobid didn't guarantee you a part of every loan - for me that is an intrinsic part of "playing the percentages" in their risk assessment processes. The way it currently works, you will probably only get parts of the least attractive loans that the active investors don't snap up immediately. I suppose, in a way, they could never guarantee you get part of every loan, as there is probably too much Autobid money available, so they have to randomly allocate it. As you suggest, a "bot" might well be the only way.
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Post by contangoandcash on Sept 30, 2015 8:01:39 GMT
That's exactly how I see it Arbster, the autobid users will get left with the least attractive loans. When they switched to all fixed, then then needed to ensure the advantage of using a bot didn't massive increase like this... or perhaps a better framing of it would be - the disadvantage of not using a bot.
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bigfoot12
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Post by bigfoot12 on Sept 30, 2015 8:09:40 GMT
Yes it does seem to be broken. This aspect didn't matter much when the auctions were variable. I'll give it another week or so, there seem to have been fewer auctions in the last day or two. In a recent blog it looks like there should be about 75 per week. Perhaps once there is more product it won't matter as much. I don't mind if I miss out on a few tiny auctions.
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Post by goldservice on Sept 30, 2015 8:14:16 GMT
If too much money is chasing too few loans, then rates will fall so Forget Chasing.
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Post by davee39 on Sept 30, 2015 8:42:36 GMT
That's exactly how I see it Arbster, the autobid users will get left with the least attractive loans. When they switched to all fixed, then then needed to ensure the advantage of using a bot didn't massive increase like this... or perhaps a better framing of it would be - the disadvantage of not using a bot. Ah, so the Bots have a high degree of artificial intelligence and can now identify the best loans within microseconds of them listing. More importantly, if only a handful of loans really are available each day we will soon be looking at Failed Completely and platform collapse. With a history of badly implemented software changes this looks more like a slow burn, make sure it works policy. *** In the interest of transparency I confess I have switched on Autobid to try to buy 1 £20 part of any 'D' or 'E' with a view to a fast flip at par ahead of second payment. ***
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arbster
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Post by arbster on Sept 30, 2015 8:58:10 GMT
Ah, so the Bots have a high degree of artificial intelligence and can now identify the best loans within microseconds of them listing. Not sure anyone was suggesting that, merely that only a bot (or being online constantly) would seem to give anyone a chance of getting a part of every loan, in order to get the pure average default rate.
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Post by GSV3MIaC on Sept 30, 2015 9:42:31 GMT
Only "Real Stupidity" would buy a £20 part in every loan .. AI will have some glimmering of a clue as to what to avoid (even if only because it won't resell).
No, I don't think you can buy a bot, however you could echo my many-times-made suggestion to Floppy Circuits that they should apply ALL eligible autobids BEFORE they go list the loan on the open market.
Alternatively writing a really dumb script to buy £20 of anything as soon as it appears is pretty trivial .. any CompSci schoolkid will probably do it for pocket money. 8>.
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