General Betting
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Does anybody have a particularly way to responding to a big loss. The first time it happened to me and I chased with a bet 5 times my highest ever stake to recover it. I normally stake around 50 - 200. Only chasing experience led me to staking 400 and the bet above was 2 grand (thankfully it won). I suffered another big loss today. The thing is, I don't think I made a 'bad bet' initially, as everything was going fine until two players got sent off for the team I backed. I started betting in-play as damage limitation, whatever team won, I stood to lose around 200, however, the last shot up the match made it end in a draw and I lost 1,500. I normally don't get too bothered about losing a bet as long as I think it was a well thought out reasonable bet. However, such a big loss and in-play stupidity has me down in the dumps
My thinking now is that it would be easier to win the money back in one bet (and I have one in mind), as I'm more likely to win one big rather rather than multiple small to recuperate my losses, the only thing is if I lost my bank account would be wiped clean. #I was also contemplating to keep working and saving until my saved around 5 or 6 grand and then lump on a 'certainty' to regain the losses.
Does anybody have a particular method they use to try win back losses?, (I know, we should never chase, so tempting though)ing is, the bet I have in mind I really wanted to make until today wiped me out.
Or is it better to just take a break from the game. thing is the bit I have in mind to make my money back I had been looking forward to making, thing is now so much depends on it and the stake would be 5 or 6 times higher . . .
My thinking now is that it would be easier to win the money back in one bet (and I have one in mind), as I'm more likely to win one big rather rather than multiple small to recuperate my losses, the only thing is if I lost my bank account would be wiped clean. #I was also contemplating to keep working and saving until my saved around 5 or 6 grand and then lump on a 'certainty' to regain the losses.
Does anybody have a particular method they use to try win back losses?, (I know, we should never chase, so tempting though)ing is, the bet I have in mind I really wanted to make until today wiped me out.
Or is it better to just take a break from the game. thing is the bit I have in mind to make my money back I had been looking forward to making, thing is now so much depends on it and the stake would be 5 or 6 times higher . . .
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Forget about the money. It's gone.
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subscribe to my channel and you'll make it back
https://www.youtube.com/playlist?list=PLP_ypg9DfkbbzGAJzUwXfHUldg2HsnEH2 |
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Sabu -
All users of the Betfair Forum agree not to post any item or any links to content that TSEG deems: to be defamatory or discloses information that the user has no legal right to disclose, or is otherwise illegal; to be (or contains anything which is) racist, vulgar, hateful, obscene, profane, threatening, insulting or offensive; is intended to impersonate another person or entity; to contain any form of advertising, promotional materials or any form of commercial activity; |
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could you not have pm'd that
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Sabu 13 Jul 14 02:24
could you not have pm'd that could you not have pm'd your spammy link |
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OK Rob's right but there are some other things you should think about. Firstly I'd say take some time off. Doesn't have to be long but long enough to get your head straight. After my heaviest ever loss I took a week off until I was in the right head space to go again.
Secondly figure out what went wrong and what you need to do to avoid it happening again. From the sounds of it you had a pretty reasonable loss but rather than accepting it you chased it and lost and it compounded into a massive loss. However you try to figure it out you need to be honest with what you did wrong otherwise there is no point. Ironically if you have an all red screen it's a good time to bet because it can be commission free but at the same time it's also the worst time to bet depending on your mental state as you don't have time to compose yourself and think about what you are doing and how much risk you are taking. Figure out what makes you money and stick to that. If you don't make money then do whatever you want, you'll probably lose it all anyway. |
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Sounds like you are an accident waiting to happen.
1. The money's gone. 2. There's no such thing as a certainty, especially in football. Football is the most popular game in the world because of it's unpredictability. 3. You keep chasing you will eventually lose everything (and eventually could be today) 4. There's no such thing as a method for winning money back 5. Winning money consistently gambling is a mixture of experience, hard work, intelligence, bravery, information, common sense and discipline. Ask yourself how many of those characteristics you possess. |
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I should have added to point 5, financial resources and technology.
My advice would be to have a small bet on the bet you were thinking of having. Then take a break and consider gambling a leisure activity where you are lkely to lose and that you can live with or without. |
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Rob_The_Bantam • July 12, 2014 11:12 PM BST
Forget about the money. It's gone. Soundest advice. I keep telling myself the same thing but following it is hard at times. |
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If you are going to be a decent gambler you need to learn how to lose.
If you are in the habit of consistently making good bets there is no real reason for you to check your results. Once the bet is struck at a good price, your work is done. What happens beyond that is chance and fluctuation. If you are a decent judge you will be on an upward trend that will feature ups and downs, but will ultimately be moving upwards. I used to have my balance hidden and check my results every 7-14 days in which time I would usually have 200 or so bets, and then go through the individual results at that stage, rather than hanging on for the result of each and every game as they happened. It killed the desire to chase. Could this work for you? Your relationship with your account balance sounds skewed. Any money you have in your account is not won- it is only won when you have withdrawn it and spent it on something else. Finally, I suspect that you are also overstaking in the first place if your desire to chase is that strong. If you have genuine belief in your ability to select good bets you have no need to chase, your account will move upwards naturally over the passage of time. So are you really making good bets, or are you winging it? That's for you to work out. Good luck. |
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Looks like he is tweaking his t1ts off on class A
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"If you are going to be a decent gambler you need to learn how to lose".
Eureka.....I think I maybe the greatest punter in the world if inner city sumo is right, I've been embracing losing for years. |
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It seems to me you need a staking plan, based
on the prices of your selection(s) perhaps betting to return a 100 points including stakes. For example backing say a 6/4 chance stake would be 60/40, laying a 6/4 chance would be 40/60, backing a 3/1 chance, stake 25, return 100 if successful, etc, etc. It works for me. |
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I think you should give up gambling and order a pizza with your spare cash instead.
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just put the big bet on, what could go wrong?
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captain mack your bet was very unlucky,wexford are muck and with 2 extra men somehow managed to get a draw.Something similar happened to me years ago Kilkenny v clare had a massive bet on Kilkenny and despite Kilkenny being well ahead it was a draw,my problem was that there was no in play liquidity and I couldn't green,obviously Kilkenny won the replay by about 20 points.
There has been some good advice on here and if you learn from your mistake then it will have been a positive day,not a negative one. |
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Don't ever chase your losses and don't ever lump on to get it back.
The usual unhelpful comment would be to say 'if you have value then the loss doesnt matter because you will get it back in time' You lost the money by doing something that you dont normally do. So keep ridgidly to what works. The occasional lapse of discipline is why a good bettor loses. You lost it so its gone. Don't do it again. Dont chase simply because the worst thing that can happen is that you do get it back. You will then do it again and again, then one day you will lose everything. Mathematically you can get losses back easily if you know your 'edge' (1000's results = your average odds = losing run = plan) thats for another time - if youre interested. |
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You lost the money by doing something that you dont normally do.
So keep ridgidly to what works. The occasional lapse of discipline is why a good bettor loses. This is very true. This is symptomatic of internet gambling where there is a bet a minute somewhere on the planet. Recently had a bad streak of nine days with losses. That said, if I took the average per day, it was a little over 2 pts a day which is still a whack but the graph is smooth. Still, I figure 15 days to get back to where I was 1-July. ] The temptation to compromise and take on races that didn't make my short list was there. But I didn't. Reviewing the past few months, I found where I had been losing money. It mainly came down to 5 and 6F races. Without them, even though a win here and there, i would be up around 50% higher on my returns during the 60 days of May and June. So, as Lex put it, a little more rigid and focused elsewhere. Friday returned 40% ROI on the day to end the losing streak. Roll on Monday night racing. |
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don't chase your losses and especially don't do so by lumping on.
if you have a particular methodology/system then stick to it, no stuff on the side (if you're really really tempted only do so with very small stakes just to scratch the itch) there is no such thing as a sure thing e.g. I've seen plenty 1.1 shots get beaten |
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A lot of useful advice on here, thank you for your replies.
I opted out of lumping on to get the money back, too much at stake to risk it. I've largely forgotten about it now. Time to man the **** up G hall, yeah Wexford are muck!! Waterford 10/11 to beat them next weekend! your reply was particularly helpful, ill turn the day into a positive experience |
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Though the cliche on this is a 'moment of madness' combined with a goal which reminds us that an event isn't over until it is over leads to another perspective that I picked up on.
As mentioned, I just went through a streak of nine days of ending the day in red with my bets. In hindsight, when loss after loss came (I only had 4 winners from 45 selections), looking at the results and seeing the list of 2nds with 'head', 'neck' 1/2 length beside them made me realize my selections were 'losing' but weren't necessarily poor choices. I did find some races where I had three narrowed down to two then going with the wrong one. This can rattle you and make you second guess your abilities. But, in hindsight, I never took the approach to 'chase the losses' or ramp up my wagering to 'recoup' what was gone. The question now is in two weeks, will I be back to where I was on 1-July. Regardless of the result, over the ten days, no loss was created by a moment of 'tilt' or over exposed gambling, a line that I have crossed in the past. |
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leeson bankrupted a bank by chasing his losses
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Difference re Leeson was he was chasing
with other people's money. |
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i still dont understand how the op ended up in the position he did......
captainmack are you saying that you backed clare heavily before the game and then tried to trade that position during the game and ended up with a large red on the draw? Would need to see your actual bets before giving an opinion but like someone said above, trying to trade gaa matches on betfair is a waste of time cos liquidity is so poor that you end up having to take ridiculous prices, also if anything liquidity on those matches has got worse recently |
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If £1200 loss hurts then you should have it in your account and available to bet.
If you can take a 200 loss then that is all you should have available |
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Though I agree, the problem is for trading multiple markets, you need to have a decent account (i.e. six markets, 200 = 1200). So it takes a headspace to make sure you don't roll it all into one.
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I mentioned earlier how I went into July on a losing streak.
My loss at Level stakes was around -25 points over eight days. Biggest loss was 0 for 6 at level stakes. Some points: - The average is just 3 pts a day (some were break even but no green days). - It also made me spend four days relooking at my performance and rather than find where I had been winning, I looked at where I was losing constantly (I think I mentioned 5 furlongs and have avoided though still rating and researching). First came the small gains then it has been strong since. out of eight days, 6 in profit, 3 of those days 75% 85% and 100% ROI with multiple bets). Two losing days, biggest loss around -1.25 after seven selections day and evening. Gains of around 15 points on the month. It will be interesting to see which way the next two weeks go. |
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Correction:
"gained back 15 points on the month." still down 10 pts at level stakes. |
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The ideal is to know the strategy you're working makes money long-term. No individual bet should then be the kind of negative you're making it out to be - that's possible.
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15 points on the month ?
eg 15% of your bank in a month? blimey if I cant do that in a week I'd take up working for a living - you must a huge betting bank to make wages ! |
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returns are horse racing.
Subsidize with trading. Betfair not the only aspect of my life in the sector. |
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If you are reviewing bets Id never dismiss the winning bets just because they won, they could still have been bad bets or could still be part of an overall flaw in a strategy etc
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If you are reviewing bets Id never dismiss the winning bets just because they won, they could still have been bad bets or could still be part of an overall flaw in a strategy etc
Sound advice!...be honest with yourself  |
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My posting was a bit 'general' but essentially looked at it from a few angles:
General: which distances was I making money and where was I losing. The stand-out, as mentioned, was 5 furlong races. Tighter: Looked at each track individually with distances for starters. Also looked at each track to see how my WIN BETS were doing and my EW bets. When a bet wins, it is green. If an EW returns placing, yellow If a bet loses, I look at the loss. If it was a good call and lost to a horse that ran well on the day, orange. Or orange again if lost in a blanket or on review didn't get the opening, for example. As well, if the going was heavy or soft, looked closer at my read (i.e. did I gamble on the horse taking to the ground or did it have form). From there, when you look at the results and pull up a track on the day, you can see where you have been making money. I also found that if I was taking on a track for the first time this season, I will focus on distances I do well at for starters. That said, I might not bet on a race or play a track but during the day, I will handicap the race to stay on top of the ratings. It sounds time consuming but it allows you to then focus more time on the tracks you make money at. Just a matter of 'rating' your bet and logging it on excel. |
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What I used to do after a bad loss was switch the laptop off, do something else for a bit, then make myself write an analysis of what went wrong - specifically, what I did wrong. Essentially, in any circumstance where you lose more than you've decided is acceptable before you start, you've done something wrong. Whatever bad luck may have played a part as well, that's pretty much always true.
I say "used to" because last year I had by far my biggest loss ever (2.5K on a pretty meaningless premier league darts match), stomped around for about five minutes, swore at myself a bit, then sat down and worked the next match on ten minutes later. I think I made about 12 quid on it. Odd night, that was. |
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You didn't switch the laptop off for that long so
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The only big question is whether you have a winning system when you bet normally.
If 'yes', write off your losses, put yr head down and bet normally. You may even play a little tighter to make sure you get the money back, but that's no bad thing. If you're a fun bettor w/out a system for taking positive expectation bets, the loss may be salutary and you shd cut yr stakes or give up betting. About eight times yr max. stakes wd not be too bad on the horses; on two-runner events it cd be a bit painful, but if you're a good winner still something you can bounce back from. |