Whether you’re a seasoned bettor, or someone who is relatively new when it comes to serious betting, there are mistakes that you might be making that could be costing you big time.
Today I’m going to list just a few common mistakes that I see people making and give a fix for each.
1. Chasing losses
It’s all too easy to fall into the trap of chasing your losses. Either by staking a little bit more on your next bet to try and win back what you’ve previously lost.
Or often by betting on anything in the hopes it might win you some money back, even if the bet doesn’t represent good value.
Fix: People chase their losses when their emotions get the better of them. To avoid this mistake, stick to a simple staking plan so you’ve already predetermined how much your going to bet on each selection.
That way, you don’t allow your emotions to sway your decision when deciding how much to stake.
Which brings us onto the next mistake.
2. Not using a staking plan (or using a dodgy staking plan)
If you don’t use some sort of staking plan, you are probably betting varying amounts on each bet depending upon how much money is in your betting accounts and bank account.
This means you run the risk of betting small stakes on your bets that win and large stakes on your bets that lose. Which isn’t the best…
Fix: If you want to make a profit from your betting, you need to take it seriously. And that means following a staking plan.
And not some sort of dodgy progressive staking plan either ,such as the martingale or fibonacci.
I would suggest sticking with something simple such as 1 point level, which simply means you bet the exact same amount on every bet.
3. Not using a betting bank
This mistake is quite similar to the last one and just as common. If you don’t have a betting bankroll, you risk betting with money that you can’t afford to lose.
Fix: Set aside a specific amount of money that is just for betting. Then once you have put together a bankroll, you can divide it up into points so you will know how much of your bankroll you will be betting on any one bet.
4. Not sticking with a method for long enough
The final mistake I’ll mention today is not sticking with a selection method for long enough. Whether that selection method is a system you’ve created or follow or whether it’s the selections of a tipster.
I all to often see people start following a selection method for a few days and then quitting because they had a few losers before moving onto another selection method.
A few days or even a month isn’t long enough to give a method a proper go.
Fix: Stick with a selection method for at least 2 or 3 months before you decide to ditch it.
This doesn’t mean you need to be betting on these selections the entire time.
In fact, if it’s a new selection method you’re trying out I suggest you don’t.
But what you should be doing is paper trading those selections and giving the method at least a couple of months to prove itself.
Or alternatively, you could let someone else do the paper trading for you, and only use selection methods that have proven themselves to be profitable.
Such as the tipsters in my tipster portfolio.
You can view all their results at the link below:
Until next time,