Monday, July 9, 2007

Before You Bet

Rick J has a post on his blog that should be read by all gamblers.

Rick J's Post

I have paraphrased the post below:

1. There is no guarantee on the future success of this model.

2. If you lose money betting these plays and you need to blame someone for your loss, the only one you have to blame is yourself. You elected to make these bets.

3. If you don't have a good money management strategy in place you, will lose all your money because of variance.

4. Expect a 15 to 20 unit downturn. If this would cause a problem, you are betting too much.

5. There are very few people that are equipped financially and psychologically to handle the ups and downs of gambling on a daily basis.

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