Sport is made for betting

Rogue traders are again in the news, manipulating the money markets in order to reap multi-million pound bonuses. Banks and hedge funds are the greediest gamblers of the lot. There's no social responsbility attached to the financial industries, unlike the gambling industry. And people think horse racing is bent..... Another Telegraph story You can bet your last pennies that there will be stories like this to come as the credit crunch continues...

What a surprise. Inside an ultra-greedy bank, one of its traders gets way in above his head and loses the firm £3.65 billion, far surpassing the Nick Leeson effort in the early 90s with Barings Bank. The only thing that surprises me about this is that there are not more cases of this. People with addictions can be found in all walks of life. Too many people with addictive personalities get into gambling when it really is something they should steer well clear of. And all financial trading is is another form of gambling.... This trader has speculated, got it wrong, cooked the books to cover his tracks while he gambled more to solve the problem. And then the hole he dug in the first place got worse...and worse... and worse. The biggest mistake people make when betting is trying to chase losses - all it will do is send you to the poor house mighty quickly. Discipline is the most important trait for betting. Sometimes it just isn't your day - recognise it early and stop for the day. Wa...

Originally written by Max Gunther, reprinted from www.bfportal.com. Initially written for financial trading, but just as relevant for sports punters and traders. On Risk: - Worry is not a sickness but a sign of health - if you are not worried, you are not risking enough. - Always play for meaningful stakes - if an amount is so small that its loss won’t make any significant difference, then it isn’t likely to bring any significant gains either. - Resist the allure of diversification. On Greed: - Always take your profit too soon. - Decide in advance what gain you want from a venture, and when you get it, get out. On Hope: - When the ship starts sinking, don’t pray. Jump. - Accept small losses cheerfully as a fact of life. Expect to experience several while awaiting a large gain. On Forecasts: - Human behaviour cannot be predicted. Distrust anyone who claims to know the future, however dimly. On Patterns: - Chaos is not dangerous until it starts to look orderly. - Beware t...

I don't mind betting on the races, but it's no longer what I focus on. Here are some betting rules proposed in a leading Australian punting magazine, with my comments interspersed in red. 50 WAYS TO HIT TOP GEAR By Richard Hartley Jnr Courtesy of Practical Punting Monthly Australia’s Favourite Racing Magazine www.practicalpunting.com.au As punters I think we spend an awful lot of time dreaming up new ways to win, or perhaps just new ways to lose! Punters are, in the main, optimists and dreamers and receptive to new ideas, advice and re-programming. Trouble is, much of what they seek and find they then proceed to ignore. Going back to old habits, even bad ones, often seems easier than trying to meet the challenge of something new and unknown. For those of you seeking some revolutionary breakthrough, I am afraid this article will not be what you want. However, I fervently believe that you will be able to learn something to your advantage. Basically, I’ll be passing on some co...