Coping with losing streaks...
Alright, I was just wondering how you lot cope when go on bad runs. I've had a torrid day today (Lost 16/17 bets + bonuses!), and this has knocked me back a few thousand.
Looking at my records I'm still up for the week after having a great weekend, but its been on my mind all night, and as usual am struggling to sleep because of it! It also seems so tempting to try and win it back, but after some bad recent gambling problems i'm determined never to risk another penny that isnt +EV, still though the thought keeps nagging me at the back of my mind.
Even if I look at the weekly graph on Ultimatcher which says i'm in the positive for the last 7 days, I can't help looking at the big bloody negative bar rather than the other entries.
For some reason I never used to get affected by poker losses, but with betting and casinos it seems to depress me a bit when these bad days happen, and it normally takes me a few days to snap out of it and get back to normal.
Are other people like this or is there something wrong with the way I look at things I've thought about having a stop-loss limit, but this is difficult as most of my bets are put on during the day and dont settle til later at night, and also it seems silly to throw away value just because of how other results have gone.
Would be interesting to hear how other people here feel after a bad day/ run!
Sorry to read about your losses Joeyboyuk
I to have had some restless nights after some heavy losses
as you say you are stil in positive territory for the week which
is better than the minus £600 i was shown for one week, after a
But the way i look at it if i did not begin this lark 14 months ago i would not
be showing a gain in my income for that time of £27k thus for for no loss
to me i have enchanced my level of income and the quality of my families life.
Plus theres allways the next days profits to be made.
I've been having a similar run to you Joey recently, although on a far smaller scale... my losses only ever go into the hundreds but then so do my wins. I have had an appalling run of luck on casino offers lately which has depressed me a bit. I'm not a great sleeper at the best of times but I woke up dreaming about about losing at JOB a couple of nights ago after a losing streak for the Coral bonus and was really annoyed at myself for allowing something that is essentially meant to be fun and supplementing my income to become a source of stress in itself.
I think it's hard to look on the positives after massive losses because it still looks like money lost that you would have had had you have had a bit more control. Gambling is never a problem while you are winning, is it!
I think that perhaps it is important to adjust your priorities during these streaks, maybe stop for a few days and focus on something else or only take up offers you can't lose on to bring yourself back up.
In life I have always had something that I focus on to keep me occupied, i.e. writing but never finishing books, going for a run, but since I have had kids I haven't had the freedom to do what I want when I want so the gambling has become my main focus outside of the kids so maybe I need to readjust again and put everything into perspective.
I don't think there's anything wrong with you but perhaps a break from it or a change of tactics for a while would help.
Joey , with the best intentions in the world i think you should give up this game , go do something else play sports or something . Looking at the way you gamble I can see you losing everything , take what you have now and quit if you can't stop get some professional advice .
I had a what I'd class as a fairly major loss of £650 on a casino bonus about 4 months back - I was still having a great year but I too felt ill as it happened very quickly because of some red mist. At this point I took a real look at myself and thought what I really want from life. I realised that I didn't need to make thousands per month so I really cut back and started spending more time with friends family, playing more golf and have actually started going to the gym and playing squash
I now only spend around 10-15 hours p/w (I was previously doing 25 hrs+) and make around half what I was making - I've pretty much left casinos alone unless there is a very high +EV offer and I feel much healthier and sleep a lot better!
Looks like it's been a bad week all round. I had a loss on my cai games bonus. Literally in 4 minutes or so I Lost £100 at £1 stakes and next thing I new I had deposited and upped the stakes and lost more. All I needed to do was tale a step back and let my dopamine equalise an I was back to my normal sane self.
Maybe this is your main income I'm not sure but I handle these things by having a stop loss. I don't care if it's +ev I'll continue tomorrow after a certain point as today's been hectic enough.
I cope with losses in different ways depending on the scale. It was a weeks profit I lost, I found A few easier bonuses and arbs and now I'm £300 in profit for the week and it's ok. This is typical of humans we should care about final endowments but we view the world in terms of wins and losses from our latest state of the world and then it seems worse than it is. I read a economics paper called 'Prospect Theory' which discussed this once and it gave me a bit of insight into why the losses are so troublesome and now (after the initial shock) I cope with them better. I guess it's important to keep perspective. My view is more 'if I hadnt AP'd this month I'd be £300 down. Rather than AP'ing yesterday has made me £1050 down on where I was.
Steer clear of the table when you have the red mist, try and keep the wins and losses in perspective. Make a sensible plan of where your next money is going to come from and plough forward.
Not particularly useful I guess but it's a bit of insight into my process.
A wise man told me don't argue with fools, cos people from a distance can't tell who is who ~ Jay Z
Think Super has said exactly what I was thinking.. It's the phase 'in it to win it' really. Losses suck and they put me in a really bad mood.. I get so annoyed with myself and think if I hadn't turned the pc on today, I'd of been so much better off, and I get annoyed when I've spent hours grinding out something , to then loose it all in about 30 seconds...
.. BUT, if I look long term and I wouldn't have made as much as I have if I never did anything at all, and it's only by trying these things that you have the successes and the losses... I'm sure there are many who feel the same ..
What exactly do you mean by this Eoin? Are you saying Joey may not be fundamentally correct as regards +EV?
Originally Posted by LFC81Eoin
Joey one thing I would do is step away from the immediacey of it all and re-focus. Think about your bankroll and what your plans are for it over the course of the whole year. I find once you jump out of the daily/weekly thinking then short term results become a lot easier to deal with. It's when it goes on for say three months is when it becomes a problem!
If I do go on a bad run I like to add up all my balances and ogle my bankroll. It's a filthy habit but I find it restores confidence and re-orientates me.
If you are getting frustrated the worst thing you can do is try and force it. It's amazing how quickly it can re-balance if you just keep plodding along and remain +EV. Even though you lost 16/17 I suspect it would only need two or three wins to get most of it back. As long as your maths is right and you are not betting too big a % of bankroll then it can't go wrong.
But are you quite certain it is?
When you are pushing 1 or 2% edges the variance can be massive.
There are a lot of feel good stories on this forum about people who have turned to mugging and are now making more profit then ever, but it could so easily go the other way.
I personally am a big winner at the asians and exchanges, if I wasn't hedging my value bets I would likely be broke. At the same time if I wasn't hedging I would be betting a lot less, due to proper bankroll management. You don't have to consider bank roll management when hedging, so you are always getting extra value from larger bets.
Or you can still take the larger bets and hedge out anything above your staking plan?
Originally Posted by Shark