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 blogs readers, I will bookmark the post and put it on the list to win my: 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 on the top of the blogs 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 ’ today goes to:
From the excellent ‘The Portfolio Investor’ blog.
My main reason for choosing the above post on Rowans blog is that the post and the comments on the post show just what a hard task it is to make a profit long term in our battle with the bookmakers and other exchange users.
I have always enjoyed reading and learning from Rowans blog and I totally understand his reasons for stopping blogging. To me reading his last post and the comments attached to it confirm the need to specialise on a extremely focused area of expertise.
My thinking behind the above is I believe that the sheer amount of work involved in running a portfolio of tipsters or methods is what causes our motivation to drop, especially when we hit a prolonged period of negative results.
Just imagine the psychological effects that are brought to bear when on top of your day job, and on top of every other activity in your life, you are spending an amount of time ranging from a couple of hours to nearly full time hours managing your portfolio, only to have to endure a negative profit and loss figure for days, weeks sometimes even months!! It’s bound to wear even the toughest of us down.
So what is the answer?
I have already stated my answer which is to use extreme focus. I am putting all of my efforts into having one bet / trade a day maximum, as part of my £1 A Day Patient Staking Approach . By doing that I will be only spending a very short time each day managing my approach, which I hope will ease the psychological effects of having the inevitable losing runs.
I see that Rowan is going to concentrate the majority his efforts on trading tennis which I am sure he will be successful at and hopefully will become inspired to start blogging again, albeit in a slightly different format.
I hope that you have enjoyed this post.
Your comments or questions are always appreciated.