Not wishing to teach a grandmother to suck eggs I thought that I would pass on a few important lessons I was given at a very early stage in my betting career. They have stood me in good stead and if only I could be ultra disciplined they would certainly lead to an increased profit.
The first and most important lesson involves preparation before you place any bet. In terms of preparation once you know the selection you wish to bet on you need to bet that selection at the best price available in the market. The only way this is possible is to have accounts with each and every bookmaker which gives a price on your selection. Now as discussed previously, and as I am sure many of you will have already been victims of, some bookmakers offer very low limits and monitor accounts resulting in accounts being closed and accounts becoming worthless. If this has happened to you then you must look for other routes to market. There is nothing more frustrating than seeing a standout price you wish to bet but being unable to take that price. I will begin to send private messages out to my followers when I like a selection but it is not available with one of the books we use on the site.
The next lesson involves your bank and your bank management. The only way to truly manage your betting bank is to have a separate betting bank account. This way it is easy to see what your starting pot is and what your current balance is. Being disciplined the account should not have any withdrawals for a twelve month period. This is easier said than done but the only way to give a true reflection of how you have performed over a year. Every gambler will have ups and downs but your profits need to be available to get you through the bad periods. It is only through management of a physical bank account that any kind of staking plan can be put in place. Many staking plans are derived directly from your available monies. At the start of a twelve month set aside an amount of money that you are willing to lose, yes that is right, willing to lose. This hopefully will not happen but if the pot in your betting bank account goes to zero you take a step back and wait for the next twelve month period to begin and use the lessons learnt. If the account is in profit then either increase the size of your stakes or withdraw the difference between the starting pot and current balance and treat the wife.
The third and final lesson is to make a note of every single bet you place. Be that a fiver with a friend over a game of pool or a 5% bet on a 1.50 shot. It is only through doing this that you can have a true indication of your strengths and weaknesses. The record should state: Date, back or lay, win or each way, stake, price, sport, market, market description, bookmaker, result and P&L. I also keep a note of the make up of the market to see how far I was away from the win. I record mine on an excel spreadsheet and know which sports and markets are my most profitable and correspondingly which markets are best left well alone. My sheet also gives yield and % up months/down months and few other things.
Getting these basics in place enables a more structured approach to your betting.