Lessons from the past

Some mistakes to learn from… it’s better to type it out since it’s much faster and more effective, so here it is

1)Risking more than what I can afford to lose in one race, assuming that the horse will go on to lose for sure. Guess $1000+/lay is something more than what I can, or should be handling. New rules, $500+ is the limit for now, nothing more. I guess when I am putting myself in a comfortable position where I am not afraid of any losses, I will go on to win! Not just looking for big wins now and then, but for consistent profits.

2) Missing out on horses to bet when it is right in front of me. Guess the distractions might prevent me from losing some money at times, but the issue now is about concentration, about being focused. Always look carefully and do not miss bets. I am 100% focused.

3) Laying favourites, guess there is a high chance of favs losing and if even tipsters choose it, I should just go for it? Understandable that there will be more favs that goes on to win, but I guess there will be a plan that I got to stick to… Just lay them but not too big, the losses are going to be small and bearable anyway. Good job!

    One thing to be in the horse laying business is that you got to accept the setbacks which could be pretty serious at times, and that is how I managed to get my account down from $13,000 to $7000 in just 2 days. Many setbacks at the right time have indeed conditioned me to be better at money management. From the time when account was down to $5000+ after itslaytime loss, I must say that I have really came a long long way… I guess I should really be making good use of RSS which I indirectly exchanged for with $1500. Really lucky that this things really works out… And now another issue would have to be with other investments..

    Guess it’s time to weigh the pros and cons. The only good thing about using their money is the fact that I have more capital and liquidity going around. Having reached a point where I reached $10,000, I realised that there is only so much to win a very very significant amount of money on betfair, and I can easily compound the account with the winnings. Therefore, the problem with cashflow is no longer a problem.

    Secondly, if Mom is willing to invest fully in me, even though I know that there is a very high chance that this is going to work out, the fact is that I feel more secure using money that can be afforded to lose? Seriously speaking, starting out with other people’s money could have been a real big mistake but so far so good, but I am not going to know when something is going to go against me. Everything’s always smooth sailing when you have got nothing going wrong, it’s when you tell people that you are losing money that they actually start pulling out. Now that they actually have profits, is it going to be the best time to start stopping? Sending the funds back to tiny could be the very first step.

    Was thinking about the possibility of using their funds for forex, but unfortunately he have not been proving himself much these days… telling me that he have decided that he is risking too much is a good sign that proper money management is going to come into the picture very soon, and I hope to see results in 1-2 months time. Always remember that I need to learn to fish to feed myself for a lifetime!

    The conclusion, once I get the funds from mom I will start returning the funds to others. The profits that I will be making for mom, I guess part of it can be taken into the consideration of the funds I borrowed from her in the Ray Freese incident. Thinking back, there were really many bad incidents that makes me find myself stupid even today. Guess greed sometimes conjures out the stupidity in people, but it’s for a fact that people wants to be happy and maybe money can get them the things they want. Have reached close to $5000 profit at one point of time, and it seems better if i have just mom’s money to manage and I will have less accounting job to do! Why earn money for others when you can earn money for your mom, who is paying everything for you in the first place! Filial piety + profits in the making, what can be better than this deal! Gotta be more active in getting the funds from mom and stop all incoming deals. Sgt Foo should be the toughest to handle since he was having such nice plans right from the start… Guess Ill have to speak to him real soon…

    Being exposed to opportunities that people might not get in a lifetime.. can’t really say it was luck… but more of the way my brain have been conditioned to look at things now.. all the past HYIPS… al the money I’ve lost… Now I’m going to get it back 1 million folds!!!

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~ by antinomian on June 9, 2007.

One Response to “Lessons from the past”

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