It’s clear that without a well thought out staking plan, any hope I have of making consistent money in this experiment will be doomed before it really starts.
That’s why I’m constantly on the lookout to refine any plan I’m using. I stared this experiment with £1,000 and would put 10% of my bank (no more, no less) onto each bank. The theory behind this is that no matter how bad a losing run I eventually hit, the bank should be safe.
Since I started, I’ve added £100 (which I intend to do each month) and I’ve added around another £300 with winning bets.
Each time an additional £100 is added, I’ve reduced the stake by 0.5%. This means that I’m currently putting 8.5% of my bank onto each bet. The intention is to keep doing this until I’m eventually only putting 5% of my bank onto each bet; in theory giving further protection to the bank.
This means that by the time my bank (hopefully) reaches £2,000, I’ll only be risking 5% on each bet.
Obviously, the most important part of betting is to pick winners; but if we don’t have a staking plan, no amount of winners will matter if one loss could wipe out the bank.
The good thing about sticking to a level percentage, is that subsequent losses will have a reduced affect on the bank, while subsequent winners will greatly increase the bank. With enough correct bets in a row, there’s potential for some serious growth of the bank.
As long as I remember to stay disciplined, and only place the bets I’ve really thought through, I’m in an ideal situation of betting within my means and maximizing potential returns.
I intend to keep reviewing my staking plan and making changes where appropriate. Hopefully over the coming weeks and months, I can find what works best for both my bank, and my state of mind.
I place much better bets when emotion is taken out.