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Betting contributor Pete Nordsted is giving away a copy of his new eBook exclusively to Goal.com readers, read an extract from the book and find out how you can claim your copy

Goal.com columnist Pete Nordsted is launching an eBook which examines the basics of football betting, it includes advice on staking plans, different types of punters and the importance of keeping a betting journal.

If you would like a free copy of the eBook. Simply click on this link to register your interest, follow PremierBetting on Twitter and tweet them using the #footballbettingbook hashtag to claim your free copy.

Here's an extract from the eBook where Pete deals with how to deal with your betting bank and how to take the long-term view when betting.

Your betting bank

There is a lot of one-upmanship when it comes to betting, with people bragging how much they have won and lost. You will come across these people offline and on. You should ignore all of them. Just concentrate on what you can afford to invest – which is what you can afford to lose.

There is nothing wrong in starting with small stakes and growing your bank with your profits, or adding to it slowly with savings. It’s far better to build it as you build your confidence and competence.

And you should always remember the following golden rule: Even if you can afford to lose the money, make sure you are always comfortable with the amount you are betting.

You should also avoid the paradoxical danger of becoming attached to your betting bank. Never grow your bank just for the sake of growing it. If you start becoming too attached to your betting bank, you can find yourself making some serious mistakes; such as chasing losses.

You are betting for a reason. Profit. Nothing else. At the end of the year or season, you should withdraw this profit and use it for something that you enjoy. That way you are giving meaning to what you are doing. You don’t head to work everyday without treating yourself now and then; the same approach should be taken with your betting profits, big or small, in the close-season.

One of the biggest advantages of betting from capital that is set aside is that it takes emotion out of the decision-making process. When you are betting out of your pocket or with limited resources you are always affected by the outcome of each bet. This in turn affects your judgement.

Being correctly capitalised allows you to concentrate on what’s important. That means following your system and selecting your bets correctly – without unnecessary concerns. It also allows you to ride out the losing runs (which you certainly will have).

Treat your betting bank like a share investment

One of the best ways to look at your betting bank is to treat it like you have invested the money in the stock market. If you can adopt this mindset it stops you from worrying constantly over individual results. It guides you towards taking a long-term approach.

On a daily and weekly basis shares can be volatile and rise and fall on something of a whim. The entire value of your holdings in a particular share might drop one week, rise another; be a gain on paper one month, and a loss another. But you don’t sell up as soon as the price changes. You’re invested in the shares for the long term. It doesn’t matter what they do tomorrow. It matters much more what they do over the next few thousand days.

You should approach your football betting bank the same way. Providing you are following a profitable back-tested system you can ignore individual results and look to the long term.

Even our advisory service at Premier Betting has experienced losing runs. Members with less experience panicked; some even canceled their subscriptions after three or four losing selections; but the seasoned pros who rode these few losses came out with a fantastic return on investment come the end of the season.

Far too many punters give up on a system after one or two bad results, purely and simply because they allow a couple of micro events to dominate their thoughts. Remember, it is where you stand at the end of the season that counts. By having the comfort of a betting bank you can ride out the good and bad results.

If you would like a free copy of the eBook. Simply click on this link to register your interest, follow PremierBetting on Twitter and tweet them using the #footballbettingbook hashtag to claim your free copy.

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