Money ManagementOne of the most important
aspects of sports investing is having a solid money management plan. I
am sharing with you the exact money management plan which I use myself,
and has worked extremely well for me for many years. If you want to be
successful in this business, you must have a solid money management
plan.
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| Rules of the GameRule #1 Never, Ever Chase a Loss. (This is by far the most important rule)
This is
the most common mistake people make after losing a bet. It is human
nature to want to get your money back, and get it back immediately.
This is also the most common reason most people will never survive in
this business. The best advice I can give you, is when you experience a
loss, you need to bring your emotions under control before you can
think clearly and make a wise decision regarding your next bet. Take a
couple days off and regroup, you will increase your chances of success
10 fold if you can follow this rule. Remember sports investing is not a
get rich quick scheme. You have to learn how to deal with losses. They
are part of this business and they are going to happen. You have to
look at this long term.
Rule #2 Always use a Solid Money Management Plan
This rule
is just as important as rule #1. If you don't have a money management
plan, you can't possibly be successful in this business or any business
for that matter. We have given you our basic money management plan on
the previous page. Our plan is designed to our system, use any plan you
wish as long as it fits within your goals and your budget. BUT PLEASE
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