This weekend I was in two minds about what to back after the midweek failure on Barnsley to overcome Scunthorpe, an element of fear had entered my mind whilst looking at the games. When im on a good run there is a feeling of confidence and “invincibility” to a certain extent but the second a loser crops up it makes me take a step back and fear then creeps back into my selections.
I definitely believe that gambling and trading is 20% market knowledge and 80% mind control. To become successful you need remove emotion when placing bets and trades. The feeling of euphoria after winning bets can be just as bad as the feeling of disappoint when losing a bet, over-confidence can lead to bad judgments on staking and reading the markets incorrectly which will cause major damage to your bank. Whereas fear of losing will lead to hesitant and failure to spot a winning bet.
I have lost banks before which stemmed from over confidence and then chasing my losses, the classic boom and bust scenario. I then used to try and do as much research as possible on the markets and sports I was betting and then 6/12 months later I would lose it all again. It all boiled down to discipline and emotions. No matter how much you know or think you know about sports betting if you do not have discipline you will lose it all at some stage.
The key to it all is removing emotion from the situation and finding an edge Once you have an edge and can remove emotion from betting/trading you will have a key to the gold mine and consistent profits. I believe I have an edge I just need to train my mind so I can start making consistent profits month on month. This blog has been a great help for me, documenting my thoughts, ideas and bets has definitely improved my discipline I just need that final push which allows me to see opportunities without fear and over confidence. Although I feel it could be a while before that happens!
Cheltenham November Meeting 2024 (Fri)
6 hours ago
Discipline Discipline Discipline! In that order!
ReplyDeleteAs you so rightly point out, without it you can almost guarantee that you will loose your bank at some point.
Emotion; also a big one. I always say that there is no room for sentiment in your betting. Although I don't mind if other people have sentimental bets, I will happily take their money when laying on the exchanges!!
Look forward to following your blog.....
Could you imagine a life without emotion? I think accepting emotional circumstances and trying to use them positively is a more realistic proposal.
ReplyDeleteYes I agree to an extent JS but we need total control and discipline over our emotions. I guess it depends on what catergory people fall under, if your aim is to have a few quid on the football every week then of course emotion is not a problem and should be exercised but if your trying to make consistent money from betting using a "system" or trading plan then you need to remove emotion from betting as your mind will blank out information based on previous feelings.
ReplyDeleteIf you felt utter dejection when losing a bet which you thought was a banker your mind will work in a manner which will try and prevent you from experiencing that pain again, which will make see info/stats on what you want to see.
The key to removing emotion is to accept the risk of every bet first and foremost, and to have utter belief and confidence that longterm your way of betting/trading will show profit. This way when you experience a loser you know your a step closer to the next winner.