The First Golden Rule in betting, that is largely overlooked.
In my opinion I can not impress upon you the importance of setting up a betting bank, it should be the first step in the bet plan you intend to use.
It's probably the most important, if not the MOST important thing to do before you bet a single cent, dime or penny on any betting venture.
Having a bet plan with a bank, is a gauge and a barometer into realism and used properly will keep your feet firmly on the ground.
Also it will be an important shield against the other golden rule 'never bet more than you can afford to lose'.
Followed correctly it will: Stop you getting carried away, when you are winning.
Remind you constantly if you're not winning.
Help to measure true performance of any potential system, over a period of time.
Steps to take: Firstly you have to sit down and really think hard, be honest with yourself.
What amount of money can you afford to lose.
When you have a figure, try to imagine if you had lost this amount in your mind, how would it affect you? Be honest, if you are uncomfortable with the loss your personal figure is to high.
Adjust the amount to a figure that you are VERY comfortable with.
It is important to remember that it's like any new business start up.
There must be a figure that you are willing to invest and ultimately this could be lost if the business fails for whatever reason.
So always be realistic it's for your protection.
The next step is to place this money into a separate bank account and only use that account for betting.
You would have to do this if you were setting up any other business, so why not with betting.
This action goes a long way to ensure you start to account for your performance correctly.
If you don't do this your much more likely to lose track and slip into the trap of gambling, instead of running a profitable betting business.
Keep detailed records of your bets placed and any loses or profits, like any other business account.
If your not good at accounting and have to place more money into this account, your losing or staking incorrectly.
So you have to change your tactics or stop betting altogether, until you find a system that works.
That's the two rules, be realistic to start with and place the money in a separate account to use.
In my experience very few people follow these basic steps, but they are there for self protection of your money.
The benefits of using the above suggestions are that you will find your betting will become a lot more relaxed, controlled and therefore ultimately much more enjoyable.
Harry Fox TheBetPlan
In my opinion I can not impress upon you the importance of setting up a betting bank, it should be the first step in the bet plan you intend to use.
It's probably the most important, if not the MOST important thing to do before you bet a single cent, dime or penny on any betting venture.
Having a bet plan with a bank, is a gauge and a barometer into realism and used properly will keep your feet firmly on the ground.
Also it will be an important shield against the other golden rule 'never bet more than you can afford to lose'.
Followed correctly it will: Stop you getting carried away, when you are winning.
Remind you constantly if you're not winning.
Help to measure true performance of any potential system, over a period of time.
Steps to take: Firstly you have to sit down and really think hard, be honest with yourself.
What amount of money can you afford to lose.
When you have a figure, try to imagine if you had lost this amount in your mind, how would it affect you? Be honest, if you are uncomfortable with the loss your personal figure is to high.
Adjust the amount to a figure that you are VERY comfortable with.
It is important to remember that it's like any new business start up.
There must be a figure that you are willing to invest and ultimately this could be lost if the business fails for whatever reason.
So always be realistic it's for your protection.
The next step is to place this money into a separate bank account and only use that account for betting.
You would have to do this if you were setting up any other business, so why not with betting.
This action goes a long way to ensure you start to account for your performance correctly.
If you don't do this your much more likely to lose track and slip into the trap of gambling, instead of running a profitable betting business.
Keep detailed records of your bets placed and any loses or profits, like any other business account.
If your not good at accounting and have to place more money into this account, your losing or staking incorrectly.
So you have to change your tactics or stop betting altogether, until you find a system that works.
That's the two rules, be realistic to start with and place the money in a separate account to use.
In my experience very few people follow these basic steps, but they are there for self protection of your money.
The benefits of using the above suggestions are that you will find your betting will become a lot more relaxed, controlled and therefore ultimately much more enjoyable.
Harry Fox TheBetPlan