This is an article I read when I first started betting and trading the stock market, and the rules hold true in both forms of investing. I’m sure they’ll make perfect common scene.
"How to Avoid the 5 Deadly Mistakes 98.3% of All
Punters Make that is Stopping Them From Winning Consistently and Making A Living from Horseracing!"
(1) - They don't have a good plan.
Not having a plan is like building a house without the architect's blueprint. You simply won't know where to start and when to stop. Without any doubt, having a good plan is the basis of all successful ventures. Whether it's starting a business or planning a trip to the moon. In racing a good plan means knowing the amount of money you would like to make over a period of time and the exact steps needed to achieve your plan. That means breaking down yearly targets into smaller monthly and weekly ones. In simple terms wanting to make money from racing without a plan is like starting on a journey without actually knowing where you would like to go. How would you know when you finally get there?
(2) - Not having enough patience.
They want to make too much, too quickly. Being totally unrealistic with the expectations on their returns they bet on too many horses paying high dividends with little or no chance of winning. They also spend their hard earned money on lucrative but weak combinations based on lucky numbers or other silly beliefs. Turning a mere $3-00 bet into $1,000 or more in just one afternoon is unrealistic and extremely difficult to achieve consistently. Once every ten years or so you could strike a $3,000 trifecta by investing only a few dollars. The chance of this happening is so remote that you might as well stop investing on the horses and start playing lotto!
(3) - Not being consistent enough.
Even when an unprofitable punter finally finds a highly profitable system, he or she generally stops using it after a few loses. What they fail to realize is that every system has losing runs. These are simply a small number of losses in a row. Successful punters know that these losing runs are not to be taken seriously and they are just part of making money from racing. Even multi-billion dollar co-operations don't make money every day of the year! The really sad fact is that at the end of most losing runs are long and highly profitable winning streaks. Unfortunately losing punters usually quit just before payday, never getting the chance of experiencing the joy of making a consistent profit from racing. This simply leads them back to their old
reckless habits.
(4) - Being too greedy.
Do not confuse high expectations with greed! Having a high expectation is good and healthy. It should be in cooperated with every good plan. Greed on the other hand has led to disastrous outcomes giving the betting industry a bad image. A reckless punters first motive after a loss is to try and re-coup the loss. This action usually leads to more losses. As good money is thrown in after bad, the limited funds do run out. Such behaviour is intolerable in the professional punting scene.
(5) - Not being disciplined enough.
Betting with a good plan, having lots of patience, being consistent and not being greedy are all not worth a penny unless you can follow them strictly. A good system would have its own clearly defined set of rules. This makes the system fully automated enabling the selection of winning horses without any human decision at all. An astute punter knows the importance of having rules and sticks to them. The law is quite simple: If something works, do not change it! You may be at times tempted to back horses that are being favoured by rumours or by media coverage. Betting just a few dollars on such attractions is harmless as long as you don't lose sight of your main objective -to make a consistent profit using the rules outlined in a betting plan.
And at the end of the day enjoy the thrill of horse racing.
The Ex-Jockey Mail
How to get Profitable Horse Racing Tips from an Ex-Jockey
