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CULL your gambling losses

Every punter has inevitable losing streaks because, as we have demonstrated before many times on this site, it is IMPOSSIBLE to have a winning streak if losing streaks don't exist. In the random world of gambling EVERYTHING exists.

Here's a little exercise you may like to dwell upon to CULL your gambling losses.

That's be Consistent, be Unemotional, be Level headed and Lose the desire to chase losses in a rash, stupid and dangerous manner.

Consistency wins. There is nothing in my mind that is clearer than this statement. Whatever approach you decide to take, however you decide to bet, regardless of the staking plan you choose to use, if you do not do it consistently, day in, day out, 365 days a year .... you will LOSE in the long term. If it is a losing strategy or winning strategy, you will never know if you jump from one idea to another every time there is a reversal of fortune. Whatever period YOU decide is the optimum for testing out your ideas, stick to that original time frame - then if you feel you must change, do it - but do it in a positive not negative manner.
If you decide to adopt a new approach and then, after a few short weeks abandon it because it's showing a loss at that stage, how will you ever ever know that it may have been a winning strategy in the long term? There's an old saying that says "self interest starts favourite in every race". Well if that is the case, consistency runs a very close second favourite in any long term venture.

Unemotional punters win far more than those that get excited about every race. To them every race is "just another race", regardless of whether it's a Benchmark 65+ at Devonport or the Melbourne Cup. The money you win or lose on either event still buys the same amount of TBone steak. If you allow yourself to get emotional about a race result, you will equally be exposing yourself to bubbly, buoyant and positive emotions as you will angry, depressed and negative emotions. Nothing will send you down the path to ruin faster than negative emotions because they impair your judgment values far more than any other factor. Negative people NEVER win. And on the rare occasions they do, they'll be the first to tell you the win wasn't big enough.

If in the world aviation, any landing you walk away from is a good landing, then surely in the world of gambling ANY win is a good win. Stay well away from the dismal jimmies, the back sliders and the nay-sayers because they will drag you down in to the morass of negativity that they thrive on and have a perverse pleasure in spreading to others.

If you want to live in a world of negative, boring, navel gazing people, give up the punt and get involved in the world of politics because there's plenty of them there.

Level headed people are an absolute joy to watch gambling because their demeanor rarely changes. They have a firm plan in mind to overcome the odds that exist against normal punters and they see the plan through to the end. You NEVER see level headed punters at the race track trying to analyse the form guide between races. All their preparation is done hours and hours in advance (if not the day before) and there is no last minute scramble to make a decision. Level headed punters know exactly how much they will invest on any particular choice that fits their criteria way before the betting activity starts and they NEVER change their original plan of attack.

Level headed people also look weird if they wear a balaclava.

Losing the (natural) desire to chase losses in an uncontrolled manner is THE best self discipline skills you will acquire because there will be lots and lots of times where you will find yourself "behind the eight ball" in any gambling venture because that's just what it is and just what happens. It is what the percentages DICTATE must happen. No matter what approach you use you will probably be losing at some stage. How you bridge that gap between a losing position to a winning position is essential for the long term well being of your punting bank. It's where your previously committed-to staking plan must be implemented without emotion and it is why your punting bankroll MUST be entirely separate from your day to day living expenses money.

Your day to day living money must be sacrosanct and not mingled with the punting money because your punting money MUST, MUST, MUST be held in complete disregard and obviously you can't do that with the dollars your "significant other half" may see as necessary for, oh you know, frivolous things like food, clothes, the mortgage, power bill money.

Removing any emotions from transactions involving gambling is essential. If, according to the long term staking plan you are using, you suddenly have to have a larger than usual amount on your reasoned selection, it must be thought of in terms of units not dollars or the emotions will start conflicting with the reality of the situation. That punting bank you are playing with must not be dollars - it must be units of measurement so your comfort zone sensitivities are never aroused.

Whoever invented the games offered in casinos were mathematically pretty smart people. The guy who came up with the idea of using chips and not cash was a dead set genius because it stopped people thinking about and making the association with what they could buy with that $50 note when they were sitting at the blackjack table.

In reality you must play "them" at the same game and have a complete disregard for your gambling money. Removing emotion from any gambling transaction is essential. You need to not feel a sense of attachment to anything other than getting long term value over a long period of time. At the end of the day, money must simply become a unit of measuring ones betting success and separate from the day to day living stuff.

© 2012