Patience and Discipline more important than money management

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  • Thomas_Garber
    Restricted User
    • 11-19-09
    • 364

    #1
    Patience and Discipline more important than money management
    Patience and Discipline
    From: Bettingresource Articles

    Patience and discipline are the two most important things you need to have in order to find the edge and succeed in sports betting. Yes, these two are more important than money management itself because, without patience and discipline you wouldn't be able to successfully employ an efficient money management plan. In sports betting, having patience and discipline is a special ability--if you cannot master this special ability you will never find the edge or become a +ev bettor. It may seem easy but mastering this ability is very difficult, it is as hard as climbing a slippery and almost vertical hill; you can lose control and slip anytime. For most bettors it is virtually impossible to maintain patience and discipline in the long run. They might do everything perfectly for 1 week, 1 month or even a year but eventually they will momentarily lose that special ability and that moment is enough to destroy the bankroll.


    Most bettors begin with a short bankroll, perhaps a few hundred dollars. Often bettors who load their sportsbook with short bankroll find it impossible to maintain patience and discipline in a consistent basis because they will get bored of using proper money management on such small amount. As a result they will lose their bankroll frequently and re-load numerous times to accumulate losses. These bettors turn few hundred dollar losses into few thousand dollars in a matter of few weeks while dreaming of turning few hundred dollars into few thousand dollars of profit! Without patience and discipline your dream will never come true. If you fall into this category of bettors, we highly recommend that you wait patiently and collect these deposits without any action till you get a reasonable ($1000 minimum) bankroll.
    Last edited by Thomas_Garber; 06-29-10, 03:21 AM.
  • TakeIt
    SBR Wise Guy
    • 04-23-10
    • 778

    #2
    the most important thing to have in sports betting is an edge. without an edge patience, discipline and money management are meaningless terms. you have to have an edge to which you can apply the three disciplines or you will lose the sum of your negative expectations.
    Comment
    • uva3021
      SBR Wise Guy
      • 03-01-07
      • 537

      #3
      good read, but money management IMO wholly implies patience and discipline, its like saying in order to be a millionaire you need to have a million dollars
      Comment
      • Thomas_Garber
        Restricted User
        • 11-19-09
        • 364

        #4
        Originally posted by uva3021
        good read, but money management IMO wholly implies patience and discipline, its like saying in order to be a millionaire you need to have a million dollars
        Not wholly, only partially.

        You can have a good conservative money management but if you are impatient and bet too many games without an edge your bets would be -ev. Even with a conservative money management, you would eventually lose the bankroll if you keep making -ev bets.
        Comment
        • zafzaf
          SBR Sharp
          • 09-06-09
          • 457

          #5
          %100 agreed !
          Tennis Record

          27-33 +8.9
          Comment
          • uva3021
            SBR Wise Guy
            • 03-01-07
            • 537

            #6
            If you are impatient and bet too many games how can you at the same time be conservative and practicing good money management?

            Whatever, No big deal, semantics
            Comment
            • Wrecktangle
              SBR MVP
              • 03-01-09
              • 1524

              #7
              What is your objective?

              If you are in it to make money, only bet when you have a calculated edge. If your find 10 opportunities on a particular day, bet 10 times. If you only find one, then one.

              If you want action, or have to bet that game on TV because it's on, realize that you will be a long term loser, and bet small bankroll %s so you can last the season so that you don't pull a Shrink.

              In any case, never chase, "double up to catch up", drink/do drugs while handicapping, bet with money you can't afford to absolutely not miss, etc.

              If you are an action junkie, call a hot line and get help. I don't want to pay for your welfare check.
              Comment
              • Peep
                SBR MVP
                • 06-23-08
                • 2295

                #8
                Think the OP is irrelevant.

                "High tide carries all ships". And making +EV bets pretty well saves all money management problems as well.
                Comment
                • roasthawg
                  SBR MVP
                  • 11-09-07
                  • 2990

                  #9
                  You can hit 60% of your bets and still go broke if you're betting too large a percentage of your bankroll on individual plays. Aside from betting way too much or way too little though I think that finding an edge is obviously the most important thing when it comes to sports gambling.
                  Comment
                  • Peep
                    SBR MVP
                    • 06-23-08
                    • 2295

                    #10
                    Originally posted by roasthawg
                    You can hit 60% of your bets and still go broke if you're betting too large a percentage of your bankroll on individual plays. Aside from betting way too much or way too little though I think that finding an edge is obviously the most important thing when it comes to sports gambling.
                    Yes, but the "too large" is pretty large. The Kelly guys made it at around 5% of bankroll with a 5% edge as I recall.

                    I think most of us who have been around a bit tend to underbet rather than overbet. Which, in my case, often turns out to be a good thing when an edge I thought I had just wasn't there.....
                    Comment
                    • roasthawg
                      SBR MVP
                      • 11-09-07
                      • 2990

                      #11
                      Originally posted by Peep
                      Yes, but the "too large" is pretty large. The Kelly guys made it at around 5% of bankroll with a 5% edge as I recall.

                      I think most of us who have been around a bit tend to underbet rather than overbet. Which, in my case, often turns out to be a good thing when an edge I thought I had just wasn't there.....
                      I'd say that overbetting is a far bigger problem for most gamblers than underbetting is... but most of that is due to the fact that most generally overestimate their edge in the first place. Either way, the edge is normally the key... if you're intelligent enough to find a consistent edge then you'll probably end up making money in the long run.
                      Comment
                      • warriorfan707
                        SBR Posting Legend
                        • 03-29-08
                        • 13698

                        #12
                        Absolutely right about patience and discipline being the most important things is gambling.
                        Comment
                        • BadaBingSports
                          SBR Rookie
                          • 07-05-10
                          • 7

                          #13
                          double post.
                          Last edited by BadaBingSports; 07-06-10, 10:54 AM. Reason: double post by accident
                          Comment
                          • BadaBingSports
                            SBR Rookie
                            • 07-05-10
                            • 7

                            #14
                            patience, discipline & CONSISTENCY

                            Great thread, patience and discipline aren't talked about enough. I would add one important piece of criteria, consistency. If you have a great system or 'edge' and you hit a losing streak, many weaker hands will want to stop taking signals and losing money. Assuming you have a sound strategy, you MUST take every signal during a draw-down. It's of utmost importance.

                            TakeIt's comment was right, if you don't have an 'edge', all the patience, consistency and money management won't matter. But, assuming you have an edge, if you don't manage it properly, it too won't matter.

                            My background is in trading and asset management, wagering on sports and managing betting capital is no different.
                            Comment
                            • BillAccpetor
                              SBR Wise Guy
                              • 02-07-09
                              • 790

                              #15
                              Originally posted by roasthawg
                              You can hit 60% of your bets and still go broke if you're betting too large a percentage of your bankroll on individual plays. Aside from betting way too much or way too little though I think that finding an edge is obviously the most important thing when it comes to sports gambling.
                              Very true!

                              I know a guy who did this...
                              Comment
                              • Sawyer
                                SBR Hall of Famer
                                • 06-01-09
                                • 7757

                                #16
                                Patience & Discipline are a part of money management in my opinion. You can't have a money management without Patiance & Discipline.
                                Comment
                                • solderjob
                                  SBR Rookie
                                  • 07-09-10
                                  • 17

                                  #17
                                  The meaning of Money Management used in betting and forex trading and stock trading basically means how do you protect risk exposure of your earnings while you play in the long term. Example can be , once you earned a certain target, you will only use 10% of the total egg nest of money for betting only. ANother example is when you lose a certain percentage of your money, you need to re-strategise your betting plan again.

                                  Discipline and Patience is the root foundation of every other tactics like "Money Management" and must be always there, or else we will not have the discipline to even execute our "Money Management" tactic.
                                  Comment
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