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I was wondering if anyone had tactics or reading they could give me in relation to the controlling of your betting and your mental attitude when you lose money.
I operate on a fairly healthy bank here (usually £8k) and would be successful on my betting. However I am looking to eliminate the chasing and be more controlled.
Last weekend I lost 5% of my bank on the Villa game. Not much when I think about it, but I chased and I saw my bank down 20% by close of play. I simple cannot handle losing the money and then act stupidly. Even last night I lost about £5 quid on the late goal in the Sporting game. It fecking made me go and chase. Its fecking £5 I should be thinking, but the urge is to win it back and quick.
I have set some rules in place, which I think I follow but I don't. (Like stwitching off PC and giving myself 2 hours break) Anyone able to give me any reading notes or tactics they use which may help me.
Thanks
I operate on a fairly healthy bank here (usually £8k) and would be successful on my betting. However I am looking to eliminate the chasing and be more controlled.
Last weekend I lost 5% of my bank on the Villa game. Not much when I think about it, but I chased and I saw my bank down 20% by close of play. I simple cannot handle losing the money and then act stupidly. Even last night I lost about £5 quid on the late goal in the Sporting game. It fecking made me go and chase. Its fecking £5 I should be thinking, but the urge is to win it back and quick.
I have set some rules in place, which I think I follow but I don't. (Like stwitching off PC and giving myself 2 hours break) Anyone able to give me any reading notes or tactics they use which may help me.
Thanks
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No real advice other than "don't do it"
However maybe a week of small stakes and not allowing yourself to bet shorter than 16/1 or something would get you used to the losing feeling. You wouldn't lose much value in the long term with this strategy anyway and after a week of it you'd be used to just accepting losing days.
Maybe write yourself a note when you're not in a chasing mood. You're not going to take advice from random internet morons anyway, but maybe you'd listen to yourself?
However maybe a week of small stakes and not allowing yourself to bet shorter than 16/1 or something would get you used to the losing feeling. You wouldn't lose much value in the long term with this strategy anyway and after a week of it you'd be used to just accepting losing days.
Maybe write yourself a note when you're not in a chasing mood. You're not going to take advice from random internet morons anyway, but maybe you'd listen to yourself?
You may mock but someone i know well used a hypnotist and, amazingly, it worked.
Also, don't check your P+L so often. I have no idea how I did yesterday, literally don't know if I won or lost. I'm pretty sure I cleaned up the day before that, but no idea how much, and I know I'm up on the month... this month at least.
Don't leave yourself with round figures so it's easier to forget what your exact bank is.
Don't leave yourself with round figures so it's easier to forget what your exact bank is.
Lori 21 Jan 11:00
You're not going to take advice from random internet morons anyway, but maybe you'd listen to yourself?
About a year ago, I posted a thread looking info on another aspect of betting and some of the replies were excellent and worked. So someone may have a nugget of info that will suit me and work for me.
Thanks for your replies
You're not going to take advice from random internet morons anyway, but maybe you'd listen to yourself?
About a year ago, I posted a thread looking info on another aspect of betting and some of the replies were excellent and worked. So someone may have a nugget of info that will suit me and work for me.
Thanks for your replies
In his book I think I recall Veitch saying that he'd sometimes make a social telephone call immediately after a bad hit, totally unrelated to sport & betting, and that strikes me as quite a good idea. You cld take it a step further & arrange to meet up with someone for a drink.
Sorry, to be more clear, you're not going to take advice while tilting.
The words of "don't chase the ten quid" will be easily dismissed at that point.
(Obviously you wouldn't be posting in the first place if you weren't going to try to listen while 'sober')
The words of "don't chase the ten quid" will be easily dismissed at that point.
(Obviously you wouldn't be posting in the first place if you weren't going to try to listen while 'sober')
bacchanal 21 Jan 11:05
In his book I think I recall Veitch saying that he'd sometimes make a social telephone call immediately after a bad hit, totally unrelated to sport & betting, and that strikes me as quite a good idea. You cld take it a step further & arrange to meet up with someone for a drink.
That makes sense.... I usually smoke and take a 2 min break
In his book I think I recall Veitch saying that he'd sometimes make a social telephone call immediately after a bad hit, totally unrelated to sport & betting, and that strikes me as quite a good idea. You cld take it a step further & arrange to meet up with someone for a drink.
That makes sense.... I usually smoke and take a 2 min break
You need to be take yourself out of the situation for a while to stop the temptation and opportunity to chase because you'll make rash decisions straight after a loss. A smoke and 2 minutes isn't enough at the moment for you to come to terms with it , obviously the more you stop chasing that time out can be reduced.
I do much the same a Lori and avoid continually looking at the pnl and generally only check at the end of the day as you need to realise long term profitability isn't based on one result. There's no one one 'fits all' strategy as everyones different but you need to take the first step of taking the time to think about the loss rationally rather than overreacting straight after it.
I do much the same a Lori and avoid continually looking at the pnl and generally only check at the end of the day as you need to realise long term profitability isn't based on one result. There's no one one 'fits all' strategy as everyones different but you need to take the first step of taking the time to think about the loss rationally rather than overreacting straight after it.
Everybody talks about chasing losses, but chasing your wins can sometimes be as big a problem and should not be underestimated in terms of how it can blow a hole in your profits.
One other thing that might work... I realise I do this but for entirely different reasons....
After a win, invest a few quid in a long term market, something that's slow moving like premiership winners or whatever.
After a loss, you can unlock this money for a small red... but it'll re-stock your bank.
This is not a winning strategy and I only mention it in case it just happens to appeal to your mentality.
After a win, invest a few quid in a long term market, something that's slow moving like premiership winners or whatever.
After a loss, you can unlock this money for a small red... but it'll re-stock your bank.
This is not a winning strategy and I only mention it in case it just happens to appeal to your mentality.
Thanks GJ - I don't agree with the P&L angle. I apreciate what you say but as much as it may suit you, I record everything and my P&L is an important part of my betting model.
I'm not losing money btw - This month we are on Day 21, I have had 3 days in which I have returned a negative loss. All three of those days have seen that loss greatly enhanced with a stupid chase bet(s)....
Its controlling this mental approach and stopping t happening which I need to do. I like the angle of doing something totally different outside of gambling....
I'm not losing money btw - This month we are on Day 21, I have had 3 days in which I have returned a negative loss. All three of those days have seen that loss greatly enhanced with a stupid chase bet(s)....
Its controlling this mental approach and stopping t happening which I need to do. I like the angle of doing something totally different outside of gambling....
Thanks Lori - I actually keep funds in my Australian account which I use as a reserve. I have a target every month and if I go over I deposit some in there. Again if I go below I withdraw. Am doing something similar....
I'll go with something different away from betting, something I enjoy doing.
Unless someone has something completely different I'm not seeing.
If Weemac, Pinza, RitzyDelandro or **ft**er are reading this, I'd apreciate a comment. You have given me some good info in the past.
I'll go with something different away from betting, something I enjoy doing.
Unless someone has something completely different I'm not seeing.
If Weemac, Pinza, RitzyDelandro or **ft**er are reading this, I'd apreciate a comment. You have given me some good info in the past.
I used to have a very severe problem in chasing losses.
Reducing the size of my bank worked for me[by 40 %].I found that if you punt with a smaller bank , it makes you appreciate the value of money more.
Another tip is to have a £20 note under your keyboard.Look at it from time to time .to remind yourself that it is real money that you are using.
Reducing the size of my bank worked for me[by 40 %].I found that if you punt with a smaller bank , it makes you appreciate the value of money more.
Another tip is to have a £20 note under your keyboard.Look at it from time to time .to remind yourself that it is real money that you are using.
See my rather lengthy post on Alex's thread (the 'summarise' one)
hypnotherapy a good idea. It's about changing your self-image.
hypnotherapy a good idea. It's about changing your self-image.
Thanks Moonlight and ICSTF... That £20 one is an excellent idea
[i]Moon Light 21 Jan 02:49
True, ZEALOT, re strategy.
But, Discipline? Here's a different spin on this, from Michael Lovich:
Will Power is not a
[i]Moon Light 21 Jan 02:49
True, ZEALOT, re strategy.
But, Discipline? Here's a different spin on this, from Michael Lovich:
Will Power is not a
Hey Baz,
It's a difficult one to answer as everyone responds differently. I am fairly lucky in that i very rarely make more than 1 or 2 bets per day and they are normally in outright markets (usually soccer pre kickoff). I very rarely bet in play so the urge to chase is significantly reduced, however, i do often need to control this during my regular 'job' as a forex trader.
I start by reminding myself that it is me and only me who selects which bets/positions i do and don't make and that i control the money. When i make a bad call and have a losing bet/position i tend to turn off the computer and go for a cigarette. When i return i spend time working out the reasons i made the bet in the first place and ask myself if i would place the same bet again.
If the answer is yes, i am happy that overall i will continue to make profits in the long run. If the answer is no then it helps me further develop my strategy so in theory i will become more successful in the future.
The idea of speaking to someone is also a good one but i find the best method for me is to analyse the bad bet and view it as an independant event so ask yourself if any further bets would make sense in their own right according to your usual rules/strategy.
It's a difficult one to answer as everyone responds differently. I am fairly lucky in that i very rarely make more than 1 or 2 bets per day and they are normally in outright markets (usually soccer pre kickoff). I very rarely bet in play so the urge to chase is significantly reduced, however, i do often need to control this during my regular 'job' as a forex trader.
I start by reminding myself that it is me and only me who selects which bets/positions i do and don't make and that i control the money. When i make a bad call and have a losing bet/position i tend to turn off the computer and go for a cigarette. When i return i spend time working out the reasons i made the bet in the first place and ask myself if i would place the same bet again.
If the answer is yes, i am happy that overall i will continue to make profits in the long run. If the answer is no then it helps me further develop my strategy so in theory i will become more successful in the future.
The idea of speaking to someone is also a good one but i find the best method for me is to analyse the bad bet and view it as an independant event so ask yourself if any further bets would make sense in their own right according to your usual rules/strategy.
Thanks Ritzy... Will take on board...
You helped with some stuff a year ago - Appreciated that...http://site.forum.betfair.com/jive3/betex/ThreadsFrameset.jsp?forumID...
You helped with some stuff a year ago - Appreciated that...http://site.forum.betfair.com/jive3/betex/ThreadsFrameset.jsp?forumID...
No problem Baz, I guess the point i was making is that once i return to the computer i spend time looking at the bet i was annoyed about rather than looking for a new bet to make, thus hopefully eliminating/reducing the desire to chase.
Hope it helps mate.
Hope it helps mate.
so far this month you have had 17/20 winning days. Many long-term winning punters will be in a different boat, and wld expect say to be 10/20 or more likely 5/20 or even less. You seem to find it almost unacceptable to have a losing day. Reminds me of an old saying: you've got to learn to lose before you can win.
Depends on your strategy bacchanal... I look for making 2% a day now and I'm comfortable hitting that, so someone who makes 10/20 may be making a bigger margin... A lost for me may take 4-5 days to win back
Here is an old thread of mine - which may show you how i operate....http://site.forum.betfair.com/jive3/betex/ThreadsFrameset.jsp?for...
Here is an old thread of mine - which may show you how i operate....http://site.forum.betfair.com/jive3/betex/ThreadsFrameset.jsp?for...
I've dipped my toe into the hypnotism waters, but not yet dived right in.
Lovich sells hypnosis CD's but he doesn't have one for chasing losses!
A lot of people on this thread seem to have independently invented the technique of distracting yourself by doing something else, which Lovich mentioned.
You can work on self-image by other methods than hypnosis, eg just by imagining yourself as the person you want to be, in this case, perhaps as a cool professional gambler who never makes an ill-considered move.
Lovich sells hypnosis CD's but he doesn't have one for chasing losses!
A lot of people on this thread seem to have independently invented the technique of distracting yourself by doing something else, which Lovich mentioned.
You can work on self-image by other methods than hypnosis, eg just by imagining yourself as the person you want to be, in this case, perhaps as a cool professional gambler who never makes an ill-considered move.
Bazalini, could you not see losing bets as a necessary part of long term success because that's all they are. It's horrible to see the balance go backwards I know but it's only temporary and it's another losing bet out of the way. You could say be glad of your losses, without them you wouldn't have any winners because you wouldn't be in the game..
I use a strict staking method as controlled staking is vital to me, and I lose somewhere in the region of 1/3 of my bets. I expect to lose them and they don't hurt because of that. Each loss is the same size and I've even had a cluster of 10 losses in a row before which can test the metal, but that's part of the game. Do you think you're perhaps overstaking on some bets which exagerates a loss?
I use a strict staking method as controlled staking is vital to me, and I lose somewhere in the region of 1/3 of my bets. I expect to lose them and they don't hurt because of that. Each loss is the same size and I've even had a cluster of 10 losses in a row before which can test the metal, but that's part of the game. Do you think you're perhaps overstaking on some bets which exagerates a loss?
When you lose remember someone else has won so at least you have made someone else happy.This may not stop you chasing but it might make losing easier to take.
Bet in-play, simples.
Lay the draw then back it after someone has scored, easy money.
Lay the draw then back it after someone has scored, easy money.
Is 8k your total bank e.g. all you have?
If so, how much are you staking/using per trade/bet?
For trading, if it's over 15% then it's too much in my opinion as when you have a loss it's having too much of an impact on your psychology.
The key to discipline is all to do with money/risk management
If so, how much are you staking/using per trade/bet?
For trading, if it's over 15% then it's too much in my opinion as when you have a loss it's having too much of an impact on your psychology.
The key to discipline is all to do with money/risk management
What i have found to help minimise chasing and now hopefully eliminated it is to have someone to answer to.
If you are in a relationship it is best to tell your partner what bets/trades you are doing and explain to them why.
If your partner hates gambling/trading and sees it as an act of the devil, you either have to give up betting.
Or give up the partner.
In their eyes, if you win you have been lucky and if your bet/trade loses you have just wasted money that could have bought the kids a new pair of shoes etc.
If you don´t tell them anything about your betting/trading, the relationship is doomed. As your are basically keeping the truth about yourself from them, one day it will come back and bite you on the backside!!
Ok, I am not in a relationship at the moment and my best mates live in towns about a 20 min drive away and they have their lives to lead and don´t want me bugging them every day with my crazy betting/trading thoughts.
So I started posting my thoughts/trades on this forum.
All is well and good while you are giving out winning tips, but the hyena´s are waiting in the wings just waiting to pounce and smash your confidence when you deliver a loser.
So then I posted on my blog and got accused of being an after timer.
Finally now I have 6 knowledgeable people who I can send my thoughts to and also give good input back to me.
They keep me sharp and, when I have a bad day "keep my chin up" (as one said to me after a bad day 2 days ago).
In the last long term relationship I was in I didn´t tell her about my betting/trading for a while.
When I finally came out, she went apes**t. A previous partner had been compulsive and done the lot in.
Funny thing was though her father played the stock market and in her eyes that was ok.
Anyway, here is my blog and the bets will be on there well before the races.
If any of you fancy a chat about, betting in, trading or rating horse races.
Just get in touch.
all the best
Paul
http://glen50garry.blogspot.com/
ps, looks like another lonely night in with only the form book, a curry and a nice bottle of Chateau Neuf Du Pape for company on Valentines Day!!
And until I can find Mrs Right, that´s the way it will stay!!!!
If you are in a relationship it is best to tell your partner what bets/trades you are doing and explain to them why.
If your partner hates gambling/trading and sees it as an act of the devil, you either have to give up betting.
Or give up the partner.
In their eyes, if you win you have been lucky and if your bet/trade loses you have just wasted money that could have bought the kids a new pair of shoes etc.
If you don´t tell them anything about your betting/trading, the relationship is doomed. As your are basically keeping the truth about yourself from them, one day it will come back and bite you on the backside!!
Ok, I am not in a relationship at the moment and my best mates live in towns about a 20 min drive away and they have their lives to lead and don´t want me bugging them every day with my crazy betting/trading thoughts.
So I started posting my thoughts/trades on this forum.
All is well and good while you are giving out winning tips, but the hyena´s are waiting in the wings just waiting to pounce and smash your confidence when you deliver a loser.
So then I posted on my blog and got accused of being an after timer.
Finally now I have 6 knowledgeable people who I can send my thoughts to and also give good input back to me.
They keep me sharp and, when I have a bad day "keep my chin up" (as one said to me after a bad day 2 days ago).
In the last long term relationship I was in I didn´t tell her about my betting/trading for a while.
When I finally came out, she went apes**t. A previous partner had been compulsive and done the lot in.
Funny thing was though her father played the stock market and in her eyes that was ok.
Anyway, here is my blog and the bets will be on there well before the races.
If any of you fancy a chat about, betting in, trading or rating horse races.
Just get in touch.
all the best
Paul
http://glen50garry.blogspot.com/
ps, looks like another lonely night in with only the form book, a curry and a nice bottle of Chateau Neuf Du Pape for company on Valentines Day!!
And until I can find Mrs Right, that´s the way it will stay!!!!
What i have found to help minimise chasing and now hopefully eliminated it is to have someone to answer to.
If you are in a relationship it is best to tell your partner what bets/trades you are doing and explain to them why.
If your partner hates gambling/trading and sees it as an act of the devil, you either have to give up betting.
Or give up the partner.
In their eyes, if you win you have been lucky and if your bet/trade loses you have just wasted money that could have bought the kids a new pair of shoes etc.
If you don´t tell them anything about your betting/trading, the relationship is doomed. As your are basically keeping the truth about yourself from them, one day it will come back and bite you on the backside!!
Ok, I am not in a relationship at the moment and my best mates live in towns about a 20 min drive away and they have their lives to lead and don´t want me bugging them every day with my crazy betting/trading thoughts.
So I started posting my thoughts/trades on this forum.
All is well and good while you are giving out winning tips, but the hyena´s are waiting in the wings just waiting to pounce and smash your confidence when you deliver a loser.
So then I posted on my blog and got accused of being an after timer.
Finally now I have 6 knowledgeable people who I can send my thoughts to and also give good input back to me.
They keep me sharp and, when I have a bad day "keep my chin up" (as one said to me after a bad day 2 days ago).
In the last long term relationship I was in I didn´t tell her about my betting/trading for a while.
When I finally came out, she went crazy. A previous partner had been compulsive and done the lot in.
Funny thing was though her father played the stock market and in her eyes that was ok.
Anyway, here is my blog and the bets will be on there well before the races.
If any of you fancy a chat about, betting in, trading or rating horse races.
Just get in touch.
all the best
Paul
http://glen50garry.blogspot.com/
ps, looks like another lonely night in with only the form book, a curry and a nice bottle of Chateau Neuf Du Pape for company on Valentines Day!!
And until I can find Mrs Right, that´s the way it will stay!!!!
If you are in a relationship it is best to tell your partner what bets/trades you are doing and explain to them why.
If your partner hates gambling/trading and sees it as an act of the devil, you either have to give up betting.
Or give up the partner.
In their eyes, if you win you have been lucky and if your bet/trade loses you have just wasted money that could have bought the kids a new pair of shoes etc.
If you don´t tell them anything about your betting/trading, the relationship is doomed. As your are basically keeping the truth about yourself from them, one day it will come back and bite you on the backside!!
Ok, I am not in a relationship at the moment and my best mates live in towns about a 20 min drive away and they have their lives to lead and don´t want me bugging them every day with my crazy betting/trading thoughts.
So I started posting my thoughts/trades on this forum.
All is well and good while you are giving out winning tips, but the hyena´s are waiting in the wings just waiting to pounce and smash your confidence when you deliver a loser.
So then I posted on my blog and got accused of being an after timer.
Finally now I have 6 knowledgeable people who I can send my thoughts to and also give good input back to me.
They keep me sharp and, when I have a bad day "keep my chin up" (as one said to me after a bad day 2 days ago).
In the last long term relationship I was in I didn´t tell her about my betting/trading for a while.
When I finally came out, she went crazy. A previous partner had been compulsive and done the lot in.
Funny thing was though her father played the stock market and in her eyes that was ok.
Anyway, here is my blog and the bets will be on there well before the races.
If any of you fancy a chat about, betting in, trading or rating horse races.
Just get in touch.
all the best
Paul
http://glen50garry.blogspot.com/
ps, looks like another lonely night in with only the form book, a curry and a nice bottle of Chateau Neuf Du Pape for company on Valentines Day!!
And until I can find Mrs Right, that´s the way it will stay!!!!
Thanks Trev, I get fecking annoyed with my losses. I don't value them, and my immediate concern is that I am down.
I'm going to change my betting behaviour in some aspects and do the likes of speaking with someone after a loss and instead of having the computers on all the time, take more breaks away from the betting
I'm going to change my betting behaviour in some aspects and do the likes of speaking with someone after a loss and instead of having the computers on all the time, take more breaks away from the betting
Marky - That is my bank - I have built that up and have banked some more after. I just like to operate at that level.
I've tried the likes of Kelly system, but when I found I generally operated within that anyway. Staking not the problem, more my behavioural aspect now
I've tried the likes of Kelly system, but when I found I generally operated within that anyway. Staking not the problem, more my behavioural aspect now
Blog - Have one already Glengarry - Enjoy it - but don't share it
Staking has a big impact on behaviour Baz
Take this Risk Intelligence test and let us know what you score - a low score may show the problem:
http://www.projectionpoint.com/
Take this Risk Intelligence test and let us know what you score - a low score may show the problem:
http://www.projectionpoint.com/
Because of the internet, I find that the psychological aspect of gambling is with us 24 hours a day. Events around the world are a click away.
I slowed down between October and December. The daily regiment of research/dogs/research/horses/place researched bets on hockey or football was numbing. Win or lose, blurred into one. My screen seemed to go from thousands of pixels to just one thick one.
I used to promote shows so my world of gambling came from signing an agreement with an act, booking a venue from 500 to 50,000 seats then working to fill them. You have to imagine that a 2,000 capacity venue at $25 a ticket is roughly a $30,000 gamble. So you work towards breakeven, into your share (15% of the gross cost) then into splitting the profit with the artist after you have made your 15%.
For me, once the encores were over and the crowd had left, the books were closed. If I made money, I knew that night. If I lost, it was up to the accountant to bring me the exact figure, usually by noon the next day, and leave it on the corner of my desk.
But there was nothing I could do to recoup a loss. BUT I could focus forward and improve my abilities to promote.
So I sat down at the beginning of the year and planned my attack. First and foremost didn't come down to where I made money but how I spent my time. This is a huge factor that people don't bring in. I found that the returns on dogs with the approach I used was a waste of time. I found that horses and in-running horses was not. I found that when I researched earlier in the week, targeted events and worked toward the matches worked. All time better spent.
Coupled with smart wagering and risk, when I have had a loser, it hasn't hit any sort of chase button. Last year, if I lost, I would use "trading to recoup". So if I lost, say, 3% of the bank on hockey overnight, I would sit down to dogs "to make it back" with trades and lays. This could take minutes......or a couple of hours. It came down to unfocused, "wasted time."
Also, the trading was done in the wrong state of mind. Recoup. So this year, that switch is turned. No more "trading to recoup." One has nothing to do with the other.
Leading back to dealing with losses; each event is seperate. They have nothing to do with each other. If you connect the money of unrelated events, the reasoning behind the play is clouded (thus chasing a random event to recoup a villa performance).
Look at Hayden's thread / NHL: the first week of January, I think I had seven days of winners. Week two, 5 or 6 losing bets (sometimes winning selections but playing -1.5, etc). But at the same time, last Saturday, I landed four football bets on the weekend, a horse lay and a horse back. It came down to when I woke each day to a losing hockey bet, I stayed focused on the research of upcoming bets rather than dwelling on losses.
Last night, a winning hockey bet at 1.90. But I also lost on a tennis match - Jankovic had beaten Bondarenko 9-0 lifetime. On offer 1.48. I priced up the match at 1.80 expecting an even first set and put up a keep bet. The best was matched in the first set but Jankovic lost.
Last year, I would have sat down at 11 and started trading to recoup through the dogs.
But instead, on my desk, my notes for all the football matches through to Sunday I have targeted. The loss on the tennis means nothing to me since I'm focused on the future which is fueled by last weekends success.
So look at how you are spending your time. Focus forward rather than backwards.
It is early doors in 2010. Six years on betfair and I'm still learning.
Maybe not answering the question but one survivor's view that might trigger something for people that are dealing with losses or throwing away gains.
I slowed down between October and December. The daily regiment of research/dogs/research/horses/place researched bets on hockey or football was numbing. Win or lose, blurred into one. My screen seemed to go from thousands of pixels to just one thick one.
I used to promote shows so my world of gambling came from signing an agreement with an act, booking a venue from 500 to 50,000 seats then working to fill them. You have to imagine that a 2,000 capacity venue at $25 a ticket is roughly a $30,000 gamble. So you work towards breakeven, into your share (15% of the gross cost) then into splitting the profit with the artist after you have made your 15%.
For me, once the encores were over and the crowd had left, the books were closed. If I made money, I knew that night. If I lost, it was up to the accountant to bring me the exact figure, usually by noon the next day, and leave it on the corner of my desk.
But there was nothing I could do to recoup a loss. BUT I could focus forward and improve my abilities to promote.
So I sat down at the beginning of the year and planned my attack. First and foremost didn't come down to where I made money but how I spent my time. This is a huge factor that people don't bring in. I found that the returns on dogs with the approach I used was a waste of time. I found that horses and in-running horses was not. I found that when I researched earlier in the week, targeted events and worked toward the matches worked. All time better spent.
Coupled with smart wagering and risk, when I have had a loser, it hasn't hit any sort of chase button. Last year, if I lost, I would use "trading to recoup". So if I lost, say, 3% of the bank on hockey overnight, I would sit down to dogs "to make it back" with trades and lays. This could take minutes......or a couple of hours. It came down to unfocused, "wasted time."
Also, the trading was done in the wrong state of mind. Recoup. So this year, that switch is turned. No more "trading to recoup." One has nothing to do with the other.
Leading back to dealing with losses; each event is seperate. They have nothing to do with each other. If you connect the money of unrelated events, the reasoning behind the play is clouded (thus chasing a random event to recoup a villa performance).
Look at Hayden's thread / NHL: the first week of January, I think I had seven days of winners. Week two, 5 or 6 losing bets (sometimes winning selections but playing -1.5, etc). But at the same time, last Saturday, I landed four football bets on the weekend, a horse lay and a horse back. It came down to when I woke each day to a losing hockey bet, I stayed focused on the research of upcoming bets rather than dwelling on losses.
Last night, a winning hockey bet at 1.90. But I also lost on a tennis match - Jankovic had beaten Bondarenko 9-0 lifetime. On offer 1.48. I priced up the match at 1.80 expecting an even first set and put up a keep bet. The best was matched in the first set but Jankovic lost.
Last year, I would have sat down at 11 and started trading to recoup through the dogs.
But instead, on my desk, my notes for all the football matches through to Sunday I have targeted. The loss on the tennis means nothing to me since I'm focused on the future which is fueled by last weekends success.
So look at how you are spending your time. Focus forward rather than backwards.
It is early doors in 2010. Six years on betfair and I'm still learning.
Maybe not answering the question but one survivor's view that might trigger something for people that are dealing with losses or throwing away gains.
Marky - Very Interesting - Your RQ score is 93. Such a score is very high
Thanks Shaftershifter..... Alot of what you say - is the direction I'm heading... Must resurrect this in a year and see how we did
Well done Baz - your perception to risk is great.
I haven't got a clue how to help you then :-)
I haven't got a clue how to help you then :-)
I just tried the RQ test and managed 96. I don't really get it though, as no-one's going to answer 20 or 80% if they don't know the answer are they?
The way I tackle the chasing urge these days,especially after a tough loss isn't very scientific and will probably seem daft.
I record all races I have a bet in to hard drive,delete the losing races and keep the winners.
Then when I have what seems at the time to be bad luck,beaten a nose,falling at the last etc I make myself watch a couple of the winning races as a way of proving to myself that I can win and will do again.
Simplistic I know,but it works for me.
Another piece of advice I try to keep to the front of my mind is from an article about Clive Holt many years ago when he stated that ''you've got to get used to losing otherwise you'll never win''.
I record all races I have a bet in to hard drive,delete the losing races and keep the winners.
Then when I have what seems at the time to be bad luck,beaten a nose,falling at the last etc I make myself watch a couple of the winning races as a way of proving to myself that I can win and will do again.
Simplistic I know,but it works for me.
Another piece of advice I try to keep to the front of my mind is from an article about Clive Holt many years ago when he stated that ''you've got to get used to losing otherwise you'll never win''.
Bazalini I suggest you read a book by Van K Tharp & Brian June; Financial Freedom Through Electronic Day trading. Should sort your weaknesses!
After yesterdays exploits would need to reread the book myself down £800 oh and add on £130 PC
Bazalini.
Every bet you make from the first one you ever made until the very last one you will make (hopefully many decades from now) are just part of what is going to happen over a long period of time. One day in your overall betting "lifetime" should not be significant enough to distract you from what you want to achieve.
Try to see P & L as biproduct of your bets, not a goal to be achieved.
Maybe this quote will help....
"The most valuable lesson man has learned from his dog is to kick a few blades of grass over it and move on." ~ Robert Brault
Every bet you make from the first one you ever made until the very last one you will make (hopefully many decades from now) are just part of what is going to happen over a long period of time. One day in your overall betting "lifetime" should not be significant enough to distract you from what you want to achieve.
Try to see P & L as biproduct of your bets, not a goal to be achieved.
Maybe this quote will help....
"The most valuable lesson man has learned from his dog is to kick a few blades of grass over it and move on." ~ Robert Brault
you can do some thing about it, do something else if you lose, or if you are losing in-play. Do something that is good for you or will clear your mind. I have a big bumbell in my sitting room, if i lose i just do a set or two of weights, 2 mins only. and just try to forget about it. Didnt start out meaning for it to clear my head but it works.
if you are getting**ed off because you are losing a fiver it amazes me that you claim that you are winning in the first place
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