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Gambling with scared credit card money

Credit card money is dead money. It's also scared money. A scared poker player can serve as a perfect example of the type of person that fears to lose money.

Take the time to sit at any $1-$2 no-limit hold’em game at any casino in Australia and you will quickly realise who fears money and who plays without fear.

Good players may continually lose because they fear the dollar and fail to play according to their strategy.

In any casino game of poker you'll see several bad players win lots of money at the tables because they bully the scared players out of their hands.

They essentially make suckers out of the better player so in the end; the better player goes HOME broke and emotionally damaged.

How many times have you heard a person say: ‘if I only put my money into that piece of real estate”? These same people are also the ones that continue to pass up on potential opportunities today because they are scared to lose.

Nothing comes easy and life rarely serves up a free pass without some form of risk attached. This is not to say that risk shouldn't be considered but it should be considered in the context of "part of the deal" with the acceptance that some losses will be made along the way but every loss should not be a mentally disastrous setback from which you never can psychologically recover.

There have to be losses to make gains. Don't accept that? Well, consider the business plan of any casino in the world. They make tens of thousands of losses every day BUT in "the long term" the odds are always in their favour and they simply must come out in front.

They have a substantial "bank" to sustain the inevitable losses knowing full well that in the fullness of time and countless millions of transactions they must finish in the positive side of the ledger.

Yes, every now and then a big punting player will sail through and have a magic run and clean them out for a couple of "big ones" and it will be written up in the media and the losing casino will love it - because they know the free advertising will get more losing punters flocking through the doors to try and emulate the "Kerry Packers" of the world and will more than make up for the one off loss.

Do you think the casino owners lose sleep over these occasional big losses? Of course they don't because the odds formulas are ALWAYS in their favour.

Casinos never punt with scared money. Casinos don't punt with money from credit cards!

So, like any casino, if you don't want to punt with scared money - translation: must lose - here are the two things you MUST do.

You have to have a large enough bankroll so that the "bad beats" don't spell disaster and you must have a strategy that capitalises on long term trends. The bank roll must not be funded by American Express or Mastercard,

Many punters simply fail because of their fear of losing money. It becomes a self-fulfilling prophecy. Those fears become magnified if you don't have a plan, or method, or system, (call it whatever you like), that you believe puts you in the "casino position" - that is, in the long term you think you have the long term advantage.

If you don't have this mental confidence and sense of purpose in application, you will always be betting with scared money and therefore condemning yourself to loss after loss after loss.

This negativity then breeds more negativity and so the cycle continues. If you really are betting with money you can afford to lose, the mental stress of winning diminishes and the decisions you make from one race to another become clearer and easier to make and the results follow accordingly.

Don't bet with "scared money". Take the time to develop a long term strategy that you believe in and turn "scared money" in to the "educated money" we constantly hear about.