Monday 24 October 2016

Staking Strategy & Discipline

I wonder what Staking Strategy & Discipline mean to you as someone who bets? It is an interesting subject although you may consider if you are not one of the 2% of gamblers who make their betting pay does it matter? 

I would suggest it does. Why? Because no one wakes up one morning to find they are a professional gambler. They make a transition which takes time. It might be a stepping stone to understanding and proficiency. 

This article was inspired by one of my blogging friends, Jerry Banks. His website Jerry's Best Bets featured a post forwarded by Peter Sackville. I don't know Peter but you may enjoy his informative read by clicking on the link above. 

One thing to note is that whether you bet for fun or for a living any gambler can have a run of losers. It is these times which often make or break you because if emotion takes over it can be oh so easy to chase losses. [Not me]

His article emphasises the importance of strike rate and how this matter. This relates to value. If your bet doesn't have value then you are doomed to lose whatever your win rate. 

A great staking plan can ''Skyrocket your betting bank and help protect it.''

Sackville goes on to question the level stake approach insisting that to make a return you have to be very good at choosing your selections and picking winners. 

He details that instead of the level stake approach that it is much more beneficial to bet the cumulative approach of 5% of your betting bank or 2.5% each-way. This is arbitrary and you may bet 3% or even less depending for example.  

What is the advantage of this style of staking? It's simple. It means you bet less money when you are losing and your bank goes down but you bet more when you hit those winning streaks.  

This is a simple format which used long term can help. 

From my perspective, this information details one of the major points of success or failure and that is discipline. 

How many punters do you see in the betting shops and they have no idea whether they are winning or losing? A tenner in the slots, an each-way bet here, across-the-card double there, trap 6 at Romford... 

It is important to keep a record of your bets. Considering the main part of my betting is done via the exchanges it is simple to see. It is something that shouldn't take any consideration if you just have an account and use it without betting from your pocket. [You can but keep a record]

If you lose continuously - stop betting. If you can't stop betting...find professional help or at very least talk to someone. 

I have found discipline is very important to my betting success. In fact, I can't get across how much difference it makes. I have many guidelines to help me make the right decisions rather than acting on the spur of the moment. That often leads to dire decisions. I've made plenty of bad decisions my time even with being careful. But these valuable lessons, if learned, actually help you to find the right road to success. 

This is one reason why I suggest if you are interested in betting professionally you never bet for fun. Why? Because you are likely to have many bad habits when you bet for fun. If these spill over into your professional bets you face an uphill struggle. That's why from a psychological point of view you should look at positive reinforcement. Keep following good procedures until they become habitual. 

It is the reason why I often go to a race meeting and don't bet. In fact, it is usually the case that I don't have anything of interest on a course because I bet selectively and within my niche which is two-year-old racing. 

The thing to remember is that your approach or discipline is most likely to be different to mine, your mates or perhaps everyone else on planet earth. It doesn't matter. Because it should match your personality, understanding and goals. It is your discipline.

The difficult part of discipline is the appreciation that there will be times when a guideline shouldn't be followed. Because, as with all aspects of life, very few things are black or white...but an endless misty grey. 

It is important to learn and you hone your skills. However, I would suggest that you take baby steps rather than giants leaps and don't push too hard because it can destroy your knowledge and confidence. 

Confidence is something that grows with experience from a foundation of discipline.