Posted: 1/29/2013 10:58:20 AM
I have read many good principles to adhere with discussing gambling and money management.
In whatever business you engage, you can learn valuable lessons from your defeats and utilize the information to identify the factors, whether external or internal, which lead to the loss.
The first question to address is "What is your purpose/mission? In sports wagering, is it the "thrill/rush" or to earn revenue? If to earn money, what is your financial objective? If it's for the thrill, that's is what you'll get, a roller-coaster ride that will end, few actually leaving successful.
My financial objective is to make 48% on my money every football season. When I hit my objective, I'm finished for the year. (Discipline, Discipline, Discipline) On the average, 60% winning selections are needed.
I wager 1-3% per selection and pick 4-9 games each week. A selection is not made without viewing tape/film on a team. Which means the season doesn't start until Week 2 of the NFL Season. A SWOT analysis is conducted in attempt to possibly increase the reward and minimize the risk in comparsion to the posted line. (Northwestern was an example in most weeks, they matched up favorably each week and usually were dawgs) It's more challenging in the beginning of the season, but this holds true for the odds makers as well.
But the main question to is address is "Do you record and analysis your selections each year?" You would be surprised what trends you'd identify. How many times did you bet on "your team"? Or a team you dislike? Disgard those selections and your winning percentage usually increases. Also, like in sales, some months are historically better than others. Record your results to have a track to run on. Too many people think they can "shoot from the hip" to achieve success. Rarely happens.
Just wanted to share a few thoughts.