Smart gambling psychology
A sound intellectual framework for making decisions and the ability to keep emotions out of all operating procedures
Gambling mistakes and how to learn from them
Nobody likes losing money. No-one is happy when hard-earned money turns into thin air. Well, only bookmakers are happy with your mistakes, but not always because sometimes a mistake can be in your favor.
It is our belief that mistakes are vilified in human nature and there are good reasons for that, but when it comes to gambling and especially smart gambling, there is a heretical opinion that we would have been quick to denounce a few years ago, but we are now forced by experience to accept.
Mistakes that do not kill your business are good for business
Why do we say this? Mistakes keep you vigilant and make you adopt healthier tactics and procedures. Learning from mistakes makes us perfect and consolidate our procedures. No matter how technology fits into our everyday smart gambling action, there is a procedure in our mind consisting of various filters and conditions, and when these conditions are met, we can then press the enter button or click on the right selection.
This procedure takes place almost automatically in the minds of experienced players and professionals, while less experienced players might need some more time to think about it. There is a long list of mistakes that someone can make. These mistakes range from small mistakes, like typos and wrong selection of events, to even bigger mistakes, like misunderstanding and ignoring value, not comparing prices, implementing a wrong strategy, implementing wrong money management or even betting when drunk or feeling down and letting emotions take over.
Common mistakes by newbies
A common mistake made by newbies, which makes them quit the smart gambling business, is when they enable a huge part of their bankroll in a bet that goes wrong. They lose money from the very beginning, causing great disappointment, and then they just let the train move on without them.
The lesson to learn from this mistake is “do not put all your eggs in one basket”. There is a lesson to be learned from every mistake, and the sooner these lessons are learned, the better. It is up to us to identify our mistakes and learn from them. As the years go by and experience accumulates, mistakes become rare and less harmful.
Learn to learn from your mistakes
Our advice is that you stop all activities when you spot a big mistake. Take a break from all action and analyze what went wrong. When the lessons have been learned, and you are back in the right psychological state, keep on going. This procedure can take from 2 minutes to even 2 months if the mistake is big.
On the other hand, a mistake can turn in our favor resulting in the multiplication of profits. Based on long-term observation, a mistake in our favor is just as likely to happen as a mistake against us. It is human nature to remember the bad mistakes and disregard the good ones. What we want is to make more positive mistakes than negative ones, which takes a bit of luck.