Thoughts about betting/trading.
Interesting discussion.I wonder how many people know a pro punter personally.I know 3 and they are probably the exact opposite of what the general public would regard as a full time gambler. Although very different in many ways the 2 main things they have in common is - firstly a very strict focused specialist area and secondly a very unemotional approach to things. Of course without saying they are very disciplined in attitude and have a serious work ethic and very realistic about annual profits. All are quite happy with 10%ROI.
One of them also trades a lot and the best advice he gave me was ignorant newbies get eaten alive by the sharks on the exchanges and until you learn to read the markets increasing the stake just increases your losses. Another great piece of advice , much harder of course in practice, is when punting how important it is to get rid of losing bets- always go for the price you want which must be heavily weighted in your favour with regard to your own interpretation of what the market should be.If in doubt dont wager and wait for another opportunity- research is never wasted and if anyone finds that too much hard work then expecting to make a profit long term is delusional.
The other thing they all have in common is detailed 6 monthly reviews of results negative and positive and if there are any conclusions which can be drawn from these. They all pay attention in particular to the losing bets.
Horse racing in particular is a fascinating sport betting wise in that you can get winners at prices occassionally which are very very rare prices in other sports which leads a lot of novice punters into unrealistic expectations of profits made easily.And it's also the greatest sport for attracting longterm mug punters who are emotionally attached to trainers/jockeys etc who will make the market.
Concentrating is the name of the game.
Of course if you want to punt for fun that's fine, have a separate small pot completely away from your other finances and consider it money lost.
I have a mate who always has a punt, roughly the cost of a pint when he watches a soccer or rugby game in the pub.Usually against his own team then if his team lose his winnings pay for the snifters!