Not following ones own rules

So my football strategy is currently working at the moment, but I'm making silly mistakes that are blowing my profits, GAHHHH!

Mistake number one

Hmm, that game looks like it's about to finish lets chuck a lay bet on the current loser.

You can guess what happens next, and for the record, The Russian league is fixed. But back to the point, in this example I let greed and a sense of ignorance get the better of me. I was so confident of the result that I blindly placed a chunky lay bet down, not even part of the strategy. Just a gamble.

Mistake number two 

Chasing a loss

Just don't do it. exposing huge risk for a few quid, just not worth it, take the loss, move on. It's important to remember that you are profiting in the long run regardless of the P/L for that given day.

These are mistakes that can be applied to any strategy and they must be the most common mistakes amongst betting strategists and betting traders. The key thing to remember -and I can't remember who said it now- is not to chase your losses but to minimize them, prevent your losses from occurring, or make them as limited as possible, and the profits will look after themselves.

As an aside, providing I stick to my own rules with regards to the strategy, there is some great profit to be had from doing it as it can be scaled up. Take these as lessons that are painful to the pocket and move forward.  I'm excited to see how the strategy progresses over the coming months.

Haven't been doing trading over the weekend, wanted to spend time with the family and also my computer is getting some much-needed upgrades.


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