 | Keep accurate detailed records. This is a fundamental requirement as it is so easy to remember the winners and forget the losers. Can be quite cathartic after a bad day. Try and update your records on a daily basis whenever possible. |
| Separate betting money from personal finances. Again this may seem obvious but it's absolutely essential. Imagine betting from a joint-account that's shared with the wife and trying to explain a bad day's punting! |
| Never chase losses. Never the answer. Remember there is no such thing as the last race, punting is a never ending activity of highs and lows on which a single day's activity should have very little impact. |
| Avoid "interest" bets. Very tempting when there is a high profile horse race or football match on television. Why have a bet on the Derby if you don't have an edge? |
| Learn detachment. Each bet is part of a long term plan and losing bets should not provoke emotional negative reactions however "unlucky" they appear to be. |
| Review your strategy. Which sports are profitable for you? If you categorise your records into sports and their sub-divisions (e.g. football: correct scores) this will make reviews easier. I review sport sub-divisions at least every six months, dropping or at least cutting back on areas no longer profitable. |
| Don't hedge unless......... the hedge bet is a value bet in itself. The most difficult rule to adhere to, particularly if you are sitting on a probable big priced winner. I find it very hard not to hedge and I believe this is the main reason I'm a big loser with Betfair. |
| Don't increase your stakes when on a winning streak. Treat every bet on its merits and not in relation to a current winning (or indeed losing) run. |
| Never follow tips. Particularly if the tipster is in some way connected to the tip, for example the owner, trainer or jockey of a horse. |
| Don't take short prices. Since the advent of GPT the professionals will tell you that 2/7 about a 1/5 shot is OK. But it's not for me, I seldom bet at odds-on. Further in horse racing I never take less than 2/1 about a selection. |
