Keeping Your Cool During Winning Streaks

Robert K - February 4th, 2008 .

It’s easy to get a false sense of confidence when things are going well. You don’t see your battle with the bookmaker as a game of percentages any more. When things are going well, you start to think you can walk on water. If you’ve got an opinion on a game, it’s bound to be right. If you’re betting small amounts, you start to think you’re leaving money on the table. Time to put more at stake. You start to assume every bet is going to win, and that’s the WORST assumption you can make as a gambler.

Sure, you wouldn’t bet a game you thought was going to lose! But you have to realize that you’re still at the mercy of outside forces. No one is infallible.The best handicappers know that the law of averages will eventually”kick in”, you can not defy it forever. And, you should have learned by now that the bounce of the ball is very fickle. Sometimes you’re wrong. Sometimes you’re right and lose anyway.

If you find yourself in the midst of a big winning streak, here are some tips to keep your head on straight.

Evaluate the games to make sure your handicapping keys were truly the factors that led to victory. You have to know when you’re right, and when you’re lucky. If your winning streak looks too good to be true,it propably is just that.

Make a list before the games begin of those that you “almost” bet but didn’t. Often you’ll find that these games are losing. That will help with the humility, and will discourage you from chasing too much action. (Of course, if these games are winning too, you might as well bet them!).

Stay on top of your bankroll and make sure you’re using a responsible level of risk. There’s nothing worse than losing all the money you’ve just made in a hot streak because you overbet a few plays that ended up losing. What’s the point of going 8-0 if an 0-4 day is going to lose it all back? Worse, what if that 0-4 day is an even bigger disaster that drains most of your bankroll because you were too overconfident? Never raise the size of your bets on the account of a wining streak alone. They are meaningless.

Make sure your behavior is that of an investor who’s trying to earn a profit, rather than an addict who’s starting to chase a high. Gambling can be addictive. That’s because winning feels so great! A winning streak can be the worst thing to happen to a compulsive gambler because it sets up such a dramatic fall. Be sure you’re keeping everything in perspective.

It may sound like a problem everyone would like to have. However can grow into a real problem if you begin to thin you’re better than your really are.

 

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