The whole business of how much of your bankroll is "too much" in today's thread got me thinking. What are some Do's and Dont's in gambling?
I strictly abide by these 5 main ones:
1. Keep a record of ALL your bets placed and results, regardless of how big or small. For those taking gambling a bit more seriously, a breakdown by sport is very uselful as well that way you can see which sports you do well in and those that don't, which can drive what you bet on going forward. It is all about achieving efficiencies in the sports you bet on to gain that edge over the bookies
Personally for me it is baseball, I am well down over the past 3 seasons so decided to effectively remove it from the sports I bet on consistently.
2. Take a break - regardless of whether you feel "in the zone" or whether you are in a slump.
3. Be responsible when it comes to staking plan - for me 5% of your bank is maximum, anything more regardless of how confident you feel the bet is poor money management and will ultimately cost you in the long run. Bet what you can afford to lose.
4. Do NOT chase your losses - this links to point 2 of taking a break when you are in a slump. Always think long term profit instead of making a quick recovery.
5. Know what you are actually betting on - sounds obvious but I wonder how many gamblers out there actually do the sufficient research before placing a bet. If you don't have a solid reason to place a bet, don't do it.
Ultimately have fun - some do it as a profession, some as a hobby but regardless if it comes to a point where you are not enjoying, stop. End of the day, it is only money and there are plenty more important things in life.
Last edited by bad gambler : 05-31-2006 at 12:52 PM.