General Betting
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I find it very easy to turn £100 into £1000. I'll probably do it inside a week - 9 days max.
But I would never be able to turn £1000 in £10k inside a week - 9 days.
I find I start to bet stupidly and chase my bets. Where as I trade with 20% of my bank when I may have £200, I'll do the same trading with 2% of my bank with £2k so I have no consistancy.
Anyone able to give me that little bit of advice that helps me. I have tried just playing with £100 but I then throw it on some stupid horse race or football market knowing I have money in the account sitting.
Cheers
But I would never be able to turn £1000 in £10k inside a week - 9 days.
I find I start to bet stupidly and chase my bets. Where as I trade with 20% of my bank when I may have £200, I'll do the same trading with 2% of my bank with £2k so I have no consistancy.
Anyone able to give me that little bit of advice that helps me. I have tried just playing with £100 but I then throw it on some stupid horse race or football market knowing I have money in the account sitting.
Cheers
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Replies: 59
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well just keep turning 100 into a 1000 wots the problem??
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a grand a week and youre worried? can i have your problem please?
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Mentally - I'll do something stupid, knowing I have £900 in the account I could call upon
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yeah but just repeat what you are doing then if its not enough..150 to 1500 perhaps
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http://en.wikipedia.org/wiki/Utility#Utility_of_money
http://en.wikipedia.org/wiki/Behavioral_economics Investigating these subjects will probably help to explain the problem. In summary, when the stakes go up beyond a certain point, people become irrational. |
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Thanks Wee Mac - Any idea or mental approach I could use
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level mental state. write a journal to keep you focused, question everything you do
diminishing liquidity for any given strategy, constantly change |
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Develop discipline and use a spreadsheet to design efficient money management and staking, and stick to it unless results prove your method is flawed.
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If you can make 900% in a week then you are taking risks and perhaps it is no suprise that your good run comes to an end fairly quickly. Staking could be a red herring and you are simply a risk gambler.
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Why don't you post the bets you put on with your normal stakes
We'll bet the rest That way your behaviour isn't impaired by the money ;) Personally, when I trade the stock market I hide the P/L window so the numbers dont affect me. I just look at the price of the share/index etc and try to forget how much I have bet per point |
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Thanks Lads - alway good to see info from people who have a long history with the site offering info.
I have a spreadsheet done and I am making on Average 33% profit a day give or take. Today operating on a £800 bank I am at 43% - http://s159.photobucket.com/albums/t146/bazalini/?action=view¤t=today.jpg I have a spreadsheet that records my daily profits, a target profit and a detailed analysis of sports market profits over last 3 years. This has given me now a set of rules to follow - Should I be more detailed with my bets and be recording them to. That would be difficult as I trade alot. |
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Alex the old wrinkled retainer 06 Apr 17:33
If you can make 900% in a week then you are taking risks and perhaps it is no suprise that your good run comes to an end fairly quickly. Staking could be a red herring and you are simply a risk gambler. The only risk is been able to afford to gamble. That is not a problem. Any idea as how I could change |
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Just analyse your profits and your losses.
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You say that you have spreadsheets that record your profits. Do you have similar ones to record your losses? Seeing where you are going wrong is just as important as seeing where you are doing well.
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Rob_S 06 Apr 17:33
Why don't you post the bets you put on with your normal stakes I did that here once - after getting feed-up with the sh1t on the forum http://site.forum.betfair.com/jive3/betex/ThreadsFrameset.jsp?forumID=25&forumName=Soccer&threadID=1467508&tName=Double+You+Money+Saturday%2FSunday+-+Hopefully&schatname=Bazalini.&iMessageCount=36 |
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Punting Prowler 06 Apr 17:40
You say that you have spreadsheets that record your profits. Do you have similar ones to record your losses? Seeing where you are going wrong is just as important as seeing where you are doing well. I keep information on the markets I bet on and know which ones I can make money on consistantly. |
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are you purely gambling or do you have any edge?
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No edge - Just Gambling
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I find I start to bet stupidly and chase my bets.
The sort of comment that follows the backing of losing bets. Don't stupid bets ever win ? Of course they do, but we call them something else. |
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If you could automate your bets and take the emotion away, you would be elected, so you would.
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When the stakes go up the margin gradually disappears because the money available to take at best odds is not infinite. What's profitable at £100 a pop might not even be profitable at £1000 a pop let alone give you the same rate of return. I'd be a multi millionaire by now if that was the case.
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A great example of this is the premium charge. Basically what it does is tap into 20% of your stake. For every £100 you bet you are really betting £80, Betfair is taking the other £20. If it was as simple as increasing your stakes to £125 so you are actually betting £100 at the same odds the charge would be incidental, but even a mere 25% increase in stakes is a formidable obstacle let alone a 900% increase
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Your making £900 per week, and seeking advice to make even more ? I guess your one of the highest earners on Betfair, so there can be very few people around to help you !
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You are probably going to fast and trying to over-win the amount you are right.
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Bazalini. 06 Apr 18:02 No edge - Just Gambling That's your problem. When you're 'just gambling' you're gonna win a bit, lose a bit, win a bit, lose a bit. Try and concentrate on markets where you think you can consistently beat the market. |
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Meant No Edge as in Bots.
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This is a strange post, as you kind of answered your own question in your first post surely, if you read what you wrote!
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Alright Stu. I think what I am looking at is some mental stuff to keep my mind on track.
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As your bank increases, you find that if you are not staking more, you are probably taking on more events inorder to "keep up the pace".
I find two elements that help: - bring down your target per day. I think the math is 100 into 10,000 is 5% a day for roughly 100 days. Thus, doubling your bank every ten days. Well, if you are going to make 10,000, what is an extra 100 days? First 20 days - 5% Second 20 days - 4% Next 20 days - 2.5% Between discipline and increased abilities, you should be able to maintain and be selective after that for steady gains. - Don't look at your account gains and losses on a daily basis. Look at it over the week. It all balances out over the week. You will have good days where you are in a groove (but should walk away "a winner" or reduce your risk significantly as the day progresses) and on bad days, they get put in the mix rather than chased. - If you are setting targets and are working through the week, don't count weekends. Thus Monday, your percentage bank gain or loss is based on five days work. For me, I tend to do straight bets on the weekend and let the results roll. Even the Grand National, two bets placed and didn't watch the race till 10 that night. No trading. Football the same. Hockey the same. It makes you selective, tends to make you stake as a flutter and doesn't involve staring and pixels all day. Works for me. Perhaps it will work for others. Shapeshifter Survivor since April 2003 |
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jeeezus....six years last week........and not even flowers from Andrew.......
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Cheers for that SS. Think you are right about the days. Need to focus on longer target spells.
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How do you discipline yourself on the weekend SS. Do you just switch off the PC.
I start my week on a Monday and I find if I am ahead of target I can be wasteful over the weekend, while if I am below target I know I'll make it up over the weekend. Thanks lads for all the ideas. All I will look at. |
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Forgot to add....green out more if you can, even if just a portion.
i.e. horses, if you are laying 10 pts and risking 50 pts, if it drifts out, cut into your profit and reduce your risk more than you would do at lower stakes/risk. You'll find that the curve of "the graph" smooths out more and less of a chance of tilt and chase kicking in. As far as turning off for the weekends: - I research my football and hockey bets on Friday. I make notes on conditions (i.e. line-ups, etc). So Saturday, wake up and make my flutters. But what makes it easier is three factors: Shapeshifter jr, princess Shapeshifter and Mrs Shapeshifter. Much more fun to spend time with than the pixels. |
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Bazalini. 07 Apr 10:25
I start my week on a Monday and I find if I am ahead of target I can be wasteful over the weekend, while if I am below target I know I'll make it up over the weekend. Why "make it up?" Have some flutters on some football matches or your sport of choice. Enjoy watching the match or the race (if you back, fine, put up a keeper at 1.11 to recoup if nicked at the line). It is about time you spend in front of the screen. Less can sometimes be more (thus why I look at it over a week rather than day to day). And, if you feel you need to "make it up", then make it up the following week. If your flutters lost a bit, so be it. Made a bit, great. Less to "make up". But it is about headspace. |
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best thread ive read for a while, have really just been messing about since i joined, thx to all the peeps who took the time, think ive seen the light
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Will certainly take alot of your stuff on board SS. I need to get my head around alot of stuff. If I can control of that I would be sweet.
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BAZZA i think if you get over the DISCIPLINE factor you have a big chance of reaching your goal BOTTLE you have got but like a lot of us we wont it to to quick TIME and DISCIPLINE if wee can control them we have a chance to make decent WAGES
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Baz
Similar problem. I start with three hundred and make a grand (or two) The answer is to bank the grand and go back to the start bank. That way you back according to the lower bank and make sound decisions rather than risking higher amounts on might win situations, particularly lay bets. Took a few years to work that out and a few more years to stick to it! |
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Everyone has a different level where the amount starts to effect their decision making. For some it could be just a tenner some it can be thousands. It does not matter how much you have made before it still important that when you gamble you have a clear mind and that the amount staked is not bothering you when you are working out your bet. Why not keep making a grand and then when you hit it withdraw 500 so your bank never goes over that amount. When you get comfortable with that you will know when the time is right to up your stakes. No need to rush it
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