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DYOR

29/10/2012

3 Comments

 
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)


3 Comments
staci link
30/10/2012 02:08:34 am

Hi James, great blog, realy good to here form your experiences and views on specialising in your chosen area what ever that may be.
I work in construstion and have found the best way is to pick an area and stick to it! certainly paid for me over the years as the say better to be a tradesman in one trade than a jack of all trades lol.
Was going to ask your advice on staking as when best to increase, then seeing your email this morning about a quarterly perspcetive. So thats what i will do to see if i increase or just stay the same each quarter. Thats what is probably the hardest lesson i have had to learn form just punting like the average guy looking for a daily or weekly profit to having to be disaplined and look long term which i have to say is not an easy thing to do for us mortals lol.
Realy do think your advice and ramblings can only of be benifit to us all. Looking forward to them betting rules as iam going to put them in my wallet and stick to them lol,
cheers staci.

Reply
staci
11/11/2012 12:08:50 am

Hi James, wanted to ask your advice regarding our betting bank. Now i have a 20point bank in place which i have now increased to 25points for an added cusion. With your experience would you agree with my actions? I no we are having a rough time at present but beleive the tide will turn as it has done before. I do agree with the fine lines of betting as some of the results have been tough to take but as you say disapline in key and the good times will roll again for sure. cheers staci.

Reply
JP
12/11/2012 07:51:26 am

Staci - This is a great idea and also one many of my members have implemented. The Secret Betting Club also suggested this in their review of my service and it is something I will be asking all new members to do

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    I'm a '30 something' football tipster who has a knack of picking winners! I am degree educated and have run software and professional services businesses but my passion has always been football and betting. My mission is to help people see betting as an investment option rather than being perceived as gambling. Long term I want to educate people betting can be an alternative to buying shares, bonds or ISAs. It will be a long journey...

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