Some great insight I found on Mark's account that I think everyone following should understand.
This leads me to wonder how I will be setting yearly return goals in relation to following a list of handicappers since they all have their own strategies and adjust differently. I'm now debating whether or not I want to stop after reaching a set goal on return, or play throughout the whole season with the chances of being more profitable. Of course, the same can be looked at from either point of view. I will defiantly try and spend the next month looking intro previous records and trends, comparing the first and second half of the season and how each handicapper does.
"I'm now debating whether or not I want to stop after reaching a set goal on return, or play throughout the whole season with the chances of being more profitable."
ReplyDeleteWhichever you decide, choose quickly and intelligently so your doubts, and thus your emotions, can be taken out of your betting strategy. Emotions are a bettors/traders worst enemy. If you believe that during this part of the year you won’t be as successful, that mentality will stay in your mind, and as you see losses you’ll negatively reinforce these thoughts.
Success is dictated by our total percentage gains. If one’s exit strategy is X%, and you cashed out after reaching that level, all that matters is if you are happy with your earnings.
That being said, why I trade, and why you bet is for one single purpose: To make money. It's all about the money. Putting a limit on your returns is the wrong approach I'd say. Our goal is to maximize profits, period. Yes there will be short term deviations from profit goals, but you can remain profitable after reaching your limit by effective risk management and profit-maximizing strategies. After the All-Star break is a different season all-together, but like trading in the summer, it’s seasonal. Modify your game plan, perhaps alter your models and strategies to the more conservative side. Maybe even shadow bet with fake cash, learning how to play during this part of the season, all while protecting your gains.
On a side note, baseball is the easiest sport to handicap, and with the season ending soon, do you really want to wait 8 months for it to start again?
Fair response that can be taken either way but maximizing profits endures higher risks, especially in sports handicapping.I already modified my game plan for bases this season by closing out using an RPI formula which mentioned in previous posts came out with a 36% ROI. Back tracking and going with the best outcome through previous records is the best approach come September. Baseball isn't necessarily the easiest sport, it varies but for me it is. Being patient is the key and there is still football, basketball, hockey. The most important thing (imo)is to reduce risks since the failure rate in long term sports betting is well over 90%.
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