The Biggest Mistake most newbies make
Newcomers to using Form Ratings often make several common mistakes. These errors can lead to financial losses and frustration.
Here are some of the biggest mistakes and how to avoid them:
Lack of Research:
Blindly following anything betting related is a short cut to financial loss. Form Ratings has a sophisticated algorithm which can look at past performance of horses, jockeys, trainers and over 100 other factors, to calculate a rating which you can use as a guide to make better betting decisions.
Don't blindly follow the ratings, test any theories you may have, paper trade until you are comfortable that the strategy will return an outcome you're happy with.
Overconfidence:
Some newcomers to Form Ratings overestimate their knowledge and underestimate the complexity of betting. They may place large bets without a solid strategy, thinking they have a surefire winning system.
Whilst the ratings give a good indicator of previous performance, and all things being equal, how they are likely to perform, it's not a sure fire thing, as there are current factors which can impact the horse and or jockey's performance.
Neglecting Bankroll Management:
New bettors often fail to set a budget or establish proper bankroll management strategies. This can result in overspending and financial stress.
Along with chasing losses, this can all be summed up with one word - DISCIPLINE.
Ignoring the Odds:
Failing to shop for the best odds or not understanding how odds work is another mistake. It's essential to get the best possible odds to maximize potential profits. Along with this, is not understanding the type of bet to place, sometimes it's not all about finding the winners, finding the losers and laying them is more fruitful.
Betting on Every Racecard:
Some newcomers bet on every race on our race cards, spreading their bankroll too thin. A more selective approach with well-researched bets is often more successful.
Not all racecards should be bet on, there are some races which are just unpredictable, and with all the data in the world, it cannot determine the success or failure of each horse in every race.
Lack of Patience:
Newcomers to Form Ratings seem to expect quick and easy profits. Betting is a long-term endeavor, and impatience can lead to poor decision-making.
Many will try a number of strategies, sometimes on the one day, and declare that the ratings are rubbish, and leave with an empty wallet. They fail to read the documentation, they fail to follow the advice and they fail ultimately in their gambling.
Following "Guaranteed" Systems or Strategies:
Falling for betting systems or tipsters claiming guaranteed wins is a common mistake. There are no foolproof systems in betting, and blindly following such advice can lead to losses. Form Ratings is no different, we are a time saving resource which when used well, enables you to make better betting decisions, when used poorly, will lead to losses.
All strategies should be paper traded at first for as long as your patience allows, but our most successful members paper trade for more than 6 months, for each new strategy, before placing their first bet.
Failing to Keep Records:
Not keeping track of bets and results makes it challenging to analyze performance and adjust strategies.
Keeping detailed records is crucial for improvement.
Not Understanding Variance:
Betting involves an element of luck and variance. Even the best strategies can have losing streaks. Newcomers should be prepared for both winning and losing periods.
Other things which affect your ability to make good betting decisions include:
Chasing Losses:
Trying to recover losses by making bigger bets is a common pitfall. This can lead to a vicious cycle of increasing losses and financial distress.
Emotional Betting:
Emotional decisions, such as betting on your favorite team or player regardless of the odds or logic, are common mistakes. Emotional betting can cloud judgment and lead to impulsive wagers.
Betting While Under the Influence:
Betting while intoxicated or under the influence of substances can impair judgment and lead to reckless decisions.