Submitted by rsteel on
Without a doubt the most common mistake players make; press raising their stakes when losing. There are always going to be times when you lose more than you win. Prolonged losing streaks are inevitable. How YOU deal with them will ultimately determine your long term success in this business.
Realize these streaks are just the tax we pay along the way. No one enjoys them take comfort in knowing they happen to everyone. When I get in one of those streaks I become even more analytical. Where am I making mistakes? Is it bad handicapping bad bounces or usually it is a combination of both. The last thing I would ever consider is raising my unit. I become even more conservative. I will make less plays rather than more until the tide turns. Experience is a great teacher. I know I have been in these streaks before I know I will come out of it as long as I continue to do what I know works and maintain my confidence.
Conversely when I am in a good run in good form I also know not to get over confident making plays I normally would not make without value. Bettors tend to get lazy when they are on a long winning streak. They stop doing the detailed necessary work in order to extend the winning streak. I know not to go blow the money on luxury items I do not need but rather sock it away for the next time I am in a bad run or invest it back in the business giving me the flexibility to raise my unit as my bankroll will support.
Realize winning streaks are just as much a danger as losing streaks believe it or not. When on a losing streak you are not as bad as it seems. Conversely when on a winning streak you are also not as good as you think you are. The majority of time during the year you are going to be somewhere in the middle. Sideways down and more often sideways up.
It sounds so basic DO NOT chase losses and maintain an even keel when you are winning. Easier said than done but essential to long term survival and success.