Having a bet can make an event more exciting and worth watching. Which is fine if you're betting for entertainment value. However, if your objective is to make your betting pay, then you need to understand the importance of mental and emotional management.
Paul Ruffy over at Betting Profits Bulletin has just posted a really valuable article on the mindset of betting.
I'm a firm believer that once you've gotten betting psychology nailed down, then you're already halfway towards making a profit from betting.
The other tactic I use when perhaps I’m on a series of losers or barren spell is to take a look at the overall picture. That’s why I always create a graph of the running profit/loss for all the parts of my portfolio plus anything I’m paper trading. It gives a visual guide as to how important the actual upturn/downturn is and how relevant it is.
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