People always make the mistake of thinking that punting for a living would be the ideal job to have. That is simply not the case for a lot of people. Have you ever wondered why so many people do nothing but lose their money following the races? There are an endless number of reasons for this, but top of the list would have to be lack of discipline, lack of knowledge and not having the mental capacity to deal with losing money. If you ever want to make money from punting you will have to accept that you will lose money at some point. The thing is, can you continue to follow your strategy after you have lost money? That is when personal discipline comes into play.
You need to have the discipline to have a plan and stick to it! People who lose when punting often admit to various things they have done to try and win back their money. You may not make money every single day; the aim is to finish up the week or month or even year with a profit. You need to look at the big picture.
If you have a losing day, don’t lose faith and try something else the next day. Psychology is a large component of whether or not you will be a winning punter. You might find that you cannot accept losing runs. If that’s the case, then simply find a strategy that doesn’t have them, this could mean that you will need to accept lower dividends, but you will have more winners/ you want to be able to punt for the long term, not the short term. So find out what you are comfortable with, and go from there.
For example you may be following a selection service that has a win strike rate of 30% and a place strike rate of 60%. The past history could show that you would make 10% profit on turnover from backing the selections for the win and a loss turnover of 1% backing the selections for the place. Now you may not be able to deal with seven out of ten selections losing so even though you know that you would be better off just backing the selections for the win, you could decide to back the selections each way so that only four out of ten selections are losers.
You will still be making 4.5% profit on turnover, and you will have the higher strike rate to make you comfortable. Remember, having a winning system isn’t good enough. You need to be able to follow it through the ups and downs. Even if you are sure you will make a profit with a strategy that has a low strike rate, it is hard to keep betting through the losing runs unless you have enough discipline to follow the course you have chosen.
As a result of the fluctuating nature of betting, you need to have enough money behind you to pay your expenses during your losing weeks. This often means putting aside a portion of your winnings to cover unavoidable losses. You should never be in a position where you absolutely must win on any given day. Whether that is to cover your living expenses or because you are betting with a larger bank than you actually have, this is an express road to ruin.
It is essential to start off only betting money you can afford to lose. Does this mean we expect to lose all our money? Not at all the case. What it means is that we need to be able to separate ourselves from the betting bank to ensure we can bet objectively and not make rash decisions because we need to make urgent profits. So the question is, how do I know how much money to invest?
This is always a hard thing for people to come to terms with. You should never bet with money that you can’t afford to lose. It’s as simple as that. Does that mean you are starting out expecting to lose? Certainly not! However, you need to be able to follow your strategies through to the end. So if you lost half your bank, you need to be able to keep betting, the next bet may be a turning point, or it may not be. But if you are using a betting bank that you don’t actually have the funds to cover, you will make decisions because you are scared. You cannot expect to remain disciplined if you have to worry about paying next months rent. So you simply bet with the money you have, whatever the amount is that you feel you can comfortably invest.
This also means that if you set aside money to form your betting bank, it is not available for any other purpose. A lot of people have the notion that they earn a wage from their regular job, so they can cover the losses if they need to. But when it comes down to it, they need their wages to cover bills and other living expenses. You need to think long term rather than short term. Sure you can bet at a certain level for a few weeks, but can you sustain a losing run and still continue? You should be aiming to bet well into the future, and if this means having a small bet size based on the funds you have available to invest, then so be it.
People often get into trouble because they have in their mind a set amount of money they’d like to make from racing. This is all very well, but you may need to accept that if you start out with a small amount of money you can only expect to make a small amount of money each week. So reinvest your profits and eventually you will reach the point you were aiming for. You need to be realistic and this is a problem for a lot of people. I heard a saying once that a gambler will go to the races with $100 and expect to make $1000 while an investor will go to the races with $1000 and expect to make $100.
So take a step back and work out how much you can invest in the strategy you plan to follow and then set that amount aside. It is now your betting bank, not your expense account.
It’s not always easy, but you need to stick it out to ever get in front. Remember, you don't have to start out with thousands of dollars to be a professional punter, but you do have to start out with a professional punting attitude.
Amelia Burton, who worked with Winform for four years, wrote Punting In The New Millennium, which this article is an extract from. During that time not only did Ms Burton become one of Australia’s smartest female punters but she also successfully trained many Winform clients and steered them towards a professional punting career. The book provides a mass of information for those starting out as horse racing enthusiasts or for those who have lost their direction and need to refocus their interest.
Punting In The New Millennium would normally cost you $169, but for a short time only we are offering you a special HALF price offer. Receive a copy of Punting In The New Millennium PLUS access to Amelia’s fantastic Bravo selection service for only $89 including postage. (Offer ends 31st May 2007)
The Bravo has now had six winning years in a row. However this system is not for the faint hearted as being a long-shot based selection service, there can be long waits for that high priced winner. The Bravo selections are provided on a low cost phone service.
To order your copy of
Punting In The New Millennium and
to receive access to the Bravo system
Please Call (02) 4950 1747
Or send a cheque or money order to
PO BOX 375
Wallsend NSW 2287
Or Click here to visit the Winform Bookshop