The Differences between Gamblers and Calculated Risk takers, which are YOU???

Here is a comparison check list of traits and tendencies for gamblers and calculated risk takers.

Gambler

• Looks for excitement and danger.
• Jumps in with the crowd momentum, not wanting to be left out or left behind.
• Blames others or luck for bad outcome.
• Lingers over losing choices and wins not taken.
• Is influenced by unacknowledged fantasies of what is possible.
• Will risk more than can afford to lose.
• Acts on impulsive decisions.
• Is unaware of unconscious motivations.
• Acts out of sense of superiority or magical thinking.
• Gets high and feels powerful on a win. Gets low and feels worthless and small on a loss.
• Lacks discipline and invests on wishful fantasy rather than recognizes reality.
• Hides losses and is secretive about taking chances.
• Procrastinates (building up excitement levels).
• Follows a favorite method no longer useful or relevant.
• When losing will take increasingly bigger risks to catch up.
• Looks for the one big win that will result in bliss.

Calculated Risk Taker

• Contains and manages emotions.
• Is aware of irrational factors swaying a crowd.
• Takes responsibility for results.
• Does not waste time with what might have been.
• Acknowledges personal fantasies and resolves them or disregards them.
• Risks a tiny fraction of equity on any individual choice (equity meaning time, money, relationship, self esteem, skill etc.).
• Concentrates on a realistic long-term strategy.
• Knows personal abilities and limitations.
• Is hardworking and open to new ideas.
• Stays emotionally even during wins and losses.
• Easily resists risks that do not fit within defined risk limitations.
• Is open about risk taking.
• Proceeds in a serious intellectual manner.
• Stays alert to present trends.
• Follows predetermined guidelines of safety.
• Analyzes situation, observes own reactions and makes realistic plans.

http://www.selfhelpmagazine.com/articles/atd/gambrisk.html

I can't say I don't have some of the characteristics under the first category, but never 'needed' to bet, never bet money I could not aford to lose...I couldn't imagine how terrible that must be to have to bet and would do anything to bet, that to me seems about as bad as any drug in the world and has to be the worst feeling....

I feel I am definitely in the second category but I wonder if anyone here will admit to being in the first one.

I have a few from both catagories....more from the second but I do get a rush like we all do when you hit 2 or three in a row

i have characteristics in the first group, as i'msure we all do, however, i'm mainly the 2nd category

I think anyone who wins at this game has to have some traits from both sides.

Uh Oh

Im more #1

Have alot in both, but learned from this rule 20 yrs ago.
Will risk more than can afford to lose. NEVER again, M/M is a must
I think we All have more in "A" than we care to admit.

GL
Coop

Racer X said:

I think anyone who wins at this game has to have some traits from both sides.

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There ya go!

Thanks for the post Dante, very cool.

Dante said:

Calculated Risk Taker

• Contains and manages emotions.
• Is aware of irrational factors swaying a crowd.
• Takes responsibility for results.
• Does not waste time with what might have been.
• Acknowledges personal fantasies and resolves them or disregards them.
• Risks a tiny fraction of equity on any individual choice (equity meaning time, money, relationship, self esteem, skill etc.).
• Concentrates on a realistic long-term strategy.
• Knows personal abilities and limitations.
• Is hardworking and open to new ideas.
• Stays emotionally even during wins and losses.
• Easily resists risks that do not fit within defined risk limitations.
• Is open about risk taking.
• Proceeds in a serious intellectual manner.
• Stays alert to present trends.
• Follows predetermined guidelines of safety.
• Analyzes situation, observes own reactions and makes realistic plans.

http://www.selfhelpmagazine.com/articles/atd/gambrisk.html

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That one is totally miss placed in my opinion...The whole reason some of us do this is because we find it enjoyable when you beat the bookie at his own game..Enjoyment typically goes hand in hand with emotional change.

Secondly after you lose a game it is important that you not forget that loss so quickly. It is best to remember the loss and figure out where you went wrong so that next time round you will not make the same mistake..If you stayed emotionally even after a loss you will dismiss it as part of the game instead of addressing the issue hence repeating the same mistake in the future...

thats my take on that!!!!


Ps..I am a football fan...I get great enjoyment out of good football games even if i dont have money on them... I have also been totally bored with some games i had money on and turned them off by half time even when my team was winning.
It is the game itself that gives me an emotional high or low not necessarily the fact that i have money on it.

redpimp said:

That one is totally miss placed in my opinion...The whole reason some of us do this is because we find it enjoyable when you beat the bookie at his own game..Enjoyment typically goes hand in hand with emotional change.

Secondly after you lose a game it is important that you not forget that loss so quickly. It is best to remember the loss and figure out where you went wrong so that next time round you will not make the same mistake..If you stayed emotionally even after a loss you will dismiss it as part of the game instead of addressing the issue hence repeating the same mistake in the future...

thats my take on that!!!!


Ps..I am a football fan...I get great enjoyment out of good football games even if i dont have money on them... I have also been totally bored with some games i had money on and turned them off by half time even when my team was winning.
It is the game itself that gives me an emotional high or low not necessarily the fact that i have money on it.

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GREAT post ....thanks for the fine comments Red

Stays emotionally even during wins and losses.

I don't agree with Pimp's assessment of this. I rarely watch any of the games I bet on. Don't really watch any sports these days, so the emotional connestion is surely not there.

The games that people watch (unless they are blow outs one way or the other) hold much more emotion to the player. Because they live and die on every play.

Anyone that has been to a sportsbook (or anywhere where more than a few people have action) would think that a game is over every time one side or the other scores.

The only one I have from the first grouping is:

Blames others or luck for bad outcome.
I don't blame others but I will blame bad luck, because that is simply what it is when you lose a close game, and it is simply good luck when you are on the right side. No one is good enough to be on the right side of those close games consistantly, so luck definately plays a part.

If guys are betting enough games to create the volume necessary to have a fighting chance to make what minimal advantage they might have to be profitable, then you cannot dwel on any game. Those games should quickly and easilly be put in the rear view mirror.

Sure you CAN learn something from them if you made a mistake, but as for the game itself, you have no control over that. So if you bet a team +2 -107 rather than taking them at a ML of +125 then yes remember that. Not that they lost by 3(thus you lost by 1 pt). The loss itself is not the problem, it was the fact you not only took the losing position(both would have lost here), but you took the far less valuable one(because you "paid" 32 cents for two "dead" numbers).

So guys that piss and mon when they lose by a FG getting 2, are worried about the wrong thing. That is why letting emotions and losses influence you are a lot worse than simply shrugging your shoulders and taking it. Realizing what to actually focus on is a lot more important than focussing on the loss itself.