Andy left a comment last night which, reading it this morning, I thought rounded off the subject of time management that we discussed yesterday really nicely. It describes a link Andy believes exists between the amount of time devoted to running a portfolio and the levels of income that can be generated. As I read I found myself agreeing 100% with what he was saying...
"Time management i believe coincides with the profit you can make and sustain in a portfolio. It's something i have given a backthought to in recent months.
I only started discipline betting May 09-May 10 and tripled my starting bank from £800-£2549. I then took 8 months off to travel some of the world and restarted in February this year with the goal of doubling the bank.
This first year where i tripled my bank only took a few hours out of my week after my full time job. So as it wasn't a big time drainer it was certainly value for money.
What my thoughts are - (this does not include choosing which tipster time, which can take 1 day - several months, depending on your comfort levels to choose)
1. My recent approach - Maintaining a very small portfolio which only takes a small amount of hours a week to maintain. i.e 3 or 4 services (mainly weekend based). A decent second income and relatively little hassle.
2. Bigger portfolio - Where you do the more "Rowan" approach. You have more tipsters and takes you a while to work out which the most profitable are and spend more time maintaining your records and it means more to you than just a background hobby.
3. Full-time - This is where you have a sound knowledge of the tipsters available to you but you also have enough time to delve deeper inside their selections and work more profitable angles as well as the prospect of coming up with your own methods.
These are just generalisations and i'm sure if had more time i could write something a bit more substantial on it, but i hope it gives a little thought on time and income potential."
First of all, well done on the returns you made, Andy. They put my last three months in the shade, that's for sure!
I agree completely that the more time that can be dedicated to running any investment, not just a gambling portfolio, the more profitable you should be able to make it (granted that you're doing things as they should be done and not making basic and fundamental errors). If you are gambling full time, then I think you should be proactively making time to analyse a tipster's selections, just as Kodagira is doing with ProBandit and what some of the reviewers/analysts within the SBC conduct with other services. I would say this is actually a necessary part of being a "professional" gambler.
I think Andy is backing up the points I made yesterday but goes a bit further and points out that the more time you can devote to your gambling the better, but as most have to work full time and run their gambling operation around their work/family commitments, then certain compromises have to be made. That doesn't mean however, that you can't secure good returns, utilising your time efficiently. I also can't see any reason why anyone, if they so choose, shouldn't start at Andy's Stage 1 and then gradually progress through Stage 2 until eventually, if they wished, reach Stage 3.
Today's Action
Pretty quiet again on the racing today. Three services in action and the continuing poor form of PJA NH meant a small loss again.
ProBandit located a winner again (Kadouchski - Kempton - 3/1) to produce a small profit after the second tip finished unplaced.
Winning Racing Tips went for an each way double, the first horse winning (Oca De Thaix - Chepstow) but the second finishing third (Swift Bird - Kempton) so a minute loss their.
PJA NH could find no returns from any of the four horses backed.
ProBandit: Staked 1pt, +0.383pts.
Winning Racing Tips: Staked 0.6pts, -0.024pts.
PJA NH: Staked 2.5pts, -2.5pts.
Total financial loss on the racing of £36.08.
Away from the racing, The Sportsman had one bet on the Premier League Darts tonight - Simon Whitlock to score more 180s than his opponent, which is what he duly did.
The Sportsman: Staked 0.1pt, +0.08pts.
Total financial profit on the darts of £32.
Thursday 24th March: Staked £181, -£4.08.
Week to date: Staked £833, -£133.76.
Month to date: Staked £12,337, +£236.29, roi 1.91%.
By the sounds of it, we might have a football bet or two tomorrow evening so will likely be a late post.
Hi Rowan
ReplyDeleteGreat discussion about time mananagement, unfortunately I did not have time to read it all ;-)
No seriously, The points made have helped me to work out where I need to concentrate my efforts.
Right no rest for the wicked. I have a new question for you.
I have just added the first free service to my portfolio. I am very confident that it will be a great fit and will aid to the portfolio’s profits. The only issue that I can see is that there may be occasions where the new service (Jerry’s Best Bets) and my eachway tips could pick selections in the same race or even the same selection. I know that this has been an issue for you recently.
My take on it is that I have set up different banks for both services so I will treat them both as completely different entities and if they have selections in the same races or even the same selection, I will just back them as normal which could mean that effectively my portfolio as a whole could have a selection that is backed by a double stake.
Do you think this is a wise strategy or would you advise a different course of action.
Thanks
Mark
Hi Mark,
ReplyDeleteThe short answer...in my opinion, is that yes, you would need to effectively "double up" on a selection that is both yours and Jerry's.
There are various considerations to make moving forwards though I think, which I'll cover in a full blog post early next week, if that's ok.
Cheers, Mark.
Rowan
Hi Mark, now i have a featured comment on the actual blog its making me feel very important, haha.
ReplyDeleteMy personal opinion is that it really shouldn't matter too much. As Rowan has previously stated, is that different people have different comfort levels. With just your eachway tips and Jerry's, i don't believe it would cause too many similar selections, i wouldn't think anyway. Also, it definitely won't take to the same excess as Rowan has had to deal with recently with 4/5/6 horses in a race.
I previously have had 2 different tipsters select the same horse in a race and you feel good about doubling the stake as there is a greater chance of that horse being good value for you.
Your take on the separate betting banks is a must.
Hopefully Rowan will come back with something else interesting for you.
Andy
Hi Andy
ReplyDeleteThanks for taking the time to comment. As a portfolio newbie I am trying to make sure that I start off in the correct way so any advice is gratefully accepted.
I am really excited about creating a portfolio not just because of the profit potential but also I believe that it will be a great way of speeding up my knowledge of the markets and how best to profit from them.
Take the advice that Rowan and now yourself have given for example. If I was not actually involved in creating my own portfolio I do not think that I would be as focused on absorbing what I am being told.
I will of course add my own twists to my portfolio where I think it is needed, but at least I know where to turn if I am not sure of what to do next or if/when issues arise.
thanks again
Mark
Rowan,
ReplyDeleteWhen did you start following Probandit? And what made you follow him at the beginning?
Bruce McDaniel
Hi Bruce,
ReplyDeleteI started to follow ProBandit last summer (June). I was at the stage of wanting to grow the number of services I was using and to be honest with you, it was simply a matter of timing. The SBC had just entered it into their Hall of Fame and I liked what I had read about them (in terms of style, the way ProBandit works suits my personality very well - bank protection, steady returns, not too volatile).
I'm glad I did join - from June until the end of the year I made nearly 28pts profit from them at an roi of 16.5%. The start to 2011 hasn't been easy for PB, but then it hasn't for many of the services as seen by my roi being well under what I gained last year and had expected to make this. But signs are recently, as I mentioned in the blog, of a return to form. Fingers crossed, eh?
If you want me to do a proper blog post on them (or any other service, for that matter), just let me know. I'd be happy to give my thoughts on any of the services I use. If so, let me know what aspects of the service you'd like me to discuss further too, if there is anything particular that you're interested in.
Have a great weekend,
Rowan