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Gambling Personality Traits

"Gambling is difficult.

In some respects, it's the most difficult of all endeavors.

To succeed takes enormous conviction and commitment.

Most individuals don't succeed because of the inability to know themselves and/or the inability to control their own actions.

In gambling, the only asset you have is yourself. ...the self-developed habits or traits that undermine the very structure you're dependent on....

In gambling, you set the guidelines and make the rules.

In effect, you become God. When you're God, it's easy to change the rules. You simply say: well they don't really apply to me."

The above lines come from the book "Trading, Sex & Dying" by Joel Anderson. The subtitle of the book is The Heart Of The Gambler
and if you can get a hold of it, you may learn quite a bit about yourself.

It rightly points out that your mind will play tricks on you if you do not have in place a systematic process for entry, exit and money management. When are you going to bet? Sounds a redundant question but if you have a systematic approach in mind, can you stick to it? If you only want to bet on the higher class of races (e.g. 0-72 and better), do you have the strength of mind to sit out the early maiden races and 0 -68 and 0-58 races without regret?

Do you know in advance when you are going to walk away - either in a daily winning or losing position? Or is it just one long and endless downhill slide to either oblivion or riches? (Trust me, it will most likely be oblivion if you think it is one progression without end!)

Is your money management plan sound and "do-able"? Are you content with small and regular rises in your "bank" or do you crave the big hit? The huge win? The massive payout? If it is the latter, you are odds on to be disappointed - LITERALLY odds on!

The 95% of Australian punters who lose in the long term, are, in fact, doing nothing more than creating opportunities for the 5% who regularly win.

Here are a few personality gambling types mentioned in "Trading, Sex & Dying" . You may recognise yourself in this list - or "someone you know"

1) The Adventurer: Always looking for action and adventure, when at times it might be wise to wait. Adventurers need to be in the game, and are prone to over gambling. Adventurers do not fear much, but this can also lead to a lack of discipline.

2) The Aggressive: Ego is a powerful factor for Aggressives, who value winning very highly. Discipline is a strength, though Aggressives may overreact in the heat of battle. (position exposure) is a likely problem, as The Aggressive wants to win big now, and this impatience can prove costly.

3) The Emotional: Here the strong feelings can prove to be barriers in the Emotional mind. Internal self-talk may prove to be excessively critical as Emotional feel even small situations more intensely. Emotionals may feed off the excitement or lack thereof in a market, which may cause them to jump on (firmers) too late.

4) The Reflective: They may get tense and nervous in a new situation. Reflectives are more at risk of not pulling the trigger due to too much introspection.

All in all, "Trading, Sex & Dying" is a pretty good read.

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