When it comes to betting, whether you are a newbie who is just beginning to venture into the world of serious betting or if you are a veteran who has been betting for years and years, there’s still common mistakes that people make (and mistakes that people might not even realise they make).
Below, we list 4 of these HUGE mistakes made regularly by punters – Just make sure you’re not making any of them!
Not Fully Understanding Betting Banks
Setting yourself a limited betting bank for your betting ventures is a MUST. This ensures your betting does not begin to get out of hand and you slowly, without realising, spiral deeper and deeper into debt until you become completely addicted to your betting.
You need to treat your betting as a project, or even as a business. You have a set amount of money put aside each month that you can use to turn a profit, if you lose it all then you stop and you wait until you are next funded the following month.
None of this, “I’ll just put another tenner on” or “I can afford to deposit £50?!” No! No! No! You need to set your betting bank for the month and stick to it. Not doing so is the biggest mistake you can make if you’re serious about making money from gambling.
Not Using a Staking Plan Effectively
(No, I’m not talking about the Martingale system, please don’t use that) – We’re talking about a well calculated, mathematically supported staking plan that can ensure you maximise your wins and minimise your losses.
The key to a good staking plan is money management – That is the main role of your staking plan, to manage your money effectively.
I’ve said it, time and time again, 50% of your betting system is the selection method, the other 50% is the staking plan. If you’re using a particular selection method then don’t make the mistake of not coupling this up with an effective staking plan.
At some point, everyone is guilty of this… You hit a loss and you increase your next stake a little to win some of the loss back, or you get a little careless with your selections and you’ll back any selection that REMOTELY matches your system. Been there?
It’s a really common mistake made by many punters but one you need to stop making. Chasing losses can and will cause you to become reckless and careless which leads to mistakes. Mistakes lead to further losses which is what you were trying to win back by chasing your losses – It’s the vicious circle of loss chasing, so stop doing it!
Not Being Focused and Disciplined
Something that really concerns me with a lot of punters I talk to is that they just don’t seem to focus on a particular method – Testing out a method for a week is not long enough, I’d usually say that even testing a particular method for a month is not long enough. In order to determine the effectiveness of a particular system, you need to stick at it!
None of this dancing around between this method and that system, and his strategy and her selections… Research your way through several systems, find the one that is right for you and stick with it for 3 months.
Whether you paper trade the system during this 3 month period is totally up to you but DO NOT deviate from this system until you have fully tested it.
There you have 4 COMMON mistakes made by punters when betting. Go through them all and make sure you’re not making any of these which could dramatically affect your betting results.