On Monday I wrote an email to you about the self-destructive tendencies that we all have and how they affect our betting…
I’m delighted to say that I’ve had a good number of responses and I’ve decided to share a few of them with you here.
First, a tip from John…
“I carry a little book around with me at all times and every single bet, whether fun or professional, goes in there. At the end of the day I work out the P&L for all bets.
“When this becomes second nature you then question the fun bets because they will be coming off your potential hard work elsewhere. When you do have a fun bet they tend to be smaller.”
And now, a few problems…
Vince says: “Sometimes when I am placing a qualifying bet to gain a bonus bet I don’t lay it. When I do that the horse or football team generally lose, so there’s 50 bucks down the drain. If I do lay it the bet normally wins!!!! It is a habit I find hard to stop.”
One for the Bonus Baggers and Profit Maximisers there!
Matt Says: “At the moment I‘m devising a plan that I would like to conclusively follow through. In recent weeks I haven’t followed through and it’s been to my cost for not doing so as these other counter-productive behaviours have more power than I realise which was why I wanted to me more thorough in my planning process in the hope that they would go away.
“Some strategies I follow through and others I don’t. I don’t seem to be placing equal importance on all of the action(s) of the plan and I tend to favour one over the other. Big mistake as all of the action(s) are equally important to the other. And I need to galvanise my belief that it’s only by process of elimination of data/research of both pre-match stats compared to in-play match stats that I need to base my decision making.
“Anyhow, I think that I really need to start taking action on plan set out, I need to evaluate missing link of plan to make it better. And the challenge of actually carrying it through from concept to actualisation is biggest hurdle for me at present. After all if I don’t take action on it how am I going to ever get better at improving it?”
Norman says: “My problem, and where my lack of judgement comes in, is I now have about seven systems that I bet who all show a profit at various times of the year, but have the odd month where there is a real loss. I also have another six or so that I paper trade.
“I bet most days but, over a month for various reasons, I probably miss about six to ten days. As you can now predict, these are the days when every system performs perfectly and, on paper I show a great profit. If only I had bet those days!
“So my questions/faults/lack of judgments, (pick your own word), are; should I cut down on the number of systems or would I be better to take on more? Is there an optimum? Each of the systems does show a profit over a year but what is a good profit for £2 to £5 stakes? The ROI for each varies each month due to my betting pattern as you can guess, so it doesn’t always tell me the right answer. Some systems perform better at some times of the year than others, should I burrow down to that level to make a decision?
“Over the past six months I have been increasing/decreasing the stake by 10% according to the previous month’s performance. Is this a good idea? It has meant that my betting bank has fluctuated quite a bit and I have, a couple of months ago had to duck into other money, although it’s all back on an even keel now, (so far! fingers crossed!).
“Please can you help me stop adding on new systems to paper trade! My spreadsheet is enormous and the “it’ll only take ten minutes in front of a computer” is hours when you have as many systems as I have!
“Sorry, need to go, it’s now late afternoon and I need to update all the data asap before dinner in two hours time! Thanks for reading this, it was actually quite useful just to write it down and review what I’m doing.”
Now rather than attempt to answer these myself straightaway, what I would like to do is open it up to the floor…
So, what do you think?
Do you have any top tips like John, which can help sate that inner demon?
If you do or would like to raise any problems of your own, drop me a line at email@example.com.
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Category: Betting Advice