Further to my Blog Post Of The Week and then yesterdays post , I thought that today I would write a post to explain my plan for what I am going to call my ‘Portfolio Lite’.
Firstly why add the word ‘lite’ on the end? Well the reason for that is because I am going to be doing things slightly different to most of the other bloggers out there.
I am going to start my portfolio with only free or donation based tipsters. I will qualify that by saying I will choose a few of my favourite subscription based services to follow on the blog, but they will not be part of my ‘Portfolio Lite’, they will act as a benchmark that I can compare the performance and professionalism of the free tipsters to.
One benefit from starting with my portfolio lite is that it will lower the barrier to entry for people who maybe like the idea of having a portfolio in principle, but who are put off by the costs involved in following a large number of high cost subscription based services. The costs of just such an endeavour can soon reach five figures and that is without any losses that may be incurred. I think my way of forming a portfolio will be far more attractive to the vast majority of sports speculators, but I suppose that only time will tell.
I know that in yesterdays post I said that one of the main reasons for wanting to follow a portfolio of tipsters is to educate myself by following how they operate and methods they use. Well for those people reading this blog who think that I will be lowering my sights in that regard, I think you will be in for a bit of a shock.
It is my belief that there are quite a few excellent bloggers etc out there that are just as professional in their approach (if not more so) than many of the paid for services.
The logic behind my decision is that quite a few of the successful paid for services started by giving free tips out on blogs or forums, before taking the step up to the professional ranks.
A classic example of just such a service is The Market Examiner, which started out as the Winningafortune blog (now re-named The Market Examiner Blog) and after a few years of providing extremely successful, free (donation based) tips moved up to the professional ranks, where the successful tipping has continued unabated.
The point I am trying to make is just because someone is giving information out free does not mean that it is of little value.
In a way I have already been operating my portfolio, but with just one tipster in it which is: My Free Eachway Tips.
I am not going to rush into creating a huge portfolio, I am going to take may time and add a handful of racing tipsters over the coming weeks and then look to complement them with free tipsters from other sports as I see fit, I will also be on the lookout for free trading tipsters or any other method that I can add.
I will not be recording the portfolio’s performance on a daily basis as I do not want my blog to become a purely profit and loss blog. Instead I shall write a weekly report that I will publish in the form of a post every Wednesday. I will also add another page to my blog to give a results summary updated on a weekly basis, again on a Wednesday.
I will of course report any successes or issues as they arise and I will also report on any lessons that I learned from the endeavour.
Whenever I need advice I will of course rely on my new found mentor Rowan from The Portfolio Investor blog. (He does not know what he has let himself in for! LOL) and I am always open to suggestions in the form of comments to my posts.
Finally a little teaser! I have already chosen the first addition to my ‘Portfolio Lite’ but unfortunately you will have to wait until tomorrows post for me to reveal who it is!!!
I hope you have enjoyed this post.