firehorse, i definitely think increasing stakes should be a very gradual and calculated move. I learnt that more recently thanks to some posts Paul made in my thread which made me think more about the potential drawdown on a bank as well as maximum run of outs etc.

The mathematics behind it isn't for everyone but I definitely believe you should at least try to wrap your head around it to get a greater understanding of how increasing stakes can have an impact on your bankroll.

Further to this here is a short explanation of what i'm looking at implementing myself:

I started with a small bank of just $1,000. As the min lay for SP bets on betfair is $30 i've used this all along thus far even with my bank increasing, because what I eventually want to implement is having those lays as 1% of my bank. My aim is to reach $3,000 bankroll and from there increase my stakes based on that 1% (or my %'s for my other systems/methods).

However what I also plan to do is once I pass that $3,000 mark is for every $500 profit I make, take $250 out and bank it. That way your still gradually increasing your stakes, but also rewarding yourself for your efforts. These funds you take out could be kept in a bank account and give you more comfort knowing that in the absolute worst case scenario you've still got a backup bank there if required.

Hope the above makes sense and not sure if its helpful. Also totally agree with CP in that do not bet out of your comfort zone. Being comfortable is what allows people to make smart, rational and timely decisions. As soon as your uncomfortable it may mess with your betting psychology and subconsciously force you to make bets you would not have previously at smaller stakes.

Thanks guys for your input

ChromePrince I want to be comfortable on my next stake level

I will try your advice to use their money only

see what happens..

And evajb001, I'm going to your thread

Thanks guys

From my experience I agree with all the others in that you should stay within your comfort limit. With continued success it will probably increase, anyway.
When I was young I won the price of a new car in six months of betting. Each bet was about half of what I was earning per week. When I got above my comfort level I became so careful that I would hardly place a bet. A valuable early lesson for me.

__________________
Dear Lord
Please let me break even. I need the money.

thanks SpeedyBen

Ok

this is what i did

I bet today @ 10% bank and what a turn around

I realized I need to bet more %

Thet way I seem to be more "serious" about my approach

no idea why but could someone explain why ?

Today I'm betting 400$ & all is well

Maybe my brain cannot relate to betting smaller when I still have a good strike rate ??????

why do I do better now ???

Luck statistical variance, etc. Your brain interprets things you want to see. 1 days results are useless regardless of what bank percentage you bet.

I have no idea how you are betting but if every bet is 10% of your bank then you will go broke in 10 bets. If you have a good strike rate and recalculate your bets to 10% of a reducing bank then theoretically you could go on for a while at least.

__________________
Never give up on a dream just because of the time it will take to accomplish it. The time will pass anyway.”

― Earl Nightingale

Yeah maybe I'm getting too excited, its working out though

Hey Ocho I have printed the quote you have in your sig on the wall, I had a dream to be a very successful punter but life got in the way or some other excuse

I wish I saw that quote 15 yrs ago..

When do you know you will succeed on picking the right horse

Like absolutely positive that it will be the one of the best bets you could make ?

What is the single main thing on your mind when you place a bet ?

I don't really bet on one horse and, as a matter of fact am really hopeless at betting. I hang around here hoping someone accidentally drops the keys to the kingdom (or maybe just a part of the map that leads there...lol).

My main thing used to be trading while I have a couple of bots where I keep trying out different, easy to place on a bot type, systems. The dude that runs the bot site has said that one of the bots won't be renewed when the new Betfair thing starts in November (spewing). They have not made me a cent but (as above with the keys) I keep persisting.

In answer to your last question (the single thing on my mind) when I was trading was just to execute a good trade over and over again. Never think about the money - just concentrate on sticking to your process and system. If it's a good system the money will roll in on its own accord.

Good luck!

__________________
Never give up on a dream just because of the time it will take to accomplish it. The time will pass anyway.”

― Earl Nightingale

"just concentrate on sticking to your process and system"

that makes sense