racing losing punters
sent this to me - unsourced - unaware of who wrote it but it
does make a lot of sense)
They don't have a plan
There is a well known saying: "fail to plan and you plan
A punter without a plan is like a ship without a rudder.
In racing a good plan means identifying the amount of money
you would like to make over a pre-determined period of time
and then breaking that goal down into monthly or weekly targets.
Without a plan you have no way of measuring your success and
leave yourself open to a loss of betting discipline and the
inevitable losses that that will bring.
2. They don't have enough patience
Losing punters are looking to make a killing in one huge unforgettable
This can happen every now and again but it won't happen
Adopting this approach using whatever spurious criteria - lucky
numbers, betting only on horses with astronomical dividends
- is a guaranteed way to empty your pockets.
Disciplined investors look for smaller daily returns which they
compound (by gradually increasing the size of their betting
bank) over a number of months and then years.
3. They aren't consistent
Losing runs are part of every profitable betting system.
Successful betting investors will work through these because
they know a winning run will be just around the corner.
A losing punter however may abandon a profitable system after
a few losing days, robbing himself of an income stream that
could go well into the future.
This point is closely related to point 1: work the plan and
be secure in the knowledge that losing runs will be part of
Consistent and constant action is the hallmark of long term
4. They are too greedy
Have positive expectations of high returns but don't confuse
this with getting greedy.
There are two common scenarios for the losing punter: he will
be having a successful day but then abandons his plan to go
for the big score which can often erode or completely eliminate
his gains made earlier in the day OR he's having a losing day
and tries to recoup his losses on the same day.
This "throwing good money after bad" is the single
worst trait of a losing punter.
As a professional investor you need to stay away from it at
5. They are ill disciplined
Having a plan, patience, being consistent and keeping your greed
in check all amount to nothing unless you adhere to each of
these facets strictly.
The professional punter will stick strictly to is rules and
not stray from them.
The law is simple: if it works, do not change it!
The temptation will come to have a flutter on a horse with positive
media coverage or surrounded by favourable rumours and betting
a few dollars on such horses is OK but don't lose sight of your
main objective - making consistent profits using the rules outlined
in your own approach.
That's all of them. Irrespective of which betting plan you end
up adopting, make sure you avoid the pitfalls outlined above.
As a final word, grant a small blessing to the habitual losing
punters: the more there is of them, the easier it is for the
rest of us to make more money!