How many times have you gone broke on here?

you sound just like me. I tend to make money on the games I do my research on, but for no apparent reason I throw it all away on laying correct score markets or something just as rash. Very frustrating. I am determined to be more disciplined this coming season. Do you know where I can find the historic odds. Cheers

No I dont have any idea about historic odds butt somebody else reading this might know. Boredom is also another trait , having all evenings and weekends free can lead one down a dodgy road

I need to go through my p&l for last year, but im sure I lost most of my money betting on a Friday night due to being tired from working all week and betting on sh!t I know nothing about. Usually do ok over the weekend if I only stick to my original plans. Monday night football is usually ok for me as only one game on !!! I try to keep a book of my bets and write down my predictions for the weekend ahead. The most annoying thing is spending hours deciding on the bets for the weekend, usually prem, la liga, porto and ajax at home, including goal markets and match odds. More often than not I will back other stuff blindly whilst waiting for the games to start and then driving to work on a Monday gutted because my p&l is more l. I go back to my book and with a sensible staking plan and only sticking to the bets I have written down I would be up. Now I'm writing this down its simple----- I need more discipline, because that's the thing that is letting me down.

I suppose if you dont do in play betting then you could log off and do something else. This way you could concentrate on the games where you have done your homework and leave it at that.

Its terrible when you undo a lot of good work.

I have gone broke on here many many times, I admit.
When I say broke, I don't mean did just the balance in the account, I mean did multiple banks after transferring more and more money. By broke I mean broke.
Now a few blokes will jump on this and draw conclusions.
I learned so much from this that I view it as money spent obtaining a degree.

Remember, 9/10 professional punters went broke many times before they were successful, and I have a feeling that this is why they are successful. The only caveat being, you have to learn from the mistakes, if you continue to do the same things, you will continue to go broke.
Even Richard Branson, Alan Sugar and Donald Trump were all broke or went broke multiple times before they achieved phenomenal success, same with Harry Findlay, Billy Walters etc.

Some good points raised lads. I am determined this season to learn from the mistakes of last. The idea of placing my bets on the researched games and then walking away is a good idea because again I have found myself betting in play and digging myself deeper; where if I had left the original bets the losses would have been minimal or they would have come in. I am thinking of writing myself some rules and referring to them prior to committing myself to a bet.

All sounds a bit like New Year resolution type stuff to me.
How long will it all last ?

Remember, 9/10 professional punters went broke many times before they were successful,

Fascinating stat, where did you get it, the Institute of Phoney Baloney?

I've blown many banks; some large, some not so large, and some tremendously small. Indiscipline is the enemy at the gates...conquer that and you'll be way better off.

Jul 12, 2012 -- 5:04AM, Thin and Crispy wrote:

Remember, 9/10 professional punters went broke many times before they were successful,Fascinating stat, where did you get it, the Institute of Phoney Baloney?

just use the forum, everyone on the forum wins

Remember, 9/10 professional punters went broke many times before they were successful,

Fascinating stat, where did you get it, the Institute of Phoney Baloney?

The principle of the stat sounds right to me, even if "9/10" may not be 100% accurate.

Nobody has an ability to make money in life with absolutely no prior knowledge of what they are doing. We all have to learn, and it's not unreasonable to think that for many people that learning period will cost something.

My own story is that I made a small amount of money when I was part time gambling. When I went full time I lost money and had many stressful months flipping between strategies and ideas, recording lots of things and learning all the time, although it didn't necessarily feel like I was learning at the time. I soon realised that I wasn't actually ready or capable of making it full time, so went back to work part time to keep some money rolling in, and gambling part time too.

After about another year of gambling part time I finally started to make some headway financially, and looking back I must have been making headway mentally right from the early days, then all the things I'd learned seemed to click into place.

Thin and Crispy,
Not a made up figure, I have read literally hundreds of life stories from successful punters, successful businessmen and the one thing they had in common was learning from mistakes after being broke or going broke multiple times.
Even Steve Jobs, Alan Woods, Bill Gates.

The one exception is Warren Buffett, although I am sure there are others.

I have had repeated disasters on correct score markets but I still get lured in..
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in what way was it a disaster ?  - laying ?

This 9 out of 10 pro punters went broke before they made it stuff. It's all very motivational speak stuff, it doesn't really help anyone out.

A much more interesting stat in my opinion would be what percentage of people who go broke continue to do so and remain as losers in comparison to people who go broke and then go on to be punting/gambling boffins. Then the people who are going broke would have more of an idea of what they are up against.

I have no idea what this figure would be though. Does anyone else have any ideas?

Jul 13, 2012 -- 3:52AM, Beat The OverRound wrote:

Thin and Crispy,Not a made up figure, I have read literally hundreds of life stories from successful punters, successful businessmen and the one thing they had in common was learning from mistakes after being broke or going broke multiple times.Even Steve Jobs, Alan Woods, Bill Gates.The one exception is Warren Buffett, although I am sure there are others.

surely u cant come up with a number like 9/10 winners went broke, just from the sources u quoted.

Spot on U.A.
But not quite what everyone wants to hear though !

Yes good question U.A.

My take on that scenario would be as follows...

Out of a pool of 1000 gamblers, 10 may become successful enough to make a full time living.

I think it's reasonable to estimate that 9 out of those 10 may well go bust at least once before making it.

So the answer to your question "what percentage of people who go broke continue to do so and remain as losers" would be 99%.

The percentage of people that make it without first going broke would be just 0.1%, with 0.9% making it after going broke.

Others will no doubt disagree, but that would be my most realistic guess on something that we'll never actually know.

Ernie & Bert never lost my bank you know what you have to do

and you know where your going wrong. so correct it.

Coachbuster     13 Jul 12 11:48 
I have had repeated disasters on correct score markets but I still get lured in..
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in what way was it a disaster ?  - laying ?

Basically getting involved in games for the sake of it, and laying scores early on only for no more goals to happen. You could blame bad luck but realise that you make your own luck through judgement. I really think that footy betting no matter what strategy you have is high risk in the long term.

yes,it is high risk and is very much dependant on good judgement i think as well as experience.

i said to a friend today about making decent money gambling - it may look good on paper ,but you wouldn't want to ride the emotions of  losses ,bad runs ,near misses ,total frustration and potential disasters .
Never mind the being Totally reliant on winnings, to put food on the table .

its a game of snakes and ladders at the end of the day

coach-

i said to a friend today about making decent money gambling - it may look good on paper ,but you wouldn't want to ride the emotions of  losses ,bad runs ,near misses ,total frustration and potential disasters .
Never mind the being Totally reliant on winnings, to put food on the table .


thats why i'm still at home atleast tea will be on the table if things go wrong

That sentence "--it may look good on paper, but you wouldn't want to ride the emotions of losses, bad runs, near misses, total frustration and potential disasters ".
Could in fact apply to a lot of things, ranging from a football club mgr. to a hedge fund mgr/stock mkt. investor .

Yes but those lads don't lose money if they have a bad week.