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.
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