We have all been there haven’t we?
You have a few bad losses in a row and you see a sizeable part of your bank has gone. You get annoyed and decide the only way to go forward is to go “all in” and risk your whole bank. Once you win it all back then you will bet or trade sensibly once more, only that final punt is a loser also.
You sit there wondering what to do next. Some might instantly reload but here are some more sensible things to do first:
Take a break
The worst thing to do is to keep going when you have just blown a bank. In this case a break is needed and for some people this might be a few days, weeks or even a month. The main reason is so that your tilting behaviour has no possible way of carrying on since if you have just blown one bank then getting involved again might see another bank go south too. Also, by taking a break you are clearing your mind of all the negativity and also teaching yourself that blowing your bank is not a good thing. I am sure you knew this already but then you still ended up blowing your bank didn’t you?
Either way, it is important to take your mind off all things that are Betfair related for a short while. Otherwise you might end up doing even more damage.
Instead of going right back at it again you should probably realise it is time to start re-educating yourself about Betfair trading. You blew your bank probably because you are not staking correctly and so this is the first thing you need to look at doing. Most traders suggest you risk 3% of your bank on any single punt. If you stick to this rule then it is actually impossible to blow your whole bank. (Unless you are really really bad!)
You should also look at the strategies you were using. Were you using them correctly? Were the selections right? Were you staking correctly? And so on. I think in most cases you will find that there is nothing wrong with the strategy but it was the way you were using it that was the case. If anything you should re-read the strategy guide or perhaps contact the person you are learning from.
There are also plenty of articles around Sports Trading Life that help deal with the psychological side of Betfair trading.
Reload a Smaller bank
Be sure not to do this straight away but eventually you will want to reload. In this case, it is advised you go again with a smaller bank. I would suggest going in with half of what you did the last time. So last time you had a £1000 bank? This time make it £500.
The natural inclination is to go with the same amount but, if you blew your last bank, then you will probably blow this one also if you have not done some more educational work. If you have done the right work and you feel confident about winning this time then going in with a smaller bank should not make a difference as you are going to double it soon enough aren’t you? 😉
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