I am going on a few years now since I first popped into this forum to see what people were thinking and sharing. I spent almost all of my time just observing, never joining or creating an account, until recently. I decided to join for a few reasons...first and foremost...I feel that I have a lot to add to this forum, and I know that I will be a huge assest in many different ways to this site. I have noticed as I have followed along here that just about everyone on here is very critical. If you not bashing on someone, you are calling someone else a tout, etc. etc. Yes, there are some very interesting people on here that claim different things, but we need to just ignore them...there is no good that comes from us bashing on them or giving them the time of day. If you are not following what I am saying, I am referring to those that think they have inside information on games, etc. Enough of that...on to my Manifesto, my investing principles...
Rule #1 - Never chase a loss.
By far this is the most common mistake people make after losing a bet. It is human nature to want to get your money back, and more importantly, get it back now. This is also the most common reason most people never survive in this venue. The best advice I can give you, is when you experience a loss, you need to bring your emotions under control before you can think clearly and make a wise decision regarding your next bet. Sometimes that means taking a couple days off and regrouping, you will increase your chances of success ten fold if you can follow this rule. Remember sports investing is not a get rich quick scheme. You have to learn how to deal with losses. They are part of the game and they are going to happen. You have to look at this long term.
Rule #2 - Use a solid Money Management Plan
This rule is just as important as rule #1. If you don't have a money management plan, you can't possibly be successful in this business or any business for that matter. I am going to provide my money management plan below, please check it out. My plan is design to fit everyone, you can use any plan you wish, as long as it fits within your goals and your budget. BUT PLEASE HAVE A PLAN! With that being said, I know for a fact that my plan is the best way to by successful doing this. And that is not meant to be a stab at anyone.
Rule #3 - Never wager money you don't have
It doesn't matter if you choose to make sports investing a career or just do it for the excitement, never bet money you cannot afford to lose. You are setting yourself up guaranteed failure. If you blow the rent check, chances are you are going to break rule #1 and chase your losses so you can get your rent money back. My advice is to set aside money that you won't need for any household or family needs. This is money you won't touch for at least a year. This is considered intermediate to long term investment capital. Just as if you invested in any business, your start-up capital would be tied up for at least a year.
Rule #4 - Investing or Action?
You need to decide now if you are wagering on sports to make money long term, or if you are just an action junkie. If you are an action junkie, I suggest you continue to read my manifesto and consider changing your philosophy. Investing is a long term process and takes patience. This means that you might have to wait a few days, or even a week to place a wager. If you are the opposite, and you need to bet a game every night, you are built for action. Now, I am not saying that you wont be successful, but the odds are stacked against you. Just like anything in life, you have to be able to pick your spots.