Tips on Not Losing On Betting
If you like betting on sports like Basketball or Football, there is a big chance that you will win a lot and there is also a similar chance that you can lose a lot as well.
Betting is never really cut-and-dry. What I mean about this is that there are just a lot of factors that you need to consider so that you can bet on a winning team.
If you look at sport-betting platforms like Betfair, for example, there are so many things you can bet on, but which ones exactly will make you win big?
Well, I actually have a few tips for you, so please read on to find out what they are.
1. Focus on Only One Thing
The thing about betting is that you just couldn’t trade for more than one sport. In other words, it is best not to trade on two or more sports because there is a high probability that you will lose a lot of money.
Instead, focus on only one thing on where to trade options. This is to hedge your assets against possible losses. Again, there are just way too many factors to consider when betting or trading, so do your best to focus on only one thing at a time so that your resources won’t get completely drained.
2. Money Stops
There are so many stops in betting or trading, but there is only one stop that matters and that is the Money Stop. This is basically the limit that you’re willing to risk in every trade.
Suppose that you’re willing to invest in something, put a limit to everything so that whenever you reach that threshold, you won’t go overboard.
Many novices are lead to believe that you must trade without limits and although it does bring you more profits and a higher reward, you could also potentially lose a lot in the process as well.
The main reason why you want to set a money stop is so that you won’t lose more than you have to. For instance, if you can risk about $10 per trade, then you won’t lose more than $500 in a year (all things considered).
3. Create a Checklist
One of the best tools that you can use in life is actually not a sword or a computer, but it is actually the pen and paper.
Whenever you want to save on your groceries, for example, you would always create a checklist so that you do not exceed the budget that you’ve set, right?
Well, the same can be said for betting or trading. So long as you create a checklist of the things that you want to bet or trade on, you will invariably hedge yourself against possible losses.
4. Trust Your Plan
When you’ve properly done your research and have made some setups based on the data that you’ve gathered, then all you can really do now is trust your plan. Trust that it will make you rich; trust the process.