Losing

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Skaggerak
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Skaggerak

Losing
« on: September 08, 2014, 02:58:09 PM »

Hello,I have read a couple of posts and topics regarding this before on the forum and was looking for a bit more insight.
I made a big mistake today,one that could clear any success from this season so far and then some.My head got big and I started to think like I was a bit cleverer and smarter than I actually am and I am likely to pay a hefty price for what's hopefully a valuable lesson.
I'm just wondering how players here deal with their setbacks on a personal level?This may be a topic more suitable to the Newbies section but I considered that many pro/semi-pro players may have suffered setbacks that took time to recover from and fully conquer and any insight may help more than just the beginner here.
Personally for me I think my mindset will change towards some ideas here drastically.I'm hoping it will be to by benefit though and not the opposite way.
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yorkjoss
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yorkjoss

Re: Losing
« Reply #1 on: September 08, 2014, 03:50:55 PM »

Hello,I have read a couple of posts and topics regarding this before on the forum and was looking for a bit more insight.
I made a big mistake today,one that could clear any success from this season so far and then some.My head got big and I started to think like I was a bit cleverer and smarter than I actually am and I am likely to pay a hefty price for what's hopefully a valuable lesson.
I'm just wondering how players here deal with their setbacks on a personal level?This may be a topic more suitable to the Newbies section but I considered that many pro/semi-pro players may have suffered setbacks that took time to recover from and fully conquer and any insight may help more than just the beginner here.
Personally for me I think my mindset will change towards some ideas here drastically.I'm hoping it will be to by benefit though and not the opposite way.

Skaggerak, I feel your pain, losses are inevitable and so are mistakes, every successful arber in the world
will have had large losses on several occasions, losses are bad not only for what you have just lost but also
because you can take "eye of the ball" afterwards mainly due to self pity and the subsequent arbing profits
diminish which is the last thing you need, I have had many losses over the years as a arber and gambler,
the most important thing is not the loss, it is your reaction to it, keep doing what you were doing previously
but learn from the mistake which brought you the loss and of course never repeat that, if you do this then
slowly but surely the pain of your loss will eventually disappear.
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raizzak
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raizzak

Re: Losing
« Reply #2 on: September 08, 2014, 05:29:18 PM »

well "danger zone" is not any of your fault...

anyway on the subject mistakes will happen even on your or any other case for example voids... i lost about 2500 due to luck last week and about 500 from void this week. It hurts, it cleared most of my profits but still keep going as usual and you will recover it is just a setback that you will overcome yes someone might overcome it in a day someone in a week someone in a month you can't nothing about it and self pity and tilt will only make it more likely to reappear
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Yngwie/Sawyer
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Yngwie/Sawyer

Re: Losing
« Reply #3 on: September 08, 2014, 07:52:03 PM »

Actually, making mistakes is one of the best things can happen to you..

Why? Because every mistake is an experience. After every mistake, you learn and become more cautious.
There's one more good thing about mistakes: It BOOSTS your motivation! You feel angry, unhappy after a stupid mistake, right? Well, that's what you really need actually. Now, you're loaded and you're ready for vengeance! Your batteries are charged with ambition. You will work harder, your motivation will be boosted. Don't be surprised if you make it best month of your career, seriously..

It happened to me many times. Started the month with a stupid mistake, lost -3000€. Then I had the best month of my career. Maybe without that mistake, I would make less profit. These kind of mistakes boosts your motivation and makes you work harder and you make higher profits.

I used to be a handicapper. Before switching to arbitrage business, I was a very succesful sports bettor that I even had many clients from different parts of the world.
One day, a friend of mine asked me, what was the best thing happened to you during your sports betting adventure? My answer surprised him: Losing 50k in 3 weeks!

Yes, once I lost 50k in 3 weeks and it was the best thing that ever happened to me. First of all, It was a great lesson, maybe a lesson worth of millions. I was feeling like a zombie after losing that money but now when I look past, I see it effected me in a very positive way. I perfected my money management skills. I started to act more professional. My patience and discipline skills increased dramatically.

And what about you? Were you making 100,000$/month before you started arbing? I don't think so, if you were winning so much then probably you wouldn't start arbing, don't you? I started arbitrage business after a disastrous streak too. I was struck by a horrible, disastrous streak. Hopefully, I survived since I had taken my money management lesson years ago but I lost all my clients. Worse, all my betting systems started to fail. I was feeling like I lost all my magic, I was unable to pick a winner. Then I discovered value betting and then arbitrage betting. You know the rest! Hahaha.

Guys, we're human. We're not machines. Humans are prone to mistakes but as I mentioned above, it's not a bad thing. You will make mistakes, all your life. Even most skilled, experienced arbers make stupid mistakes sometimes, yes they do!

Therefore, don't lose your motivation next time you made a mistake. You will clear it, don't worry. Maybe it will take days, maybe it will take weeks but you will erase your loss but its experience will stay in your mind forever!

I wish everyone a profitable week, Take care!
« Last Edit: September 09, 2014, 09:48:49 AM by Yngwie/Sawyer » Logged

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Thordin
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Thordin

Re: Losing
« Reply #4 on: September 09, 2014, 03:17:26 PM »

If i put together all the times i have ''lost'' money on arbing these last few months (bookie confiscations, verification failures,  voided bets, adjusted odd bets, danger zone, goals scored mid-arb etc) i will be looking at a sum well over  30.000.
What I have come to realise shortly after i accepted each loss is that 95% it had more to do with me not taking the decent precautions than just bad luck.
Each is a lesson I paid dearly and I am proud to say that they are all lessons well learned.
So my advice is accept responsibility, analyse the mistake, see how it can be prevented in the future or at least minimise the chances of it happening again and move on.
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Skaggerak
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Skaggerak

Re: Losing
« Reply #5 on: September 09, 2014, 11:43:45 PM »

Thank you,great to hear some positivity around the subject.
Mistakes really ask the question whether or not you are cut out for doing something.Thankfully my mistake was less severe than expected so the repercussions are less felt,although judging by some opinions it might of been better had it been worse!At this early stage I'm still looking for positive feedback though,once I feel comfortable with all the ideas here I'll be a lot harder on myself,I think that's the best way to develop and not want to quit as soon as things look in anyway difficult.
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