What happens at the
end of the day if you have been playing around having a bet? If
you are deliriously happy when you've had a winning day, stop betting
immediately. If you are sad and depressed if you have had a losing
day, stop betting immediately. Your approach to life and those around
you should NEVER EVER be dependant on whether or not you've had
a good day on the punt and, if it is, you need to reassess where
you're going with all this.
No matter what happens
in the space of a gambling afternoon, it shouldn't dictate how you
feel. It should be just a part of a normal day - win or lose - and
life goes on. It should not be the sole measure of whether your
life that day has been successful or not. Remember this - if you
have a strike rate of 40% you are going to be wrong 60% of the time
so what are you going to do? Be miserable and sad 60% of the time?
Pity Street is okay to visit occasionally but you don't want to
You can't tell me you
check your superannuation fund 6 or 7 times a day and the result
of those checks changes your daily attitude. Most people don't know
what's happening with their super funds from one yearly statement
to the next - and even then the things are written like you have
a degree in financial management! Really, your approach to gambling
if you are going to do it for a substantial part of your income
simply HAS to be the same as your superannuation approach.
If you have the right
selection method and staking approach it needs to be so non-emotional
and mechanical that it ranks along watching your superannuation
fund as far as excitement goes. You need to believe and know that
regardless of what happens hour to hour and day to day, that at
the end of the year there will be an increase in your bank and it
is that knowledge that prevents you losing your head and panicking
at any time during the year and blowing the lot in a fit of anguish
What we're talking
about here is having a passive income. It just happens without fuss
and background noise. Almost without thought. When you can get yourself
in that mental place you are well on the way.
gamblers (and experienced ones too) think it's the simplest thing
in the world to follow a relatively simple set of rules and a betting
method (.5% to 1% of the betting bank with minimum acceptable price)
and you will win. It's not that simple in real life gambling, and,
unless approached as above, rarely works out that way. A lot of
good intentions go down the drain by the end of the third race.
That's why gamblers
fund the whole industry. Yes - the whole industry. Gamblers pay
the wages of trainers, jockeys, strappers, stewards, race callers
- the list goes on and on and EVERY dollar comes from gamblers.
There are some people (4% to 5%) who don't fall in to the gambling
traps, and also quietly add themselves to that list of gambling
beneficiaries when they move from gambling to investing!
So why am I bothering
to write all this stuff and not just take the usual approach of
horse racing sites - I'm sure you're familiar with the approach
- here's my great idea - give me your credit card number etc etc
Because I think to
be a compulsive gambler and have to bet on every race on every day
between the first in New Zealand at 10.10am to the last dog race
in West Australia at 12.30am the next morning, is a shocking place
to be - and a waste of this precious thing we call life. And getting
caught in the middle of the inevitable losing streaks (which MUST
occur) and not having the control to get out the other side with
some capital in place, is a soul destroying thing. And it's not
This site has been
on line for a long time - over ten years - and I have had dealings
(mostly happy ones) with lots of people who enjoy punting. I also
know that there are folk who come to this site that are out of control
with gambling which is why I NEVER paint a "rosy-this-is-all-so-easy"
picture about this stuff.
It's not easy. It takes
self control and discipline. I know there are some people who can
lose their week's wages on the way home on a Friday night or in
a self indulgent Saturday and then have to be full of remorse -
they just move in to the zone - a zone where time and money is irrelevant,
where there are no limits until all the money is gone and they have
no real idea about what they're doing.
I understand there
would be a lot who get to this part of this article and are thinking
"for heaven's sake, enough of the lecture, just give me the
tips and away we go". So why bother? Because I don't want (or
NEED) to add to the dramas of problem gamblers. Only you
can know if it is a problem to you and your life. I can't know that.
Only you. Why do people become problem gamblers? I don't know that
either. I guess it's like alcohol or drugs. Most people can deal
with them on a sensible basis - others just run off the cliff.
you are a compulsive gambler I urge you not to join me in any of
my little adventures in punting. I very strongly urge you to stay
away from this web site and stick to a regular job. You and your
family will thank me for it.
If you want to move
from frantic gambling to responsible investing, you have to wake
up every morning NOT thinking about punting and simply seeing it
as a small part of your day that's not going to affect your outlook
on everything else. It just happens. Almost without thought. Life
just goes on regardless of how many bets you may have during the
course of the day. Some days, that long term method you are using
may have one selection - on others it may have twenty one. It doesn't
matter which in the long term.
If you are betting
level stakes and putting all the bets on first thing in the morning,
here's the test - how many times do you check on the results during
the day? If you don't HAVE to check before the next morning, you
are probably on the right tram. If you use your selection method
in the mornings and are working on a race to race approach (minimum
price-losses catch up) and you don't add any "last minute thoughts"
in to the betting mix under any circumstances, again, you are probably
on the right track.