In order for this experiment to be a success, I’ve realised that I need to completely change the way I view betting, and develop a long term, patient mindset.
The typical punter wants success now and isn’t prepared to play the long game; instead preferring the ups and downs that come with traditional betting.
My approach is to take as much emotion from betting as possible. Each bet, win or lose, is nothing more than another step towards my ultimate goal of having a steady investment income. There will be ups and downs, but with a selective approach, the aim is to have a slow and steady upwards trajectory.
Much the same that stock and shares have yearly variance, the general trend is upwards. That’s where the change in mindset needs to come into play if my betting performance is to track that of stock performance.
With my previous betting experiences, I would have huge swings in ‘luck’ which would affect subsequent bets. It wasn’t sustainable and every time I had a few winners, I would always, without fail, eventually gift most, if not all, my winnings back to the bookies.
This time, a careful approach should yield a slow and steady increase in the betting bank, which should compound (I’ll talk about this more at a later date) and eventually produce sustainable profits, which can be reinvested.
If I don’t get carried away (and that really is the key), a gradual increase in the betting bank should be achievable, and over time I hope to show that this increase will match, if not beat, the performance of traditional investment approaches.
I’m determined to show that gambling can in fact be a legitimate supplement to a diversified investment portfolio.