Staci left a message on the last blog entry for me to add some more rules of betting. Firstly I was shocked someone was actually reading the blog and secondly I was even more surprised somebody wanted to read more of my rambles but here goes...

This point is about only betting on what you understand or betting on advice you receive from who you perceive an experts in this field. To explain

I have bought shares in companies many times and let me tell you I have lost more money than I have made due to the simple fact I have bought companies I know nothing about. You speculate or dare I say gamble because the media makes out the mining industry is going through the roof or the banks are bullet proof! LOL how wrong could they be? In Australia they still say the banks are bullet proof and then in came the liquidators last week on Banksia! Totally out of the blue and millions of dollars lost. Anyhow I diverse...my point is, unless you have inside information (which is not legal) or you are getting first class expert advise which you pay for (pension or super) then don't bother buying shares. Exactly the same goes with Sports Betting.

I have in the past bet and failed miserably on betting on AFL, Rugby, Horse Racing, Tennis, Golf, Cricket, Darts and probably marbles! I have lost because I am gambling, I am taking a punt on an outcome I have no clue about. I am doing this for the sheer thrill of having a bet. This is fine when it is just for fun but they can all add up and massacre your betting bank at anytime.

To summarise it is vital you do your own research and learn to specialise in a particular market. It is physically impossible to specialise in all the markets listed above and for me I have chosen to just bet on Football unless I have expert advise (or follow a tipster). I take this even further by only specialising on a hand full of leagues. I would argue it is impossible to cover all leagues around the world. There simply isn't enough time in the day to do adequate research.

My final point is that of tipsters and why we exist. We can specialise in markets or leagues you cannot yourself and that is why you subscribe to us. I follow a Horse Racing and Rugby tipster for that exact reason. Tipsters should also apply the discipline required to be successful which in turn will generate you profits.

DYOR

(I used to see this on share forums all the time referring to DO YOUR OWN RESEARCH. Anyone who posted to buy a particular share would sign off with this to probably make themselves feel better when the share price collapsed LOL)

I had a question from a member today following up on the tilt post below. He wrote...
"Hi James, just emailing looking for a bit of advice on how to stop betting on the tilt as I see you talking about it on the blog  it is not something I do a lot but have done it and not very successfully have you any advice on how to improve my discipline... all tips would be greatly appreciated"

I thought I would share my response for everyone

That is a hard question because it all comes down to discipline. Can you diet successfully for a month? can you give up beer for 2 weeks? can you not have a bet for a week?  can you try not to swear for a week?

They are all questions you should ask yourself and actually try them to prove you can be a disciplined person.

You then need to understand the difference between gambling and betting value. For me Gambling is taking a risk and betting on something you really have no idea of the outcome (This is what we do when we bet on Tilt) Betting to me is taking a measured risk on something we believe has a better chance of the outcome than the price being currently offered.

When you bet on Tilt you rarely have a chance to understand whether something is a value bet because you place a bet in a hurry to try and make up losses.

So every time you feel like placing a bet straight after a loss or run of losses....think to yourself....Is this is a value bet? If it is not...don't place it! Easier said than done.

Finally to be successful you need a set of strict rules that you follow every day. Not betting on Tilt should be one of them, Not betting drunk should be another, only bet on value, only bet a max stake which your betting bank allows...the list goes on.

I would ask you to write a list of 6 rules. Print them out - put them in your wallet and when ever you have a bet check off each point. You will do it from memory eventually. You can also make the rules about how you select your bets E.g - Your selection criteria for football might be.

1) Never bet on derby games
2) Never bet on games where manager has just changed
3) Never bet against a top 4 side
4) Never bet against a team with a strong head to head record.

I'm not sure what you are betting on....football, racing, casino but for all these you will need a generic and a unique set of rules.

Remember following a tipster is just as hard a discipline. Can you follow every tip? Will you stick with it during a losing run? If you can't you are very unlikely to ever succeed.

Finally you should never take the fun out of betting and here I will use the word gambling. If you want to have a gamble, a fun bet or a drunk bet with your friends or on a game you are watching then do it but only bet a max of a fiver! Simple.

I hope these words help and I look forward to hearing your rules,