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Money Management

This section is one of the most important sections you will ever read about BETTING.

Why is it important? Well, we are in the business of making money, and in order to make money we have to learn how to manage it. Ironically, this is one of the most overlooked areas in BETTING. Many PUNTER are just anxious to get right into BETTING with no regards to their total account size. They simply determine how much they can stomach to lose in a single BET and hit the “ENTER” button. There’s a term for this type of investing….it’s called GAMBLING!

When you BET without money management rules, you are in fact gambling. You are not looking at the long term return on your investment. Instead you are only looking for that “jackpot”. Money management rules will not only protect us, but they will make us very profitable in the long run. If you don’t believe me, and you think that “gambling” is the way to get rich, then consider this example:

People go to Las Vegas all the time to gamble their money in hopes to win a big jackpot, and in fact, many people do win. So how in the world, are casino’s still making money if many individuals are winning jackpots? The answer is that while even though people win jackpots, in the long run, casino’s are still profitable because they rake in more money from the people that don’t win. That is where the term “the house always wins” comes from.

The truth is that casinos are just very rich statisticians. They know that in the long run, they will be the ones making the money—not the gamblers. Even if Joe Schmoe wins $100,000 jackpot in a slot machine, the casinos know that there will be 100 more gamblers who WON’T win that jackpot and the money will go right back in their pockets.

This is a classic example of how statisticians make money over gamblers. Even though both lose money, the statistician, or casino in this case, knows how to control their losses. Essentially, this is how money management works.If you learn how to control your losses, you will have a chance at being profitable.

You want to be the rich statistician…NOT the gambler because in the long run, you want to “always be the winner.”

So how do you become this rich statistician instead of a loser?

Drawdown and Maximum Drawdown?

So we know that money management will make us money in the long run, but now we’d like to show you the other side of things. What would happen if you didn’t use money management rules?

Consider this example:

Let’s say you have a $100,000 and you lose $50,000. What percentage of your account have you lost? The answer is 50%. Simple enough. Now, what percentage of that $50,000 do you have to make in order to get back to your original $100,000? It’s not 50%--you’d have to make back 100% of your $50,000 to get back to your original $100,000. This is called drawdown. For this example, we would’ve had a 50% drawdown.

The point of that little illustration is that it is very easy to lose money and a lot harder to make it back. We know you’re saying to yourself, “I’m not going to lose 50% of my account in one BET.” Well we would certainly hope not!

However, what if you lost 3, 4, or even 10 BETs in a row? That couldn’t possibly happen to you, right? (Sarcasm used) You have a BETTING system that wins 70% of the time, so there is NO way you could lose 10 BETs in a row. (Even more sarcasm used)

Well, while you may have a good system, consider this example:

In BETTING, we are always looking for an edge. That is the whole reason why PUNTER develop systems. A BETTING system that is 70% profitable sounds like a very good edge to have. But just because your BETTING system is 70% profitable, does that mean for every 100 BETs you make, you will win 7 out of every 10?

Losing Streak

Not necessarily! How do you know which 70 out of those 100 BETs will be winners?

The answer is that you don’t. You could lose the first 30 BETs in a row and win the remaining 70. That would still give you a 70% profitable system, but you have to ask yourself, “Would you still be in the game if you lost 30 BETs in a row?”

This is why money management is so important. No matter what system you use, you will eventually have a losing streak. Even professional poker players who make their living through poker go through horrible losing streaks, and yet they still end up profitable.

The reason is that the good poker players practice money management because they know that they will not win every tournament they play. Instead, they only risk a small percentage of their total bankroll so that they can survive those losing streaks.

This is what you must do as a PUNTER. Only risk a small percentage of your “bankroll” so that you can survive your losing streaks. Remember that if you practice strict money management rules, you will become the casino and in the long run, “you will always win.”

Successful PUNTER GUIDE

This lesson teaches you how to avoid self-sabotage and attain the winning mental attitude required to become a successful PUNTER.

Taking responsibility

Successful PUNTER believe that they are the only ones who can influence their BETTING outcomes. In contrast, the unsuccessful PUNTER believes in luck, or blames the KT or the market when things go wrong.

The successful PUNTER does not base his or her self worth on whether their account is up or down for the day. When something doesn't go to plan, the successful PUNTER uses it as a learning opportunity, but does not necessarily abandon their system since he or she is realistic about losses.

Most of all, the successful PUNTER realises that there is no-one else to blame, and that the individual PUNTER must accept all credit and responsibility. There is sometimes a negative view to this, but accepting responsibility also means being able to take the credit for success. When a PUNTER has a proven profitable system, on balance, this means that success will be the norm.

Traits of successful and unsuccessful PUNTER

Successful PUNTER don't have access to better information.

Their edge is mental: decisiveness, ability to be comfortable with uncertainty and responsibility for their own BETTING outcomes. They transcend the focus on money with attendant emotions of greed and fear, and see BETTING as a challenge and a game.

Losing PUNTER typically wait for confirmation from others before they act. They do not use a tested model, but instead try to second guess the market and BET by the seat of their pants. They don't manage risk or use stop losses and have unrealistic profit targets. When they lose, they typically look for someone to blame and avoid responsibility for their own actions.

The BETTING market is not the place to find out what type of person you are, but will quickly and ruthlessly reveal your true character and expose your limitations. Hopefully you will do the homework of working on your psyche before starting to BET.

Self sabotage

Self sabotage is when an PUNTER unconsciously acts against their own best interest, and sabotages their opportunity for success. This is often very deep rooted, and stems from low self esteem.

Since BETTING offers an opportunity for financial success and the associated rewards, the unsuccessful PUNTER feels that they don't deserve success. Alternatively, when they do experience some success they may find this an uncomfortable change of circumstances - for example they may feel more comfortable relating to people on their own financial plane.

Whilst having an outward desire for change, they have an inward desire to remain the same. This leads to poor BETTING performance, because the PUNTER unconsciously sabotages their own BETTING in order to avoid change. The way to eliminate self sabotage is to resolve the conflict.

The human mind works very quickly but logically, similarly to a computer. Like with a computer, garbage in equals garbage out. To resolve internal conflict, it is necessary to uncover the underlying false beliefs and replace them with new correct beliefs. This is something that a winning PUNTER will spend time doing through reading, introspection, and perhaps working with a psychologist. A losing PUNTER won't do this work.

Managing uncertainty

The BETTING market is inherently unpredictable, and is uncontrollable. It is impossible to make the market do what you want - it is far too big for an individual to control. This means that the PUNTER has to be able to manage significant uncertainty.

Successful PUNTER have an internal locus of control. This means that they believe that they do have control over the outcomes in their lives. Unsuccessful PUNTER believe that external factors change the outcomes, and they have little or no control over the outcomes. Both winning and losing PUNTER face the same market circumstances, but with a different attitude.

Successful PUNTER realise that they can control whether or not they take signals from their system, the TEAM that they will BET, the AMT of their BET and whether or not to enter a market. These variables are what gives the successful PUNTER control in the market. The market itself is not controllable or predictable.

Since unsuccessful PUNTER don't have a BETTING system, they don't have any basis to enter or not enter a particular BET, and no defined exit point. This leaves the activity of the market as the key variable in determining the outcome. This reinforces the belief that external factors influence the outcome.

Changing your thinking

Now you know what psychological attributes are needed to successfully BET. How do you develop these? Generally there is no way to develop without practice. We recommend that you start BETTING with a practice account (WRITE IT DOWN AND RECORD). Take it seriously, and analyse your reactions to wins and losses. Keep a journal which details the reasons for your bet, and track how you feel about them. This introspection is necessary to grow as a person.

Write down your BETTING goals, and also imagine yourself as a successful PUNTER, and write down a specific picture of how that PUNTER analyses the market and handles and feels about successes and losses. Keep your goals where you can see and review them regularly.

Consider working with a personal coach or psychologist to increase your performance. The best sports people already do this, and you should follow their example.

Focus on the game rather than the dollars. As you become consistently successful, gradually increase the scale of your trading.

A final note

The BETTING markets offer an exciting opportunity for you to build substantial wealth without needing to run a conventional business, or scale the slippery corporate ladder. You need a systematic approach to BETTING, typically by developing your own system. There are no short cuts to success, so you will need to read widely and critically, and work on your trading psychology.

I wish you successful PUNTING.

MUST READ ( profitable 'BETTING SYSTEM' )

The difference between winning and losing PUNTER is that winners have a tested SYSTEM that defines entry and exit points, and how much to risk on each BET.

A BETTING system's objective is to keep your BET in the money as much as possible and to help limit your losses. It's designed to remove fear, greed and pride from the BETTING equation. If you decide to develop your own system, be sure that it addresses these points:

1. realistic WINNING goals

If you set your WEEKLY PROFIT TOO HIGH then you will force yourself to take more risks to achieve them. Low goals are relatively easy to reach. Raise them as your skills and bankroll grows.

2. define the rules for entering and exiting a BET

What does a "ENTER signal" look like to you? It could be something as simple as "ENTER WHEN MAN U LEVEL ODDS AGAINST WIGAN & DUN ENTER AGAINST A IN-FORM BIRMINGHAM".

3. rules for limiting your risk and exposure

If you PLACE BET FOR UNDER AT THE START, then it makes very little sense to place another BET WHEN THE TEAM KEEP SCORING. DUN CHASE THE 'WIND' & CATCH A COLD.

4. limit the number of open BETs allowed

Too many open BETs are not only hard to track, but they put too much of your money at risk.

5. It must reflect your BETTING methodology or personality

Using a system that conflicts with your betting personality will mean that you will be uncertain about some of the signals, and lack confidence in the system. In addition, the trading style may not fit your risk tolerance. This is why it is generally best to develop your own system rather than purchase one from someone else - a system you develop will reflect your own view of the markets and appetite for risk.

6. must have a positive expectancy

Think of trading like a casino. The casino may lose individual bets, but in the long term it always wins. Why? It has a house advantage. This means that it has a positive expectancy. The casino doesn't gamble, that is for the gamblers. On average, it gains for every bet placed. That is what pays for the grand buildings. You need to build in a positive expectancy if you want to win.

7. SYSTEM must perform well in both backtesting and in real time testing

Backtesting is the process of checking your system against historical data. You should use at least 1,000 periods of data to ensure that you are not "curve fitting" your system. This is when the PUNTER optimises the system to a particular time period so that it performs well during that time period. Inevitably this curve fitting results in a model that does not PERFORM well in real life. Using a lot of data for testing eliminates the tendency to over optimise your system.

In addition, you should test your system in real time. JUST WRITE DOWN WHAT you WANT TO place trades without risking your real money. You can see how the system performs in the real market, rather than just against historical data, and iron out any problems that come up.

8. Don't be afraid to use the work of others

Even if you are developing your own BETTING system, there's no law saying you can't borrow heavily from other systems that you like. You're not trying to reinvent the wheel, you're just looking for a safe and profitable set of BETTING rules that can make you more money than you lose.

And finally, leave the gambling urge to the casino crowd. If you’ve lost money on your previous few BET, don’t double-up your next BET in order to “recoup” your previous losses.

Your odds of profiting on your next trade won’t increase as a result of your previous losses.

The odds of winning remain 50-50 every time you trade.

Who dare to challange my team?

things to ponder

If FedEx and UPS were to merge, would they call it FedUP?

Do Lipton Tea employees take coffee breaks?

If olive oil comes from olives, where does baby oil come from?

If people from Poland are called Poles, why aren't people from Holland called Holes?

Do infants enjoy infancy as much as adults enjoy adultery?

Why the man who invests all your money called a broker?

If horrific means to make horrible, does terrific mean to make terrible?


Why is it called building when it is already built?

If a book about failures doesn't sell, is it a success?

If you're not supposed to drink and drive, then why do bars have parking lots?

If you take an Oriental person and spin him around several times, does he become disoriented?

If vegetarians eat vegetables, what do humanitarians eat? Human

If working hours are meant for working, then why are you reading this!!!

professional referee