It’s scientifically proven that women read more than men. It’s also known that women find it easier to ask for help than men do. You simply have to consider the “asking for directions” scenario… yeah, I don’t have to sell this concept to most of you, you know it deep down in your core to be true.
These truths can be combined and extended to reading instructions, terms and conditions and most instruction manuals, including the rules of Football Index. But just know, you are not alone! (My next title might be, “Do women do better than men on FI?”)
So many people fall prey to this simple biology and don’t bother to read what all the nuances of the game are and, instead, simply take the game on it’s basic principle of “use your football knowledge to scout quality players and bet on them to perform well, collect dividends on those good player performances and sell an asset when their price / value rises.” What more do you need to know? May as well input your bank details and start throwing cash at it, right?! Easy!
This is financial madness, but it’s something most of us do more often than we’d like to admit.
Why? It’s not simply that we’re impatient, or that we overestimate ourselves, though the Dunning-Kruger effect is in full swing here also, but we’re also victims of modern psychology in the technological era. We’ve become used to being supported through the introductory phase of new technologies and platforms these days. We download an app, or start a game, and we have walkthroughs and practice levels. We have basic tutorials and pop up modals that tell us what a button is for and how it’s going to work when we first click on it. Which is great!
However, with Football Index, this in-app walkthrough form of support is not the case. And, probably worse still, the goal posts keep moving (you bet your ass that pun was intended and I’ll drop more if I want to!)
If you were to download a financial trading app, you will, more often than not, be given a virtual account. An account where you’re free to blow more money on trades than you’re ever likely to for the foreseeable future. Giving you a risk free chance to trial and error your way to riches that you only wish you had!
(At this point of writing, I’ve gone in and checked my Etoro virtual account… I am virtually minted! This is in stark contrast to my actual account, which was filled with tentative and cautious action that isn’t worth a whispered brag. I’m now suddenly distracted by this and really wish I hadn’t checked my virtual account... It seems I have virtual savvy and balls only!)
Football Index doesn’t provide this and, in this regard, it acts a lot more like a betting platform than it does a trading one. It ran a '£500 risk-free' offer for the first week on occasion to new traders, but that's not a thing anymore. Training wheels are off from day 1.
That said, would you place a bet without knowing the odds or the terms of the payout?
If you ever went to a bookies and placed a bet “each way” you bet your bottom dollar you learned pretty quickly what that meant. So why do so many people roll the dice with their money on FI?! It’s football, you’re betting on whether a player’s value will go up and you think you know your stuff, that’s why! But it isn’t as simple as that, and as soon as the prices move in a way you didn’t expect, you begin to go through the particular rules that pertain to your move… but it’s too late. Hindsight is a painful thing when you slapped £100 on Son Heung-min in the middle of a 4 goal scoring spree at £3, only to find he was worth £2 the next day straight after the matchday dividends paid out. It’s then you decide to learn the mechanics behind player value calculations…
As I pointed out earlier, this is even more crucial when you consider that the nuances of the rules on the Index are going through multiple subtle changes right now and, for all we know, may continue to do so. What is the lay of the land at the point of entry? That’s what you need to know and you need to have one eye on the future. Then and only then, can you have some level of control with your moves. Furthermore, if you’re able to foresee and account for changes on the horizon, you’re able to absorb some of the impact of those changes. At least emotionally. Which is critical to making better decisions.
Knee jerk bets and decisions don’t get you anywhere.
We’ve seen tweets, and other social media posts, from so many traders who sold players at a loss to reinvest that money expecting to capitalise on the Index’s 8.5% Birthday Bonus from the same funds not understanding the “Net Buys Bonus” rule, it just isn’t funny. Literally, the first couple were funny, then it was overkill. Don’t be one of those!
So, I’m not going to break down all the rules of the platform and write them here, or even choose the ones I think are most important. The fact is, some rules will be more salient to others depending on their strategies. Are they price focussed, or media or matchday dividend focussed? Playing a long term or short term strategy? Do you spread your bets across a number of players or focus your investment on a small number of players? Different rules and how you interpret them for your own strategy will determine which are most important to you. What I will provide are 5 basic suggestions on the best practices around informing yourself and how you can mitigate against being led astray by false information, or your own wild imagination…. whichever ruins your positions the hardest!
5 Rules for Reading and Understanding… Any Platform Really:
Rule #1: Read the f***ing rules!! It sounds like common sense, but you’d be surprised. You don’t read the rules for most other apps and you certainly avoid reading general terms and conditions. Well, why not try and break that habit of a lifetime here and just force yourself to go through them. By reading the rules yourself, you also have a primary interpretation of the rule for your own understanding, which can be clarified if needed. I.e. you’re not simply taking someone else’s word for it.
Rule #2: If you don’t understand a rule, then ask! There’s a good chance you won’t understand all the workings and jargon straightaway, but that’s okay. It’s better to look stupid for 2 minutes and ask, than to be ignorant for longer than is necessary. There’re forums and help pages, like this one. There's the Football Index Facebook Trader Group with 8k members that you can pose questions to. There are social media accounts - some more helpful than others - and even podcasts like John Nellis' Football Index Weekly where you can submit questions or areas to be discussed. You can find out what a rule means just by listening to people talk about FI if you're really that shy to ask. There may be a number of different interpretations you hadn’t even considered. This process provides comfort that it isn’t all straightforward and helps to improve your overall understanding. It’ll also become quicker and easier to find the best sources of explanations for you.
Rule #3: Ensure that you read the updates. Football Index is on a mission of their own, and in order to get there, the landscape will, on occasion, change. Be aware of those changes. If they don’t make sense, refer to Rule #2. This should also form part of your longer term understanding of the platform and help inform some of the trades you make now. Like I said, it’s wise practise to also keep one eye on the future of the platform. This is still a radical start-up in the gambling industry, you're betting on the platform as well as the players.
Rule #4: Review your current positions and how they might be impacted by these rule changes. Where’re you exposed under the new changes and where might you need to take action and when? It isn’t always “now”.
Rule #5: Summarise and conceptualise the rules for yourself. You can do this by writing down your own summary of the rules, or simply embed the most salient points to your strategy. The point is, they should be ingrained. Think about other areas of your life where this is true. You know what road signals mean when driving instantly, for example. You should seek to understand rule changes and their implications for yourself proficiently. See the signs and act accordingly, based on your own strategies.
This may all sound quite dry and boring, but the fact remains, Football Index is a little more nuanced than simply placing a bet. I’m guessing that most punters on FI really fancy their chances on making a significant amount of money in the long term. It’s why we’re prepared to wait and bet on the relatively long term nature of this game. Sure, we may continue to play accumulators, play Super6 and Betway’s 4-To-Score, but we’re all football scouts at heart.
So put the time in and safeguard those investments or you’ll come to rue the years of injecting your hard earned cash into the platform. You don’t accumulate wealth by giving money away!