The Psychological Element Of Gambling
Gambling
There's a saying among many professional gamblers that 'winning with small amounts of cash is easy, it's winning when your stakes get big that's the hard part'. The question is, is there any truth in this assertion – and what can you do about it?
The psychological element of gambling
When you start online gambling with a modest leisure bank (let's say 100.00, which should be enough to scoop gambling bonuses), it frequently seems easy to win, while the losses that occur don't see very damaging. For example, let's say you started gambling and your bank went up to 120.00 after a couple of sessions. Then, in your next session, you gamble and hit some bad luck, taking you back down to 105.00 (a loss but still up from your starting gambling bank). Most gamblers find this low-risk environment fun and there's little risk of making silly decisions such as chasing losses!
However, something frequently seem to happen when your bankroll grows substantially – for example when that 100.00 rises to cool levels such as 1000.00 over a couple of months. Firstly, because you're seriously happy with your success and luck, every little loss can seem significant (for example a bad session might put you back to 950.00, which can be a psychological blow!).
Secondly, many gamblers use the strategy of compound gambling to try and make a higher profit. For example, if your wager with 2% of your bankroll, your gambling stakes would grow dramatically as our gambling funds expanded…….
100.00 x 0.2 = 2.00
200.00 x 0.2 = 4.00
500.00 x 0.2 = 10.00
1000.00 x 0.2 = 20.00
Although in theory compounding always means you're gambling with the same 'relative' risk to your bankroll, the stakes are still bigger, and the losses are of a higher value, which can deliver another psychological gambling blow.
In effect, the losing bets can start affecting your confidence and lead your towards bad gambling sessions – and even successful gamblers can get sucked towards elevated stakes and taking un-wise risks.
The good news for gamblers is that there are strategies to get around the problem of gambling and winning when your bankroll grows. There are two main ways to go:
1. Gamble with extreme discipline
Man online gamblers do manage to win big and sustain their success when gambling with higher stakes. However, invariably they are disciplined at all times and apply several golden gambling rules….
> Always gamble with level stakes – never, ever chase losses!
> Set strict session stop-loss limits and stick to them
> Gamble with a low bank percentage
> Stay cool at all times
2. Bank your winnings!
The other options that's advisable for low level gamblers and anyone who doesn't want to risk losing their hard earned gambling bank is to set yourself a profit target and withdraw as and when you hit it. Alternatively, you could gamble with a monthly budget and scoop any monthly profits and the end of each month.
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Tags: online gambling, professional gamblers, psychological gambling, wager
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