This is similar to something that I posted last year but it is always worth revisiting and ensuring you are at least paying attention to some of the points mentioned below.
Discipline and Betting Banks
If you are following any kind of system or tips, or even if you rely on your own selections it is vitally important to have a separate designated betting bank. I have mentioned in one of my posts previously that I would recommend anyone following the selections posted on the daily blog to use a betting bank of 50 points.
So as a for instance, if you were able to set aside £500 for your betting bank then each point staked would equate to £10 (£500 divided by 50 points). The stakes I moorland suggest range from one to three points generally, and very occasionally five points if there is a selection I am really confident on.
This is where discipline is a vital component of anyone that wishes to make consistent profits from betting. There are always going to be losing runs, however it's how we cope with these losing runs that will define how successful we are. If we stay disciplined and use our recommended stakes per our betting bank they we will be in a prime position to come out the other side with the majority of our bank intact.
Now obviously you need a system or service that provides good value selections that can make you consistent profits over the long term, and that is what we are aiming to provide here. My aim to is make them points profit each month, which is no mean feat, and so far since the beginning of July we are on target.
This might not seem like a huge amount, however when you consider the impact of compounding, things will quickly add up. If you start with the £500 bank that I mentioned, and at the end of each month recalculate your stake based on your new betting bank size, the profits will quickly add up. See the example below for an illustration of what I mean.
Initial bank £500 - 10 points profit in the first month = £100.
Bank at the start of the next month £600 - therefore each stake based on the new bank £12 (£600 divided by £50).
If things continued in this way for a year, then you bank at the end of the year would be a little under £4,500, almost nine times your starting bank. This is an excellent example of the power of compounding and how, if you stay disciplined, you can make good regular profits from betting. After only a year you would have an extremely powerful betting bank and be capable of making a substantial second income from it. Of course profits won't always be as linear as ten points a month and there will be down times, but that is when the importance of betting to a plan comes in.
Please leave a comment below if I haven't been particularly clear on any of this or if you have any questions.