Why paper trading doesn’t engage any worthwhile emotional response?
July 8, 2011 by Jonathan
Filed under Money Management, Recent Articles
You maybe wondering why I`m not advising you to paper trade bets. Well, that’s because paper trading doesn’t engage any worthwhile emotional response. Theoretical profits are useless and if you want to start making tangible profits from a successful system sooner rather than later you need to use real money.
In order to become a “disciplined punter” you need to experience what it feels like to both win and lose bets which have real money attached to them. This is a key area where a lot of punters become vulnerable when paper trading only.
What usually happens is they test a system without any financial attachment. To their surprise everything goes well and their hypothetical betting bank is several points in profit. As soon as they start to bet with small stakes they hit the first few losing bets and get all emotional. This, in turn, leads to chopping and change things unnecessarily, ultimately leading to more losses, and lack of faith in the system.
These inexperienced punters then cease to use the method. Losing runs are an inevitable part of betting, you will learn to deal with them in a more emotionally balanced way if you start off using small stakes from the beginning. Taking a pragmatic approach that reflects your actions in a real life situation will…improve your chances of success. After all, you should only be using £2 stakes initially so you won`t lose your shirt.
Using a proven betting system pick out a few selections, and then hop on over to Betfair and place your bets for the minimum stake of £2. Do this for at least three or four weeks, depending on how confident you feel.
Keeping loses Manageable
The above steps are designed to build confidence in your own judgment. Using the Betfair minimum £2 stakes at first will give you a comfort zone in the sense that if you do make mistakes there is less chance of having an emotional reaction if you are wrong, because any loses will be very manageable. Please bear in mind if your laying horses you can lose more than your initial stake money, so I would advise NEVER laying anything trading bigger than 5.00 on the exchanges.
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My beloved Jonathan
Nanaste,
with great love and great respect i invite you to be with this message
wow is wonderful moment , especially when it comes to analysis or strategy that is useful in horse racing analysis or betting action,
what ever you say is an absolute truth only a experienced Master can impart
you are the fittest one such at this moment of my life
thank you for inspirational writings and that makes or mar the
confidence of the reader
thank you My friend
Jonathan
you are a Mountain
from which i can see the other side of life
you are an Ocean if i care or dare to cross
thank you for being a great path finder
i am ever indebted to your writings
thanks Jonathan
with abundance of bliss and immense gratitude
to Sir Jonathan
with Love
Easwaran,
india
Always good sense, Jonathan. Thanks
Sorry Jonathan but I cannot totally agree with you on this one. Whilst I agree that you DO have to have discipline and experience both winning AND losing with actual money, I also believe that the ONLY way I can gain enough confidence in any system to invest my money is to paper trade. Once I have the confidence in the system I expect and can handle the losing.
Keith