We all look to make a few hundred bucks every weekend.
But the really successful sports bettors turn a profit year on year.
So how do they do it…Read on below.
Even the most successful traders rely on these two traits
When I tell you what they are you are going to be disappointed.
There's nothing surprising about them and in fact you may well think… I have those qualities, what's Chris on about…
And yes, I agree, we do all AT TIMES demonstrate these traits but not necessarily when it counts.
Let's talk about the first character trait…
We all think we exercise patience in our lives, whether it be with your kids, your job and even your marriage.
But true patience is the “capacity to accept problems or suffering without becoming annoyed”. An example of how patience can help is cognitive bias.
I’m sure you all know of the common pitfalls many bettors face, have heard of the gamblers fallacy
and understand when a bet offers true value.
Cognitive bias is probably the best example I can use to illustrate how important patience is.
There are numerus cognitive bias’s out there but the one that most frequently comes up is confirmation bias.
Confirmation bias is “The tendency to search for, interpret, focus on and remember information in a way that confirms one’s preconceptions”.
Patience is a mechanism that can help stop sports bettors from moving away from rational judgement and make better, more informed decisions.
Just the other day, we had our American associates over for a meet and greet. We all gathered after work to have a few drinks but before I joined, I wanted to get in on Barcelona vs Real Madrid as well as Napoli vs Nice.
I didn’t employ patience and put in a double bet for Real Madrid to win and paired it with Over 2.5 goals in the Napoli vs Nice game.
Had I taken the time to exercise patience I would have not gone in on the over 2.5 goals and rather just a straight Napoli win.
I lost my bet and went against my strategy. Something I will never do again.
This leads me to my next character trait.
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RATIONAL DECISION MAKING
Firstly, let me explain what rational decision making is. “Rational decision making favors logic, objectivity, and analysis over subjectivity and insight.”
What this means is, your decision is only rational if it’s supported by logic, research and is objective to any evidence that might contradict your views.
It is also important to remember that anxiety heightens irrational behaviour, so looking for a bet when you are anxious will move you further from a rational decision.
Patience and rational decision-making go hand in hand, much like the NFL’s Bill Belichick and Tom Brady or John Smit and Jake White the South African rugby captain and coach that lead the Boks to the 2007 World Cup title.
Wait for what you know will come
In addition to having a winning formula you have to be patient.
Exercise patience in order to see the “bigger picture” you will in turn gain logic, become objective to your research and evidence and start making rational decisions.