Principle 1: The Discipline of Discipline
It doesn’t matter what type of gambling activity you get involved in.If you enter into gambling transactions without discipline then you are sure to reduce your chances of winning consistently. Casinos I have visited in the UK offer free alcohol when you are gambling because they want you to lose your discipline, and they know that getting you drunk is the easiest way to do it.
Principle 2: Never Chase Losses, Never
If you are betting in-play and events are unfolding against you, there is a temptation to pour more money into the same event in order to get back what you are standing to lose. This tactic only increases the chances that you will lose more. Likewise, adopting the strategy after a loss that you must recoup your losses by betting more on the next event is also a recipe for disaster.
Principle 3: Staking Bank
The one certain thing is that you will never win all of your transactions and some losses are inevitable. Managing your bankroll correctly means that these losing transactions get swallowed up in the big picture but are not noticed in the long run. No single transaction should eat more than 10-15% of your starting bankroll, or the maximum below this that you set yourself. Failure to manage your bankroll correctly is symptomatic of greed. Most gamblers have no structure to their betting activity and place bets without thought to how much they may lose or how much they are trying to win.
Principle 4: Learn to walk away, winner or loser
How you cope with losses plays a huge part in how successful you will be at gambling. Of course, no-one likes to lose but you have to learn to walk away at the point you set yourself, whether you are losing or winning. Not every session will be a winning one and it is important to have the ability to deal with this before you gamble.
Principle 5: Specializing and specializing
All successful businesses specialize and gambling should be no exception. By specializing, you will be able to better understand and research your particular chosen field.
Principle 6: Please keep a Record Keeping
It is absolutely vital if you wish to take your gambling onto the next level that you keep accurate records of all your activity. The main use for record keeping is to keep track of winning and losing periods in order to make adjustments to your betting strategy and specialize even more to keep losses to a minimum.
Principle 7: Avoid Multiple or Accumulator Bets
Whichever market you wish to specialize in avoid multiples, accumulators or ‘parlays’ as they are known in the US. Combining the odds of multiple events looks attractive on paper but by increasing your possible win, you are at the same time lowering your statistical chance of ever seeing that win. Bookmakers absolutely love gamblers who are blinded by the big numbers who surrender their statistical chance of winning from the start. If you have to be tempted by placing a multiple and the whole thing is relying on the last event to fall in your favor then lay it off to guarantee a win. Don’t sweat it out hoping to be lucky. True gambling is about cutting down the chances of losing, not increasing them.