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Betting psychology in gambling

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 live there.

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 and desperation.

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.

No moneyInexperienced 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 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 worth it.

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.

If 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.