So you’ve finally started to make a profit. Congratulations. I know the feeling the first time you realise you’ve made a profit over a three month period is incredible.
But what happens now?
If you started with a £250 bankroll you may now have £500 or even a bit more.
Although you’re in profit, they’re not huge because your stakes are still only £5. Obviously the priority is to grow your bankroll, but how do you do that without risking it?
They’re all questions that you should rightly have. It’s an important concern because now that you’ve found a profitable approach the last thing you want to do is lose your bankroll because of poor staking.
Although the primary aim is to grow your bankroll, you must take some of your profits out of it. And here’s why…
We can’t predict when we’re going to hit a losing streak. If you’re bankroll has grown steadily for a few months with just small losing streaks, then the probability is that the big downswing is only just around the corner.
Look at the following two scenarios:
Imagine you’ve made a steady growth on your bankroll for the past few months and recently doubled your stakes because you’re bankroll has doubled, and then… you hit an eight week downswing.
Not only do you now feel like you’re losing the profit you’ve made, you either get concerned over your bankroll or you start to try and win it back with staking that you haven’t tested.
In the best case scenario you stop using the strategy because you feel like all your hard work and success has come to nothing.
In the worst case you try to recover your losing bets with an untested staking plan which results in over-betting and the loss of your betting bank.
The main reason for this happening is psychological. And by taking some of the profits out of your bankroll you can change your entire approach because you are getting a physical benefit from the success of your betting.
Imagine you’ve made a steady growth on your bankroll for the past few months. Recently you took out 50% of your profits, which was a lovely day out for your family, and then re-calculated your stakes based on the new bankroll.
Then… you hit an eight week downswing.
It’s tough to get through, even though you know it would happen, not least because you’ve increased stakes and you’re seeing some of your hard won profits disappearing
But, you keep remembering back to that day out with the happiness that can only come from spending the money you’ve taken from a bookmaker.
That memory holds the panic at bay and you look forward to the time when you can do it again. And so, you stick to your staking plan and selection process.
Eight weeks later the downswing finally comes to an end and you start to see the bankroll grow again.
What makes the biggest difference to you psychologically is getting a physical benefit from the profits you’ve made.
If you don’t take some of those profits out then when you hit a downswing, the feeling that you’ve not achieved anything hits much harder because it was just a number on a screen that said you had succeeded. And, that number is no longer saying that.
But, if you’ve gone out for dinner, taken the family out or spent it on something you really wanted. Then you will feel like all your work has been worthwhile because you’ve gained something tangible for it.
Never underestimate the power of knowing you’ve gained something tangible for your work.
In summary, what I would recommend is that when you’re bankroll doubles you take out 50% of the profit and then re-calculate your stakes.
If you turned a £250 bankroll into £500 then you would take out £125 and change your staking based on the new bankroll of £375.
This provides you with enough compensation to enjoy your winnings whilst still allowing your bankroll to grow and a good rate.