In this post, I am going to outline three bad habits of sports traders or gamblers. Ultimately these traits are what will end up giving these people bad runs and sadly losing accounts with the bookmakers or trading exchanges.
As we’ve said before trading or sports betting is not easy. If it was everyone would be cashing in on the tax-free haven.
You need patience, discipline of insane levels and to be able to control your emotions.
Yet, despite even knowing this some traders still succumb to the pitfalls of it and end up losing a ton of money.
Before you continue any further on this post, if you think you may have a problem then stop now. Take a step back and visit Gambleaware for more info.
If however, you want to take things seriously and invest in sports trading before you have even made a bet or trade then you should know these three things, and make sure you DO NOT DO THEM.
You may have heard about this before but it’s so true. Chasing losses can be one of the worst things you can do as a trader or gambler. You have to accept that you will not win every single trade, losing is part of the game. Nobody wins 100% of the time.
You have to accept this. Take it on the chin and move on.
If you do have a few losses in a day or in a row then take a step back. Take a breather, maybe even shut your laptop or phone down and walk away for several hours.
When you lose a few your mind drifts, your emotion changes and if you carry on trading immediately after a losing streak your mind will not be in the right condition.
You will tend to increase your stakes to try and win back the loss, but you will be placing bets without any proper thought or strategy.
These could even be “angry bets” – again, trying to claw back the loss from earlier in one foul swoop.
Of course, occasionally you will get lucky and it will work out but more often than not you will lose again and what could have just been a small hit or setback could actually end up being a whole trading bank gone due to a few careless bets.
So, avoid chasing loses.
There is always tomorrow.
However, tomorrow is a lot easier if you have a betting bank to play with.
Try to look long term, do not worry about each bet. Plan your goals with monthly results in mind. A few bad days along the road is to be expected.
Betting On Too Many Sports
Next up is betting on too many sports. In order to have an “edge” then you must have done your research or know your stuff. If you consider yourself an expert in horse racing and understanding forms, tracks, etc then stick with this.
I wouldn’t expect an expert in jump racing to also place random bets on European basketball.
The real experts tend to stick with either certain strategies or sports or even certain leagues.
For example, I know many traders who only trade in the “over/under goals” markets. It’s boring sure, but actually, that’s how trading should be; boring and systematic.
There are also only traders who will trade in certain horse races, handicaps, or even when certain conditions are in place such as certain trainer who has traveled.
You have to give yourself the edge. Whether that be in a specific sport, type of market, team, league whatever it is – but find your edge and STICK WITH IT.
Some examples of finding your edge:
- Only betting on sports you know
- Only betting on teams you know
- Only betting on certain leagues (I once knew someone who only bet on the Scottish Highland league!)
- Only trading certain games/events (TV, Live events i.e Cheltenham, Super Sunday etc)
- Only trading on certain markets (over/under goals, corners, half-time, bookings etc)
We always have the FOMO effect. This means Fear Of Missing Out.
But the truth is there are millions of markets and opportunities each and every day. This can sometimes though lead you to bet when you don’t or shouldn’t need to.
Waiting is often just as effective as perfecting your skills. You need patience.
If there is not an opportunity that fits your criteria, then DO NOT TRADE OR BET.
There will ALWAYS be other opportunities.
Some people also prefer to set themselves a daily target. So you might start out saying you just want to make £50 per day. Then once you hit that limit you pack up for the day and wait until the next day.
What do you think of doing this?
If you were winning should you carry on?
Well, of course, you could but then imagine you went on a losing run and only ended up breaking even for the day?
Talk to any serious trader and they will tell you this exact story time and time again over and over. They will have all done it.
This is a personal preference really. It’s up to you. But stick to the rule of not betting on too many sports or markets. Stick with what you know and ultimately what can give you the edge.
Following Bad Advice & Tipsters
I can’t emphasise this next point enough. Do not follow a ton of tipsters on Twitter or Facebook and expect results. It simply will not happen.
If you look carefully at the way these “Tipsters” run their accounts the model is almost always the same.
- Publish some tips
- Hope for some winners
- Get tons of social shares and proof from people who placed the bet
- Rinse and repeat
- Then offer “exclusive” VIP access for a monthly fee
- Also, use bookmakers affiliate links so they make money on the losses too
- Remove all tweets or posts about losing bets
- Rinse and repeat
Social media is awash with very poor tipping services. I mean literally go on Twitter and you will find thousands of accounts claiming to be superior tipsters whereas, in reality, it’s most likely some bloke from Weatherspoons who once won a few hundred quid on an accumulator and thinks he is now the dog’s bits.
Actually, after you have read a little bit of form, checked some statistics websites, or even checked the team news before kick-off you could argue that you are just as knowledgeable as he is.
If you want pre-match football advice go here:
All three of these sites will give you some very useful data if you want to get an edge pre-match on some team stats and head to head stats.
The point is most of these Tipsters will usually have affiliate accounts with the bookmakers.
You will often see them posting something like:
“Wow, do I have an accumulator for you today! – This will pay a whopping 18/1 and I have a very good feeling about it – click here to see it and load it on your slip”
And the “click here” part will be an affiliate link to a bookmaker’s site whereby if you sign up and use it they make money from your LOSSES!
In fact, it’s not just that bet. If you sign up to a bookmaker through an affiliate link the person who signed you up will make money from your account forever (providing you lose of course).
And with most gamblers losing money long term the odds are in their favour they’ll make some money from you losing.
So, be wary of tipsters.
Sure – some will win now and again but overall, most wont.
Do your own research – find your own edge!
Conclusion and Wrap Up
So, if you can please avoid these pitfalls which will ultimately lead to losses or even worse you blowing your whole bank.
It is so much better to find your own edge, work out your own strengths, and stick with a formula that works.
If you are new to trading or sports betting, then I have a couple of guides you can check out which will give you a heads start.
These are both known working and developed strategies.
If you take it upon yourself to learn your own strategies then just remember to take your time, there will always be opportunities the next day and stick to one or two sports at most!