When I am on a losing streak I will reduce my bets to my minimum wager size and try to nurse my way back to even. I know some will say why not bet higher if you come acroos what apears to be good value even when losing. That is a good point, but when losing I stay at my minimum until I can turn it around.
wil.
wil.
As The General said....greed....
I try not to chase but at times I have caught myself thinking something along the lines of:
"So I lost and now I scale back my bets....but how long can the losing last and when the winners come back do I want to win 10 times less when they do come back..." Something of that nature....
Very easy to bust-out by chasing....money management and discipline are definite keys...trying to keep all bets the same amount, maybe hitting one hard every now and then...
I try not to chase but at times I have caught myself thinking something along the lines of:
"So I lost and now I scale back my bets....but how long can the losing last and when the winners come back do I want to win 10 times less when they do come back..." Something of that nature....
Very easy to bust-out by chasing....money management and discipline are definite keys...trying to keep all bets the same amount, maybe hitting one hard every now and then...
General:
Often times the reason players chase is because they do not have a long term view of this business. They are thinking in the moment only, and thus chase the play. If one can remember, that there will always be another opportunity in the future, perhaps tomorrow, but not today, one's bankroll can remain somewhat protected via the discipline and selectivity. If players treated this business like their pension plans and tried to build on it, without making frequent withdrawls, they would find the compounding affect quite surprising.
Often times the reason players chase is because they do not have a long term view of this business. They are thinking in the moment only, and thus chase the play. If one can remember, that there will always be another opportunity in the future, perhaps tomorrow, but not today, one's bankroll can remain somewhat protected via the discipline and selectivity. If players treated this business like their pension plans and tried to build on it, without making frequent withdrawls, they would find the compounding affect quite surprising.
<BLOCKQUOTE class="ip-ubbcode-quote"><font size="-1">quote:</font><HR>Originally posted by oldmanTED:
General:
Often times the reason players chase is because they do not have a long term view of this business. They are thinking in the moment only, and thus chase the play. If one can remember, that there will always be another opportunity in the future, perhaps tomorrow, but not today, one's bankroll can remain somewhat protected via the discipline and selectivity. If players treated this business like their pension plans and tried to build on it, without making frequent withdrawls, they would find the compounding affect quite surprising.<HR></BLOCKQUOTE>
Well said. I agree 100%!
General:
Often times the reason players chase is because they do not have a long term view of this business. They are thinking in the moment only, and thus chase the play. If one can remember, that there will always be another opportunity in the future, perhaps tomorrow, but not today, one's bankroll can remain somewhat protected via the discipline and selectivity. If players treated this business like their pension plans and tried to build on it, without making frequent withdrawls, they would find the compounding affect quite surprising.<HR></BLOCKQUOTE>
Well said. I agree 100%!
<BLOCKQUOTE class="ip-ubbcode-quote"><font size="-1">quote:</font><HR>Originally posted by oldmanTED:
General:
Often times the reason players chase is because they do not have a long term view of this business. They are thinking in the moment only, and thus chase the play. If one can remember, that there will always be another opportunity in the future, perhaps tomorrow, but not today, one's bankroll can remain somewhat protected via the discipline and selectivity. If players treated this business like their pension plans and tried to build on it, without making frequent withdrawls, they would find the compounding affect quite surprising.<HR></BLOCKQUOTE>
I use the analogy of a 40 yard dash and a marathon. I may have lost the last couple 40's but in the end, I will win the marathon, if I do not try and run the next 40 twice as fast. Long term thinking, as you stated, is the key. A+ post Ted...Best Wsihes...OF
General:
Often times the reason players chase is because they do not have a long term view of this business. They are thinking in the moment only, and thus chase the play. If one can remember, that there will always be another opportunity in the future, perhaps tomorrow, but not today, one's bankroll can remain somewhat protected via the discipline and selectivity. If players treated this business like their pension plans and tried to build on it, without making frequent withdrawls, they would find the compounding affect quite surprising.<HR></BLOCKQUOTE>
I use the analogy of a 40 yard dash and a marathon. I may have lost the last couple 40's but in the end, I will win the marathon, if I do not try and run the next 40 twice as fast. Long term thinking, as you stated, is the key. A+ post Ted...Best Wsihes...OF
chasing losses.......its what keeps the vast majority of gamblers from winning anything.....
imo....i dont think its "greed" that makes people chase losses
when a gambler is up, they may get visions of a big score, and bet in a reckless way....that would be "greed"
losing affects the mind differently than winning, when you win you feel good, losing gives the opposite affect....
people dont like to lose......at anything, why?? because winning is ingrained in your psyche from the time you could walk and talk....you play to win not to lose...
apply that attitude to gambling and you can find yourself in a deep hole....
i have always said that a good way to tell if a gambler is "sharp" or just on a winning streak, is wait until he loses....how dows he react??
i had a guy once that couldve passed as Billy Walters himself..he didnt lose nothing, winner every week during football....always bet straight action, a few games a week never laid bad numbers ect...
basketball season rolls around, and i tell my clerk to start giving me his calls......
all of a sudden, the ball isnt bouncing his way, he gets stuck early....at first he doesnt change his pattern...
a couple of weeks later....he is not only chasing losses, he is betting 20 games a night, taking bad numbers, betting parlays, totals everything.....
the "sharp" wasnt a sharp afterall he was just lucky.....when he was winning he played "sharp" when he started losing...the square in him came out strong..
when you lose, the urge to "get it back" is very strong....cutting your loses takes a huge amount of discipline....better said than done..
imo....i dont think its "greed" that makes people chase losses
when a gambler is up, they may get visions of a big score, and bet in a reckless way....that would be "greed"
losing affects the mind differently than winning, when you win you feel good, losing gives the opposite affect....
people dont like to lose......at anything, why?? because winning is ingrained in your psyche from the time you could walk and talk....you play to win not to lose...
apply that attitude to gambling and you can find yourself in a deep hole....
i have always said that a good way to tell if a gambler is "sharp" or just on a winning streak, is wait until he loses....how dows he react??
i had a guy once that couldve passed as Billy Walters himself..he didnt lose nothing, winner every week during football....always bet straight action, a few games a week never laid bad numbers ect...
basketball season rolls around, and i tell my clerk to start giving me his calls......
all of a sudden, the ball isnt bouncing his way, he gets stuck early....at first he doesnt change his pattern...
a couple of weeks later....he is not only chasing losses, he is betting 20 games a night, taking bad numbers, betting parlays, totals everything.....
the "sharp" wasnt a sharp afterall he was just lucky.....when he was winning he played "sharp" when he started losing...the square in him came out strong..
when you lose, the urge to "get it back" is very strong....cutting your loses takes a huge amount of discipline....better said than done..
