Losses and How to Deal with Them
Dealing with loss is one of the hardest disciplines for the novice punter to master. It must be remembered that even the very best punters suffer from losing runs. It is a trait of the wisest that they can respond properly to the twists and turns of betting.
There is nothing you should not expect; everything is overturned, even the right decisions.
1. Accept fully that you may lose
Before placing a bet, accept fully that you may lose. Providing the amount of money you are risking is measured and part of your plan, then your betting bank is now being used for the very purpose for which it was set up.
Learning to accept the risk of losing also allows you to carry on with your betting plan with confidence; you know that, through time, probability is on your side.
2. Be patient
You must have the patience to outlast a poor run of results. Providing you are following your set plan and only betting where value can be found, you should eventually come out on top.
Making money from betting is a long-term commitment.
In order to come out on top, you have to stay in the game. This is where the importance of being correctly capitalised comes into play. Provided you are working with an adequately funded bankroll and sticking to the same staking plan, you should be able to remain in the game long enough to turn your current fortunes around and show a positive return.
3. Never chase losses or change your staking plan
After suffering a loss there can be a great temptation to try to win the money back immediately. All of a sudden you disregard your plan and start looking at bets that you wouldn’t normally consider. Not only do you do this but you start contemplating placing far larger amounts of money on these bets; and from being risk-averse you become risk-seeking.
NEVER CHASE YOUR LOSSES.
The foolish learn not from words but from their misfortunes.
If you have had a bad day, simply switch off your computer and go do something else. Taking a break, gives you time to reflect on the day’s events. You learn from where you went wrong. And you’re able to return the next day completely refocused and ready to carry out your plan with a fresh mind.
The best way to behave in adversity is to remain very calm and not become indignant.
4. Stick to the plan
If you do find yourself going through a bad run of losses, ALWAYS stick to the same method of selection that you have in the past. Whether that be following a system or going through a set procedure.
When betting, take those things which have happened in the past as a model of what will happen in the future.
5. Review your selections
This is where keeping an updated journal becomes priceless. By constantly reviewing your selections you can see immediately whether you are following the same procedure and placing bets that fall within the parameters of your rules.
Second thoughts are wiser. Even the wisest of wise men makes mistakes.