My Blog Award: Or I should say AWARDS of the week!


First a quick reminder of what the ‘Blog Post Award’ is all about:

The idea is simple: Every time I find a blog post (new or old) that I think will add value for my readers, I will bookmark it and put it on my list to win the: Blog Post Award.

I will then write a post similar to this one explaining why I have decided on that particular post.

I will also link to the post from my blog post Award icon situated near the top of my side bar

For a full list of previous winners visit my ‘Blog Post Award ’ Page.

Now on to the main event; The winner of my  ‘Blog Post Award’ : is  FOUR POSTS!:

from  The Bankbuilder blog.

from Jerry’s Best Bets blog.

from  Kodagira – Full-Time Gambling  blog.

from the The Portfolio Investor blog.

Why break my rule and have Four posts? Well I believe that all four of these seemingly unrelated posts contain the same extremely powerful message which is the need for: Calm, Patient, Focused, Flexibility and Good Money Management.

In the post written by Jake from the Bankbuilder blog while discussing the frustrations of small fields and bad weather affecting his ability to find suitable selections he wrote:

“I will bide my time and wait as long as it takes to make a wager that I can truly say that win or lose I would make the same wager again and again...and that's the name of the game”

In the Post written by Jerry from Jerry’s best bets blog while discussing his weekly results roundup he wrote:

“Doesn't matter how good of gambler you are there will always be losing streaks through the year. It’s always important to have the right staking plan and betting bank in place, losses can then be kept to an absolute minimum when you go through that losing streak.”

In the post written by Kodigira of  Kodigira – Full – Time Gambling blog whilst discussing the terrible strain created by following lots of expensive subscription based tipsters who are performing badly wrote:

“I can't continue to sustain such losses financially or psychologically. I don't want to make rash decisions, it's not in my nature, but I do want this to work and I'm not one to shy away from making tough decisions.”

He then went on to say that he was cutting a large number of subscription based tipsters from his portfolio, his reasons for doing that was that it would focus his portfolio on the more profitable tipsters and just as importantly free up a lot of time for him to find profitable angles for himself.

In the post written by Rowan of The Portfolio Investor blog whilst again discussing the pressures of running a large portfolio he wrote:

“I also needed to identify those that are putting too much of a burden on my time. By eliminating the services that I have even the slightest doubt over (of which there were honestly none), or which I do believe in but acknowledge that following is too time intensive, then the net result would be a thinning of the portfolio; a reduction in the number of services to follow and a consequent freeing up of "chill out" time.”

So if you have read so far, you should clearly see the contrast between the relaxed and confident approach of Jake and Jerry who patiently wait to place a few well chosen bets, against the pressure that both Kodigira and Rowan work under whilst trying to manage a large portfolio of expensive subscription based tipsters.

It is not just the cost in financial terms that causes the problem with running a large portfolio of tipsters, equally important is the cost in the time time it takes to check, place and record all of the bets.

All of this brings me to my portfolio lite and benchmark portfolio. I have noticed that ever since I started to increase the number of tipsters the time taken to manage the porfolio’s has risen expodentially.

To me the whole idea of my portfolio light should be that I can run it with the mindset of Jerry and Jake whereby I feel that I am only placing the best value bets and just as importantly the time taken to place those bets should not be that great that it does not allow for much else in terms of exploring for more profitable angles and methods.

So I have made a radical decision about my portfolio lite and benchmark portfolio that I will reveal in a separate post tomorrow.

I hope you have enjoyed this post.

Stay Patient
Mark 

6 comments:

  1. obvious solution it is much easier to deal with your own lack of success when you are in control of the methodology. There is nobody else to blame, so why do so many people in this country pay for betting tips? Surely a significant part of the challenge and enjoyment is pitting your wits against the pack - that can only be done by your own hard work.

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  2. Hi Scott

    Thanks for your comment

    I would agree with you that it should be every ones goal to become independently profitable, however I also believe that if you join a tipping service that explains how they have arrived at their selections and backs that up with advice about how they approach the whole subject of gambling in general, then even if the service is not massively profitable it can be worth following from an educational point of view as much as anything else.

    Having said that, I would qualify the above statement by saying that the subscriptions should be of a reasonable level and the tipsters themselves approachable.

    There were two main reasons for starting my portfolio lite:

    1 to make money
    2 as a useful addition to my education about how to successfully approach the sports betting markets.

    Up to now I feel that it is working on both counts.

    Thanks again your comment
    Mark

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  3. Enjoy your post, Mark. Such varied thoughts from the bloggers but part of the full circle which makes the endeavours of a gambler. Everything seems effortless & pleasurable when all is going well but it is a very different story when the pressure of a losing streak comeS into play. It is good to take a laid back style when things are going well and never look for bets but the key point is somehow maintaining that perspective when things go wrong. It isn't easy to remain objective, detached, observant. However, this is part of the key to success. But it isn't the only part because such a theory implies that it is only a matter of time, if we keep calm, objective, be our best, that we will come through this dark cloud. But sadly that isn't always the case. What happens when the service or individual doesn't have what it takes? That is exactly the point I tried to explore with Rowan and his portfolio. Sometimes it simply isn't enough to follow a service and think 'they are not doing too well so I may let them go'. You need an exact answer to a question. It has to be black and white - not an endless grey that seemingly leads to a rainbow of colours - that elusive pot of gold. Whether an individual or a follower of a service, you need to have an understanding of what to do if this go wrong. With regard to such points the only line to be drawn can come from saying if I lose a given sum of money to have a strict guideline which brings something into play. Stop betting. Take time to reflect. Whatever...the key point is that something happens - quickly. To me, you need to have these answers to question long before you ever need them. Without such guidelines (and they should be mandatory) you are susceptable to take that one extra step into the unknown which goes beyond the pressure anyone can withstand.

    Jason

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  4. Hi Jason

    Thanks for a fascinating comment.

    You are of course correct, it is all so easy when things are going well, but when luck is not on our side everything can feel like it is bogging us down, that is why it is so important to try to keep an emotional balance and that is why both you and I put so much of emphasis on learning about the psychology of our pursuit.

    I understand and agree with what you are saying about the need to plan our moves (have guide lines in place) in advance so that when the pressure does come on we already have procedures in place so as to allow us to cope, there are times however when I’m sure that you will agree, we just need to go with our instincts, I think that the more experienced the person the more that intuition comes into play with regards to those sorts of situation.

    Thanks again
    Mark

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  5. You have to treat this like any other business and have regular reviews, monitoring performance, setting goals, and adapting your strategy to meet those goals. And - like any successful business - there is no room for sentimentality, there are times when you have to be ruthless.
    If gambling ceases to be enjoyable (and for 99% of us, this is entertainment) then take a break.
    I find a change is as good as a rest, and when the horses aren't running for me I will switch to football (soccer), or tennis for a spell to clear my mind so that I can return to horseracing fresh.

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  6. Hi Ian

    Thanks for you well thought out comment.

    I would agree that for 99% of punters gambling is just another form of entertainment, but as you say, for the remaining one percent it is vital to treat our pursuit as a business with all of the work that comes along with that approach.

    The idea of switching our focus of attention when our approach to one particular sport is going through a difficult period has real merits, for as you say sometimes a change can really be as good as a rest.

    I think that you have touched on a key point when you write of the need to have a 'clear mind', It is all to easy when totally absorbed in our challenge that we can become a little jaded and our thoughts become clouded leading to poor decisions.

    Thanks again for a great comment

    Mark

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