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.
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.