I was involved in football betting since I was in Form 3 or so? I cannot really recall the exact year but I realized that football betting is not always winning. Just like the speculators or traders who try to beat the market in legal trading institution, only 5% wins.
Then by observing the analogy in stock exchange, I got to know that brokers always win, no matter what is the market condition. So I turned up to be a bookie, it works like a broker in stock exchange, just that it is illegal in Malaysia, or worldwide? I don't know. When the greed swallows you, you take more bets, and at the same time, you tends to lose more, because people 'zhao lo' when they lost over their limit. I realize that you are putting all your money at risk by being a bookie, not only that, even your own reputation if you got arrested. Never try this.
Bookie is always some history that I try to shrug off until today, it is not proud history in mu own life. I lost something dear for it, and you will know it just after a period of time later. It haunts you...
Then I move to legal investment, like unit trust, stocks, bonds and so on... made some money, but my terrible 6 sense always fooling me around, maybe it is not the 6 sense but the greed inside me. Haih... maybe human is too emotional. When you see more, you want more. When you are scare, you want less or even want to dump all in panic. It is never wise to do that.
How much money are you putting at risk is a good article, please read it here and all the associated articles, I guess you will be benefited by knowing your own risk behavior.
Quotes from Warren Buffett:
- It takes 20 years to build a reputation and five minutes to ruin it. If you think about that, you'll do things differently.
- Risk comes from not knowing what you're doing.
- You only have to do a very few things right in your life so long as you don't do too many things wrong.