Betting is something that requires a high level of planning and discipline in order to achieve the desired results. As a popular saying goes, to fail to plan is to plan to fail. This is very true in betting or wagering. As such, a staking plan has to be in place whenever a bettor wants to place a wager.
What is a staking plan?
A staking plan is a method of controlling how much each wager should cost.
Staking plans are varied and range from simple plans to very complicated ones. Just like in trading the forex or stock market which carries a high level of risk, a staking plan is usually designed so as to keep the chance of going bust to the barest minimum, using an acceptable risk-reward ratio so as to get a good rate of return.
Many bettors go into the world of betting with the wrong notion that it is all about being able to correctly predict which way a result will go. They buy into all manner of systems, strategies and betting alerts that promise to deliver the kind of returns never before seen in the world’s history.
Many of these so-called systems are sugar-coated to get you to spend your hard-earned money on the product. They never reveal the nasty side of betting which is that it is possible to go bust very quickly if you are careless. No sporting result is engraved in stone.
Not many people would have even remotely thought that West Bromvich Albion could take a 3-0 lead against Arsenal in the Emirates stadium in the EPL game that took place in September 2010, eventually winning 3-2 and shocking bookmakers and bettors alike, especially given the historical result data for matches involving the two clubs in the last ten years.
How about Chelsea FC losing 0-3 at home to Sunderland in early November 2010? That is how results can go. Without a proper staking plan, it is very easy to go bust.
There are always two sides to successful betting; making the right selection, and having a proper staking plan. Every bettor will place a losing bet at some time. No bettor can lay claim to a 100% win ratio.
Ultimately what makes the difference is being able to get it right more times than not, and making sure you stake wisely. Even with an impossible 80% winning rate, staking too much money on the losing bets can negate the winning ones.
So what makes up a good staking plan? Some of the key points below will give you an idea of what a good staking plan should include.
1) Only betting with a disposable income for betting (income you can afford to lose).
2) Using a proper proportion of this betting bank per bet, e.g. 1% or 2%
3) Be disciplined! Do not attempt to bet larger amounts when you are on a winning run. You may be so unlucky to start hitting a losing run soon after and go bust.
4) Don’t force a bet. Not placing a bet when the odds don’t look good is as good as a good bet. At least you will not lose money.
5) Never try to recover your losses!
6) Before you commence betting using a strategy, paper trade that strategy thoroughly and be sure it works according to your plan before committing real money to it.
7) It pays to keep written records of your betting history. By studying them like you study a test material in school, you can learn from mistakes, get to know which strategies work best, study patterns in the sport you are betting on, and improve.
Get a good betting plan, stick to it, and watch your profits grow.