New Member Questions

[topman]

Hey there!

Been using the forum for a while now but decided to take the plunge and joined as a member today. I have a few (very) basic questions.

1. Banks - It is advised to keep a different bank for each system used but have you guys any advice on how best to do this. I don't really want to have multiple accounts (is this even allowed?) with multiple on-line bookies so what's the best way? Could obviously have one account split 'virtually' into multiple accounts.
2. Staking - The 3% rule seems sensible but am I correct in interpreting this as.....take 3% of the bank at the start of each day and this is your TOTAL stake for the day. Then Divide this total evenly across each bet. Re-calculate every day.
3. Which Systems - Decided to start with one Flat System and actually bet on this and paper trade one NH System and the A & A+. Does this seem sensible.

Any help appreciated.

Topman:spinning

[sparkyminer]

What I do is one account. Separate the banks within the account.
3% total for each bet.
Systems is totally up to you. Paper trade with a few first to see which you're happy with.
But that's just my opinion.:)

[bigcumba]

Hi Topman,

1- yep separate banks for each system, one account is fine as long as you keep track of each one separately - either a spreadsheet, or even old fashioned pen and paper will do.

2 - as Sparky has already said, 3% total for each bet.

3 - systems - again as Sparky said, it's really up to you - I'd be happy with actually doing any of them with real money, but if you want to play safe to begin with paper trade them to get a feel for how they work.

[topman]

Cheers guys, appreciate any feedback. So I'll change my staking to be 3% of the daily start and use this for each bet.

[sparkyminer]

Cheers guys, appreciate any feedback. So I'll change my staking to be 3% of the daily start and use this for each bet.
I recalculate after each bet if I can but if I put them on in a oner then It's the 3% starting bet for all selections. If that makes sense.:)

[mathare]

The business with banks often confuses people.

Say you have £500 in a Betfair account. You could start 2 systems with this using banks of £250 each - fine. Now suppose you want to add a 3rd system. You (probably) need to add another £250 to Betfair to act as the bank for that 3rd system.

Most likely you are not staking more than say £50 a day on system 1 and the same on the second system. So your maximum exposure is only £100 and that still leaves £400 in the account, sat there not doing anything. So you can use that to start system 3 with.

The trick is to keep good, accurate records for each system separately. That way you know that if system 1 is up £200 and system 2 is down £150 that you might need to revisit system 2 and the way it is being staked and how it is working for you. Without these figures for each system you would just see a net profit of £50 and think everything is OK, which could be very misleading.

[topman]

Thanks Mathare. Like you say, the key is record keeping. One of my main faults is religiously maintaining a 'system' for a while, then on a Friday placing half my bank on some football accums which never come in!