Money Management Tips

I am just sitting here looking at the blinking cursor on my notepad, thinking of what to write about today. Rock music blasting…could it be the pitch of the beat that keeps distracting me? I pondered upon several issues in my head and I said to myself “Just start typing, that’s how you do it all the time, your readers already know that you write from your heart without any external source of reference”.

In the past two days, I have downloaded three new movies which I found much delight in viewing. The one which gave me something to think about was “The Purge”, I still kept wondering what a crazy law it would have been to set aside a night annually when crime was made legal in reality. What stroke my attention was the fact that the guy who sold the security units actually got invaded and killed at last.

The storyline of the movie immediately got reinterpreted in my thoughts. It reminded me how what happens when the hunter becomes the hunted. This law actually takes place in the business of sports trading. A trader draws a special trading plan, an effective staking plan, “the perfect way to kill the bookies”. He starts out with a single bet of $10 and everyday he keeps compounding all of his winnings. It’s Day 20 and he’s got over $10000 in his betting account. He is feeling so good about his winning streak as he walks out of his apartment and gets a  magazine. Feeling so comfy on his leather couch, he flips through the pages of the magazine searching for a car to buy with his winnings at the end of the month.
Later that night he stakes all of his bankroll as usual but this time he loses the bet.

Now, he's so angry that he lost more than $10000 when in actual sense he lost just $10. Such pain is one felt in deep. It's just like Mr. Bean sleeping after inserting the key into the locks of a treasure box. Consider the time taken to analyse each bet event that he won, the tension, power consumed by the computer and also internet data subscription. Not to talk of the time spent on watching the games, the unspoken prayers. Although, he had a good winning streak but a poor withdrawal strategy.

Business, investment, gambling,... shouldn't be regarded as a relationship where it's easy to get and hard to come out. Sports trading should be a 3-step transaction where a deposit is made, bets are won and a withdrawal is placed. With proper money management strategy, any business will survive. The key is setting a target. Set a stop loss and a take profit point. Trade based on facts not speculations.

70% of online sports punters don't click the withdrawal button. The formula should be one to three not three to zero. One should be able to deposit once and withdraw three times in a month. That's when you know you are doing business. If you win 4 bets consecutively, withdraw your profit and start again. Use your first winnings to buy something tangible: a smartphone, TV, new PC. Something you can look at daily and know that your trade was and will be profiable.

You won't want to end up being the guy who set out to wreck the bookies but got wrecked big time. Sports Trading isn't like HYIPs or Ponzi schemes. Think twice about your strategies.

Here are some tips
Remember that the bookies feed on your losses while you feed on your winnings.
Stick to single bets, Heinz or Super Heinz.
Better to stake $100 on a very sure winning game of odds of 1.33 than stake $10 on an accumulation of odds of 1000.00.
Always analyze and read news about team fitness, form, match condition, line up, injuries and so on.
Plan a strategy by testing with low.
If you compound your winnings, always do so on single bets and withdraw your profit after the 4th consecutive bet.
Never borrow money to gamble.
Plan a money management strategy, start with 10% of your bank roll.
If you depend on a paid tipster, never stake your bank.
Don't chase your losses.
If a particular market or sport doesn't favour you, do research on another.
Remember that sports trading isn't poker. There are facts based on team and player performance. Study the statistics.
If soccer is what you want to trade on, start by studying two leagues properly.
The key is to withdraw your profits more often so place a withdrawal target.
It's better to gather the pennies than lose the pound hence small stakes on small odds can be profitable over time.
You can't wreck the bookies but you can good profits from them because your winning is someone's loss. Money circulation.
Don't let greed kick in. Be disciplined.