“Why you should never bet without one.”
Betting banks are absolutely essential for anyone who wants to take punting seriously. If you want to profit from racing long-term you must put some money aside and use this money solely for the purpose of betting. This money must be totally separate from all your other finances that you need to live day to day. This will remove emotion from the decision making process when you are betting; how you might ask?
Think about it for a minute. Would you put the week’s shopping money down on a horse? No of course you wouldn’t, but unfortunately some people do. These are generally punters with no method, no plan and definitely no betting bank.
Understanding how to recognise your emotions, and what part they play in the decision process is the key to your success or failure in betting, or trading of any sort. If you know that the money you use to bet is not linked to your everyday expenses then you will be able to relax more, and be positive about your decisions when placing bets.
How much money you can afford to put in a betting bank will of course depend on your own individual circumstances. Then you need to decide how much money you will use for each bet this is called a “Staking Plan” or point betting. In other words each bet will be one or two points depending on how strongly you feel your selections chances are.
You should divide your bank into 50 – 100 points in my opinion. This will allow for any losing runs, and will overcome the risk of an emotional response to a series of any unusually positive or negative results. In the next chapter I will explain how it works. But first you must understand the overall dynamics of smart money management, and always…
Start off small, and bet with money you own, not money transferred from your credit card.
The best way to start backing or laying horses is with a small betting bank, as your experience and confidence grows so will the profits, which will be mainly made up of money you have won and not deposited from your bank account or credit card.
The advantages of this approach are…
- Betting with winnings will allow you to relax more. Using money you have won is far less emotional than betting with money deposited from your bank account.
- Using a small betting bank has the distinct advantage that if at first you aren’t getting it right the stakes are very manageable. Losses are far easier to deal with emotionally when betting with smaller amounts.
- Be patient and you will succeed. At first try to view the whole method as having no money attached to it. This will allow you to solely concentrate on the selection process, which ultimately will make you far more money once you are getting it right.
- Don’t try to run before you can walk. In order for anything to become a reality you must believe that it is attainable, your mantra should be…
“Learn to BELIEVE and YOU will SUCCEED.”
There is no such thing as LUCK in my opinion; it’s a case of…
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