Recently I wrote this post Changes Ahead! , outlining my plans for streamlining my Portfolio Lite. In the post I wrote that my golden rule would be the following:
"The golden rule is that I will only back a maximum of TWO tips per tipster on any one given day."
I have felt quite comfortable with that rule, I have missed out on a few winners but I have also benefited from missing a few losers as well.
The basic premise behind the rule for me was that I would pick the selections that the tipster regarded as their highest value bets, I would know which were the highest value bets by looking at the points value that the tipsters assigned to their selections, if the points values were the same for one or more selections I would pick the selection with the highest odds.
Well now I want to take things a step further and say that:
I am only going to back the top selection by each tipster
The rules for deciding which bet to place will be similar to before but there will be one important change.
The change will be that if the selection with the most points is at odds of six to one or less I will use my discretion as to whether I will use that selection or another that may be a smaller points value but over odds of five to one.
My reasons for making that decision are based on my aversion to risk and preference for selections that are at longer odds from certain tipsters.
By making the above changes there will be a further freeing up of time and also the risk reward ratio for my bets will be much more aligned with my personal preferences.
One added bonus created by the time savings made will be that I will be able to add a few more well chosen tipsters to further diversify my Portfolio lite.
These will not be the last changes that I make to My Portfolio Lite as I am soon going to examine the issue of staking to see if I am currently using the best possible plan.
I know that it is quite easy to tinker to much, I also know that there will be people who completely disagree with what I am doing, but what I also know, above all else, is that I have a definite goal of creating a highly focused, profitable and flexible portfolio that is not time consuming to administer. I believe the goal is valuable enough that I am prepared to make a thousand changes and completely rebuild the portfolio if that is what it take to create my perfect Portfolio Lite.
I hope that you have enjoyed this post.