By Derek Part 3

Okay then, you've stocked up on notebooks, pencils or a computer spreadsheet, and the refreshment cabinet is full to the brim. What do we do now? Review the 3 rules below and then let's move on.

1) Establish an initial bankroll 2) Keep accurate records of all bets 3) Never risk more than 5% (less is better) of the bank at any one time.

The next step may seem like an obvious one, but it trips up so many people there should be a Government health warning along these lines on every bookies coupon.

WARNING: Betting on sports where you have no in-depth knowledge can seriously affect your wealth.

Q1: How obvious is that? Q2: How valid is the point? Q3: How many of you will ignore it?

A1: Very A2: Very

A3: Plenty:

I know from experience that many punters, once the decision to have a bet is taken, will bet on almost anything just to satisfy their need and craving for the excitement that goes along with the process. The adrenalin rush associated with gambling is a potent and powerful force that occasionally cannot be denied, and unless it can be tamed, there is nothing but a headlong rush into long-term losses in prospect for the unfortunate sufferer.

I am not suggesting that the excitement and enjoyment be taken out of the equation altogether, only directed into an area where at least the punter has a better chance of ending the day with some profits in the bank.

Punting on any sport without in-depth knowledge reduces the chances of winning to pure luck and relying on the opinions of others to make the decisions on our behalf. This doesn't mean that proven sports tipsters should not be acknowledged and followed, but that blindly going with the flow of someone else's opinion without some further capping by yourself to substantiate the play reduces the winning profit over an extended period of time.

To be successful we simply must build our own opinions, and those can only be made by using our own records and methods for selecting likely winners to bet on.

The first thing to do then is be honest with yourselves and choose one or two sports in which you have some sound knowledge. These are the sports in which you will attempt to make your betting pay dividends. There is simply no point in punting on events of which you know little about.

Whatever sport you choose, you must now learn everything that can possibly help you in your quest. The websites with the latest news and information should be bookmarked and visited regularly in fact make that daily.

The newspapers and magazines with current information should be read regularly, and the opinions of others involved in the betting arena should be noted (although not blindly followed) and all the while you should be formulating your own opinions.

When you have decided on a bet, and carefully noted your stake and all other details into your records, you should also add a few words as to why you selected the bet. These can be read at a later date and patterns will be seen in your overall strategy.

Does this seem like a lot of work? Perhaps even verging on the bounds of over-kill? The answer to that question will determine just how serious you are about making a living from sports betting.

I will go a step further and suggest that without this type of preparation there is absolutely no chance of long term profit taking. That's a pretty strong statement, but one which I believe to be true and all those with an ambition to rise above the herd would be well advised to take note of it.