Staking Plans

[billion]

I have today received from FORMATH a copy of the book: –

How to Become a Professional Gambler, I do hasten to add I have no aspiration in that direction.

FORMATH also asked my opinion with regard to the staking plan (Chapter 10, page 40) but before getting that far I did read on Page 4 and I quote: –

Alright! – I can already hear your objections – you are no good at mental arithmetic, youre a taxi driver, not a professor of mathmatical theory and statistical theory . . . . .

Chapter 10. The Staking Plan (page 39)

Again I quote: –

Always be more than sceptical about profits from any system which are based on a staking plan. If the system doesn’t also make money on level stakes then throw it away. In fact, I would say any system which comes with a staking plan attached is probably only worthy of the bin.

And now to FORMATH’s request as to my opinion of the attached staking plan. Sorry it is way beyond my understanding, I really had not got a clue what it was all about. Maybe when I go back and read the whole book I may have a little more of an idea.
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STAKING PLANS in general I always think are a bit of a minefield and lets be honest even good old level stakes is a staking plan, which I happen to think is one of the best.

I do remember reading a good while ago some pretty reasonable advice which went something like this: –

Treat your betting/staking as a business and only increase your expenditure (stakes) in accord with the bank balance, set your stake maximum as a % of the bank for a set period, say 1, 2, 2.5 or 5% are always popular divisions subject to the expected strike rate and after the set period say one month etc. make a new division of the bank balance resetting the stake for the next period.

This assumption is should your betting be profitable but then again if it is not then I for one would have stopped well before the end of any set period

Billy's Outback Shack

[Kopwas]

now you have opened a can of worms! Opinions can get heated on this from my past experience.
I have looked at various plans from Kelly, to doubling stakes when your bank increases four fold etc (similar to the extract you quote). It’s all too much for my non mathematical brain. I tend to use level stakes though will add extra if I think I’ve got a good thing or extra value. My trouble as always is discipline and having small stakes bets when I get bored or a hunch! I tell myself time after time but I don’t have the discipline to be pro. I do record bets etc and know my strengths but staking is undermined by these daft bets.

[billion]

DISCIPLINE, it’s that word again, it keeps cropping up time and time again

KOPWAS

, you use it to combat boredom, with me it can be fear. Fear of missing a winner.

If we can master our discipline I do believe we would all be much better at the game than we are.

Billy's Outback Shack

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