If you survive the assault course of these 10 Commandments of Gambling then you may have a chance of being successful with your betting activities…
There are no more than ten “golden rules” for gambling success and it’s certainly worthwhile to follow them.
Rule 1: Discipline
It doesn’t matter what type of gambling activity you get involved in be it Horse racing, Football, Poker, Roulette, etc., if you enter into gambling transactions without discipline then you are sure to reduce your chances of winning consistently.
If you have no discipline and no intention of inheriting any then make a vow to yourself never to gamble.
Rule 2: Never Chase Losses
If events are unfolding against you there is always a temptation to pour more money into the bet to try and force a profit. This tactic only increases the chances that you will lose more.
Likewise, adopting the strategy after a loss that you must recoup your losses by betting more on the next event is also a recipe for disaster.
Please seek professional help if you have this trait as it is an obvious symptom of ‘problem gambling’.
Rule 3: Staking Strategy
The one certain thing is that you will never win all of your transactions and some losses are inevitable. Managing your bankroll correctly means that these losing transactions get swallowed up in the big picture and are not noticed in the long run.
We advocate that no single transaction should eat more than 2.5% of your starting bankroll, or the maximum below this that you set yourself (depending on the probabilities to win). Failure to manage your bankroll correctly is symptomatic of greed.
Most gamblers have no structure to their betting activity and place bets without thought to how much they may lose or how much they are trying to win.
You need to act like a business and your goals need to be SMART = Specific, Measurable, Achievable, Realistic and Time-based. Your staking strategy then needs to be structured to achieve these goals without variation.
Rule 4: Coping with Winning Days & Losing Days
How you cope psychologically with losses plays a huge part in how successful you will be at gambling. Of course, no-one likes to lose but you have to learn to walk away at the point you set yourself, whether you are losing or winning. Not every session will be a winning one and it is important to have the ability to deal with this before you gamble.
Rule 5: Specialising
All successful businesses specialise and gambling should be no exception. By specialising you will understand better and research more ably your particular chosen field. Fewer, more focused wagers based on sound statistics and research is a much better way of investing hard earned money than employing a scatter-gun approach. Look closely at your betting patterns and see which area is ripe for specialisation.