Submitted by rsteel on
We will continue our discussion about chasing.
Remember never never chase losses. The term they use in poker is going on tilt. Wait for your next game of value regardless if it is 5 minutes or 5 days away. The national anthem is sung somewhere every day. Chasing losses will result in digging yourself a bigger hole. Good or bad, start each day 0-0 and move on from the previous day.
If you went 0-10 yesterday you cannot try and make it up in one day especially if there is no value. Conversely you cannot be afraid to pull the trigger either if your handicapping has found games of value.
If you went 10-0 yesterday do not think you are invincible and start to force plays for the sake of action thinking you simply cannot lose. In addition do not go and spend all your profits on some new toys or immediately double your unit. You will find yourself with no bankroll very quickly. This business has a way of humbling you.
I am known as a grinder in this business. There are no big scores. Season after season year after year grinding out profits and letting the numbers, law of averages and large sample sizes to take care of inevitable ups and downs. Discipline in this business is paramount.
If people closest to you can see a difference in your personality up or down depending on how your games are going than you are betting too much given your bankroll.
Perhaps you know someone like this. A bettor goes 0-7 in the NFL for a given Sunday afternoon. He calls his bookie Sunday evening and asks what is left on the menu tonight. The bookie says only hockey. The bettor says that is too bad I do not know anything about hockey.