The Five Rules Of Betting Money Management
1. You must establish and set aside a sum of money for the sole purpose of gambling. This sum of money is known as a 'betting bank' and should be such that if you were to lose it, it would not put any financial pressure on you or your family. Therefore this sum of money should not be 'borrowed' from the mortgage, gas bill or grocery fund! It is far better to spend several weeks saving for a betting bank than to risk using money which you really cannot afford to lose should the worst happen.
2. You must not attempt to double your betting fund overnight by risking large portions of it on a single bet. Instead you must adopt the philosophy of the betting industry and be content to make smaller, more consistent gains for ultimate profit.
3. The amount you bet must not be determined by the way you feel. Emotions have no part to play in professional betting. Instead you must use logic and self-discipline in order to determine the size of your next bet.
4. A separate betting bank must be assigned to each system or plan which you intend to use. Never attempt to use several betting strategies with only one betting bank.
5. Again, on the subject of emotion - never give in to the temptation to 'chase your losses' by deviating from the system you have decided to follow in favour of a 'hot tip' or suchlike. As an apprentice professional bettor you must remember that long term profit does not stem from eliminating losers, but rather from seeking value and treating your betting activities with a businesslike attitude.