No matter how good
your selection method is, no matter how much time you spend being
ever so careful and looking at every possible angle, betting losses
are going to happen. That's just a fact of the game - things happen.
Things don't go as planned and it is really frustrating.
Like in poker terminology,
"bad beats" are a regular occurrence and cannot be avoided.
Read that again - CANNOT be avoided. It's what then happens when
you have those "bad beats" that makes all the difference
in deciding whether you will be a long term winner or just another
punter - contributing to the pool.
Sadly, over 90% of
gamblers will react in EXACTLY the same way after a "bad
beat" - off they go on a gambling binge, all caution thrown
to the wind, trying to chase what they believe was wrongly "stolen"
from them and trying to recoup what they believe they rightly
had - but of course they never did.
Just like in poker,
punters will go "on tilt" after they've seen their pocket
aces which they mange to "trip" get beaten by a four
card flush buy. It just ain't fair and so they start playing bad
pairs or non pairs in a desperate bid to regain that pot they
"should have won". In reality, they were never entitled
to win that pot but, hey, try telling that to people when they're
on that binge. It's like standing between some of the contestants
on Australia's Biggest Loser and a bowl of rocky road chocolate
drowning in cream and ice cream.
The end result when
punters go "on tilt" is that, not only do they lose
what they did in that "stiff" bet, but they then end
up losing even more that they would have had they been able to
exercise self control and patience.
In this 24/7 world
where we are always "connected", patience is not a common
commodity. If you're not available instantly on your mobile phone
to anyone who wants to beat your brow about something they believe
is important, you are the worst in the world. "Mongrel
never has his phone on!"
I can't begin to
tell you the number of times I've had emails from people that
start off " I emailed you at least ten minutes ago and you
haven't replied........". Yeah? Wow. How cool. Maybe I had
something else to do? Like bet myself? Play with the grand kids?
Go to the loo?
Patience in gambling
has to be your long suit. Impatience is the shortest route
to the poor house.
To succeed in punting
I believe you really have to have the "patience of Job".
You have to practise and learn from whatever approach you are
taking. Learn from the mistakes.
You are lost until
you come to that magic "who turned on the light?" moment
when you can accept that gambling will occasionally deliver terrific
highs and profits to you. Equally, there occasionally will be
dreadful losses - probably with almost the same regularity. Both
results are the normal extremes of what you are trying to achieve
from racing - the art is to exercise more patience and marginally
better skills than those you are punting against. People like
me. Because, be under no illusion, I'm trying to do that to you.
The patience you
HAVE to develop and practise, is knowing how much you can realistically
expect to win, if things go your way, from whatever bank you choose
to play with. It is very rare to start off the day with $100 in
your bank and finish the day with $1000. Yet many punters believe
it can be done every day of the week and then blame their lack
of success in that venture on those "bad beats". Ah,
if only Kingston Town had won that Melbourne Cup eh? If only Gurners
Lane hadn't have knocked five down at the turn to get a run to
win by a lip.....
If you could increase
that $100 bank by 10% rather than 1000%, a more realistic aspiration,
your daily bank totals would read like this - 100, 110, 121, 132,
155, 170, 187, 206. In 8 days, you could double your money. How
long would it take you to do that with your super saver account
at Westpac? How many years? Okay then, what about if you tried
to make just 1% a day? 100,101,102,103, 104, 105, 106.50.....
in seven days, at just ONE percent per day, you've made more interest
than I can get investing fixed rate term deposit for 7 months.
To win consistently
more than you lose requires a selection strategy and investment
strategy that you are comfortable with and on that plays to your
strength - your patience. Put that act together and your success
rate will soar. It will seem to be happening on its own to outsiders.
You'll understand why and, yes, at that stage, you are allowed
a little self congratulation time. Just like bread won't rise
without yeast or sugar, patience
is obviously not the only ingredient to punting success.
Try throwing courage,
ambition, discipline and, above all, ENJOYMENT in to the mix with
your serving of patience and you just may be getting close.
By exercising patience
and discipline, you will end up in front over the long term if
your selection strategy is sound. If you can clearly identify
19 winning opportunities in a day bet 19 times. If, according
to your selection criteria, you can only find one sound betting
opportunity in a day, BET ONCE only. Unless of course you're just
filling in time. And contributing.
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