It is a mistake to seek happiness through money that you can win betting.
To succeed in betting you must detach yourself emotionally from money.
“I’m pretty sure that his academicals background, as well as his stock market experience allowed him to develop his reasoning and provided him experiences he wouldn’t develop or have unless he was entering directly into the gambling world. That gives him a wider spectrum of knowledge which allows him to gamble in other markets, increasing his probability of profiting more than someone that is only gambling in football.
About the emotional control, for sure you’ll find books that help you to deal with that. I believe that all of us know the theory of perspective, for someone that plays poker like me and makes sport bets, feels that in first hand. It is very difficult when you’re gambling, to see money as a game unit which the goal is to have as much as possible. There is always certain irrationality in the way we deal with money and there he must have something to say.
Now, obviously experience is essential and he might not even have read anything directly related with gambling, but for example, a book that fairly the money value, that makes happy, can help to feel less the redbooks and by that way, take him to a higher level by withdraw him of the emotion.
I think I haven’t comment here yet:
In my opinion, any trader (in Betfair or in Stock Market) must possess that characteristic in order to achieve success. Knowing the real money value.
Not long ago, was asked here in the forum if I was considering writing a book. My answer is no, but if I was going to write one, this would be precisely about what I would write: I would share my experience, of how step-by-step I became aware that the life quality, that Betfair provided me doesn’t make me exponentially happier.
Materialized: I’m not saying that money won’t bring happiness. It’s definitely different to drive a Ferrari or a Fiesta.
However, the things that brings me true pleasure in life, are being with the family, play football, eat well, sleep (love to sleep) etc. Things that were always there and I had no idea how important they were for me. Today I say that I’ve always been rich.
If I had to choose, I would prefer to play football with my friends every week like I do than to drive a Ferrari a few hours a day.
All this, just to say that when I’m working I appreciate the value of the money, however I don’t get in an euphoria state when things go well, or get in suicidal tactics, driven by despair when something goes wrong.
As I already mentioned in the forum, I had to work a lot the emotional intelligence. Without doubt, the biggest help was the realisation that money can’t buy the things that make me really happy and that allowed me to emotionally disassociate of the market.
Na minha opinião, qualquer trader (na Betfair ou na Bolsa) deve possuir essa característica para ter sucesso. Isto é, saber dar o real valor ao dinheiro.
Perguntaram-me há pouco aqui no fórum se estava a pensar em escrever um livro. A minha resposta é não, mas se escrevesse um, escrevia precisamente sobre isto: Partilhava a minha experiência de como me fui inteirando paulatinamente que a qualidade de vida que a Betfair me proporcionou não me faz exponencialmente mais feliz.
Concretizo: Não digo que o dinheiro não traz felicidade. É obvio que é diferente conduzir um Ferrari ou um Fiesta. No entanto, as verdadeiras coisas que me dão prazer na vida continuam a ser estar com a família, jogar futebol, comer bem, dormir (adoro dormir) etc. Tudo coisas a que eu sempre tive acesso e não tinha noção do que representavam para mim. Hoje digo que desde sempre sou rico, só que não o sabia.
Se tivesse que optar, preferia poder jogar à bola todas as semanas como faço, e sempre fiz, com os meus amigos do que poder conduzir um Ferrari umas horas por dia.
Tudo isto para referir que quando estou a trabalhar dou o devido valor ao dinheiro, não entrando em euforia quando as coisas correm bem, nem entrando em tácticas suicidas levadas pelo desespero quando as coisas correm mal.
Conforme já tive oportunidade de dizer aqui no fórum, tive que trabalhar muito a inteligência emocional. Sem dúvida que a maior ajuda de todas foi perceber que o dinheiro não pode comprar o que mais me faz feliz, e isso conseguiu-me fazer desprender emocionalmente do mercado.
I noticed that some users are following the opposite direction, meaning, valuing far too much the profits made with bets, in other words, being emotionally connected with the market and this is very dangerous. I’ll give some examples:
Assign as goal X€ per month.
Goals, even if unconsciously lead them to assume a riskier position in order to achieve them.
Keeping high expectations.
Betting money that is difficult to lose.
Meaning, that you need to have in mind that gambling money can be lost, and for that reason only “extra “money that can be lost should be put.
In extreme cases…
Relying on gambling money to pay daily life expenses.
Get a loan to gamble!
Now a question, if projecting goals can be dangerous, isn’t that also a way to improve?
Or should we have “easier” goals”?
Taking your example:
x per month can be converted in…having a positive month? (even if it’s only 1 Euro?)
In my opinion, this type of quantified goals is a mistake. It just might not be possible, because of the probabilities law, finishing positive in one day…in one month.
What’s the point settling that I must end up the month positive?
That will force me to choose options (not always valuable ones) to target that goal. When, and I’m always pointing this, one of the most difficult aspects of this job being is precisely, not knowing when you must not do anything, when there are no valuable bets. Meaning , not knowing how to choose bets with no value, just for the sake of it, or because we spent an afternoon looking for opportunities and we still haven’t found them, or because we’ve lost time analyzing the game and now we want to win something or, …worst, because have a target to be reached.
To do a valuable bet, you must have the capacity to read it, but before that you need to be lucky for that bet exist. In my opinion, it makes no sense in setting goals about something that you have no control (the existence of valuable bets).
The worst thing about setting goals is that negatively influences your emotional capacity, you become more depressed when you lose money and become more euphoric when you win. There is nothing positive about this.
The quality goals are a completely different thing, because, those help to improve, like: from this month on I’ll try to insert this bankroll management method.