When Doing Nothing Pays The Most!
Hi all
Today when I was looking for candidates that meet my criteria for the each way bets selections that I post on my blog, I was anticipating a typical Saturday where there is plenty of action because of the number of race meetings.
As I worked through the various cards without anything matching my criteria, at first I was surprised and then I became conscious that I was becoming irritated. As anyone who has been monitoring my selections will know they have started out with a better than expected strike rate. The irritation that I began to feel was caused by me wanting to keep the run going.
When I had worked my way through the cards and had found no selections I was so annoyed that I double checked every race, only to end up with the same result.
As I sat there I realised that the feelings I was going through were some of the most dangerous to any sports investor.
The feelings were impatience and a need for action based on my own overconfidence.
I am on a fairly good run at the moment and I wanted to carry it on. I have been in situations in the past where I have been on a poor run but felt very similar emotions of impatience and the need for action to get back some of my losses.
Today was a very important day for me because as I sat their thinking about the situation I could see with crystal clarity that the most profitable course of action that I could take was to do nothing. I then turned the computer off and went shopping with the misses. (Admittedly that probably cost me more).
Later in the day I replied to Lee who had commented on my ‘no selections post’. In my reply I wrote the following:
“I believe that when we have been involved in sports investing for a while, we know what we should do and we know what we should not do. However there is a massive gap between knowing and having the discipline to follow through with what we know.”
Well today at least I knew what course of action I should take and I had the discipline to take that course of action.
The end result of today is that my portfolio is in profit because one of the winning a fortune blogs selections won. If I had not turned my computer off, I may well have ended up sitting on a heavy loss for the day.
Finally, I have been over to Lees website favouritelays and I would recommend all of my readers to go and have a look as he gives out free profitable lay tips (I am looking into adding them to my portfolio), all he asks is that if his readers profit they donate to HELP forHEROES which is his favourite charity that supports our injured troops.
I hope you enjoyed this post.
As usual any comments or questions appreciated.
Wishing you good luck
Mark
Filed under Uncategorized by on Mar 20th, 2010. Comment. 
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Comments on When Doing Nothing Pays The Most!
Mark,
Very pleased to see today that you made a real professional decision to post the NO PLAYS sign.Good for you…it will aid in the long-term.
Myself, went o for 4 in selections today with two photo finish losses.That’s the gambling game.
Good luck.
JM
Thank you very much for the kind words………no pressure then!!!! Frustrating yesterday to have 2 non runners, 7 successful and the last one winning to bring all the previous results crashing down……grrrhhh! Still 0.60p profit so far this month!! It’s a funny old game!
I heartily endorse your comments above and I also think that after plugging away at this investing lark for a while gut instinct can also play a part and shouldn’t be ignored, the old adage “if in doubt…don’t” is worth following. After all we are spoilt for choice every day!
Lee
Hi JM
Thanks for the comment. Sometimes it is difficult to make the correct decision not to get involved, but I think that when we make the difficult decisions that is the time when we improve sports investors.
Hard luck with the 0 from 4 selections and it is particularly gauling to lose on two photo’s but as you have said before as long as your methodology is correct the randomness of good and bad results will even out in your favour.
Keep up the good work
Mark
Hi Lee
The pressure of our expectations is now well and truly on you mate. ; ) This is the first time I have ever posted selections anywhere and it does feel strange however I am determined not to get hung up on short term results I.e. daily, weekly. This is a long term game and that is how I will judge my results and yours.
I particularly agree with your point about being spoilt for choice. Sometimes in our irrational need for action we can convince ourselves that we will not get this kind of opportunity again. When in fact over time there are bound to be profitable opportunities for those with patience.
Thanks
Mark