Following the last article “How to choose a tipster” and the interest it generated, I thought it is a good idea to write a basic guide of how to follow a tipster. I strongly believe that having highly standardised rules for following a tipster ensures two things: long-term value and protection of your bank during inevitable losing runs. I have listed 6 fundamental recommendations about following tipsters.
1. Appropriate money management
First and foremost, it is absolutely crucial to have separate banks for each tipster you follow. I recommend to not leverage your financial resources as it becomes more difficult to deal with losing runs from psychological point of view. Furthermore, leveraging your bank increases the chance of losing your money. In case the tipster you follow sends his recommendation in units, ensure that you have the maths correct and bet with the recommended amount of funds. From my experience I can also recommend to have a reserve bank, 50% over the recommended amount. For example, if it is recommended to have a bank of 30pts, make sure you have 45pts. Last but not least, always follow the initially chosen money management strategy, if you have to bet £100 pounds, bet it do not be creative.
2. Choose the right odds
You need to show effort when it comes to looking for the best odds available! In many cases taking the right odds is one of the components that make the difference between the losing and winning punter. When following a good tipster you should expect the odds to shorten once the tip has been sent. This is because the bookmakers are smart and most likely have mapped the people who are following that given tipster and as soon as punters start placing their bets the bookie traders will act and decrease the odds of the selection. However, there is still plenty of market inefficiency and some bookies will act much slower than others allowing us to place our bets at the recommended odds. Takeaways - open multiple bookie accounts and use odds comparison website. This will significantly increase the chances of making profit.
3. Be disciplined and punctual
When it comes to betting timing is really important and having healthy habits in place will indeed help you to make money from your sport betting activities. Make sure that you place the recommended bets regularly and have good time management. For instance, once you receive the email with the tips do not procrastinate the bet placement activity. Do it right away. Various reasons for that – first of all the odds will most likely drop; secondly there is a chance of you forgetting to place the bet; you can also miss a winning tip and take a stupid and emotionally driven decision to place another random bet all that while you are confident of the win. In most of the case will lead to losing money. As a sum up, once you receive the email place the bets as soon as possible and if you miss a winning tip do not chase the losses!
4. Believe the person you are following
Well, we all know in what we are getting involved. Betting is high risk high return investment which is highly volatile and difficult to manage. Being 100 percent confident in the skills of the person you are following is an absolute must. You should follow the advice with no doubt regardless of the current performance of the tipsters. You did your research and you chose the person who you think is good enough. Then you have established a money management with money that you can afford to lose. Now is time to follow that person with 100% confidence and no doubt. It's extremely difficult, especially when there has been a month of just losing bets and barely few wins, but you have a plan and you have to follow it. Bottom line of the story, follow the tipster until he either makes you money or loses your bank.
5. Have the right expectation
This is equally important when you are looking for a tipster and when you are following a tipster. Basically, you cannot expect to invest £5,000 pounds and in 4 months to make £20,000, it does not work that way. Please do not listen to your friends who are showing off with some impressive winning bets - ask them to show you their losing ones. The minimum period I recommend you to follow a given tipster is two seasons, although in some occasion this is not long enough.
6. Do not be aggressive with your bank increase
A common mistake many people do after a winning season. When you start following a tipster in many occasions you will be conservative and begin with £2000 instead of £10000. As soon as you have a good profitable season, you will be more confident in the skills of this person and therefore you will inevitably consider increasing your bankroll. Let’s check the below example and try to analyse what would have happened if you had a winning season followed by a losing one. It is a very basic simulation, but it aims to underline the importance of being logical and consistent when considering bankroll increase. In “Scenario 1” we kept the bank size exactly the same as in season one when the tipster performed very well. Clear to see that even the following season was not as good as the first one we are still on profit. Opposite to the first case we have “Scenario 2” where we were super emotional after season one and increased the bank size quite significantly. Season two was negative and because of the size of the bank we were following this guy for 2 years and at the end of the period we will be at loss of £1800. In most of the cases we will be extremely unhappy with that guy and cancel our subscription and perhaps give up on sport betting and conclude that there is absolutely no chance of making money following a tipster until sometime passes and we decide to follow another person and make the same mistake.
I hope you found my advice useful and I would also like to emphasise that it is really important to apply your knowledge. Execution and applying our newly obtained knowledge is the key to positive transformation. Thanks for reading, you can now go and track your bets from earlier today.