Why pride leads to punting and gambling losses

I have come to the conclusion that one of the greatest dangers to returning a small profit on most people's gambling pursuits is pride.

No one likes to lose. No one likes to admit their ideas may be wrong. Gee whiz - I better stop thinking then because I have wrong ideas every day! Countless numbers of them.

Knowing when to admit your idea was wrong and start the construction process again is the key to success. It's the same reason most people can't walk away when they're losing and keep chasing the dollars they've already poured down the drain.

It's the very reason when we develop an idea that we think may be successful or come across one that looks like it may have a winning edge, we spend up to three or four months testing it over and over and over. Most of them are discarded. Some survive the process.

Everyone knows about Albert Einstein and his theory of relativity - unless you've been hiding under a rock since day dot - but how many of his ideas before hand were complete duds. Read his life story. There were heaps of them!

So accepting that "the most brilliant mind of our times" got a lot of things wrong before he cracked the "el dorado" of his ideas, there is some slight possibility that you might get things wrong as well?

This is where the pride bit comes in - and the overwhelming sense of frustration that you have followed yet another punting idea to what seems like yet another inevitable conclusion. The feeling that becomes a shout in your head - "**** this" - and then you throw all logic out the window and just punt on anything - "pick a dog - the red in the next at Warragul - who cares? - if they want the money, they can have it or lady luck will come to my rescue and the red will win and set me back on the right track".

Have you done that? I have. And lost. The red in the next at Warragul inevitably leads them up by three turning for home and gets run down by something at $43.00 that gets up by a head in a photo. That's just what happens. And will continue to do so if you employ that approach.

Punting is a mind game. You must define a game plan and follow it unconditionally.

Pride is a problem setting the dollar level at which you are punting. It's why I generally gamble alone. If you gamble with your friends, you may feel a lot of peer pressure to punt at the same higher stakes as they do. Do not listen to them.

That false pride is your worst enemy.

The most effective method to end losing at racing is to punt at a lower level. In this way you can limit your losses, be under control, still enjoy yourself, and, IMPORTANTLY, you can learn to improve from there. By doing this you will lose less, regain your confidence and start thinking about turning yourself in to a winner.

Losing at punting is often the result of pride and rigidity. Start punting with small amounts. If your "million dollar idea" works, great, move up to a slightly higher level BUT be ready to revert to a lower level if you start incurring big losses at the higher level. Be honest about it.

If the idea truly is a million dollar one, it will still be valid in a month or two. The rewards will still be there to be taken so what's the rush to punt up at warp speed?

One of the main reasons people lose is their false sense of pride - the belief that they are the greatest form analyst ever put on earth and the only reason they haven't been enormously successful up until now is the simple fact that they've never had a bank to start with. You don't need a big bank to start.

If you are right in your approach that small bank will turn in to a bigger one with the passage of time.

Don't let pride and impatience ruin what can be a lot of profitable fun.

 

 

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