I do not know how to create a poll here but I want to know your opinion in this regard as to which among this you consider the main reason of losses in gambling:
1. Martingale or martingale type progressions
2. Gamblers' fallacy
3. Martingale+gamblers' fallacy
4. Over-expectation or greed
5. Variance or delay/irregularities in our chosen bet
6. Bad luck
7. All of the above are equally liable.
I think #7
Also want to add failure to exploit temporary biases by dealer signature
8. Not knowing when to stop (Playing without a pre-defined stop-loss)
in my case:
4. Over-expectation or greed
i think this would be equal to:
8. Not knowing when to stop (Playing without a pre-defined stop-loss)
I think number 4 is a biggie!
A lot of players think they can take the casino home with them every night.
People who make money out of gambling have a more long term approach.
There was a professional gambler in the U.K by the name of Phil Bull in the 60's.
He worked on the fact that he could make 5% profit each year on his turnover.
He would need to wager 1 million in a year just to make 50k. (In today's money)
Think more longer term and try and set some kind of sensible targets or have a few goals you would like to achieve through your gambling. This can provide a bit of discipline which is needed.
I agree about no. 4. In his book "Full Time Gambler", Louis G. Holloway said that the main cause of failure was "miscalculation". Most don't do the necessary research and aren't aware of the risks.
in my case:
4. Over-expectation or greed
i think this would be equal to:
8. Not knowing when to stop (Playing without a pre-defined stop-loss)
Exactly, If you keep playing even in bad times that it will recover soon, it is overexpectation. Similarly, not quitting even after winning in beginning is greed or overexpectation.
I think all of them to a certain degree. But 4 and 5 mainly. Fluctuations can be a killer!
# 9.
Not covering Zero playing D/C.
[attachimg=1]
Butch Cassidy: Alright, I'll jump first.
Sundance Kid: No.
Butch Cassidy: Then you jump first.
Sundance Kid: No, I said.
Butch Cassidy: What's the matter with you?
Sundance Kid: What about the house edge?
Butch Cassidy: Are you crazy? The dispersion will probably kill you.
Sundance Kid: Oh, stuff...
[/size][attachimg=2]
Hey Monaco....is that what they call....going off a Fiscal-Cliff !!
10. keep changing strategies.
I think it's a good idea to stick with something and refine it as you go along.
Starting from scratch every other week with something new is not the way to go.
Imagine if you could add a couple of % improvement every so often through new knowledge and experience. This would gradually take you through the ranks as a player.
Funny no-one's suggested this:
11. The house edge.
Nah, that can't be right! :P
But you really should avoid bad bets like the Tie in Baccarat, some Craps bets, and (ahem) the double-zero wheel.
# 12.
Playing outside bets before the dealer has spun the wheel.(just my paranoia).
Quote from: Bayes on November 27, 2012, 09:24:36 AM
I agree about no. 4. In his book "Full Time Gambler", Louis G. Holloway said that the main cause of failure was "miscalculation". Most don't do the necessary research and aren't aware of the risks.
It's impossible for me to calculate incorrectly. #13. By not playing the current conditions. There's no calculating or guessing while evaluating the conditions. They are what they are.
C'mon you guys. You're missing the reason
most people lose. Its by far number one, top of the
list. You see it everytime time you play.
Complete ignorance of how the game you're playing works.
How many slot players have even the vaguest knowledge
of how a slot works? How many roulette players know what
they're up against playing roulette? How many BJ players
even know what variance is? Same with bac. People just
play and play till their money's gone, happy in their ignorance.
The casino counts on this. Well educated players is the last
thing they want.
I feel an inadequate bankroll is my main reason for losing--that and stupid mistakes.
On the "other" forum I am testing FlAtMaN's L v F system. He claims it to be a winner and it may very well be. On today's trot, one would need a bankroll of 342 units to win. What if you had started with 300?
If you're playing a progression, how do you know when to quit? If I had quit at down 300, I would missed a whopping profit a ways down the line.
And I cannot forget the old "chickening out". You're down 300 and you just feel it's a loser and you quit. That is why I'm testing his system. I want an idea of what bankroll you need--although that is like asking how long is a piece of string.
Sam
Number 4 on that list is the prime reason as far as I am concerned. Add to that what Sam said about bankroll.
One of the biggest mistakes I've seen is someone who comes to a casino with 100 units expecting to double it or more. And failing to quit with a profit playing too long is another absolute reason the casinos arent worrying.
Too much is made of the Martingale Used lightly it's a gem. Not the suicidal version where you try to outlive say a dozen reds showing.
Applied to a strong method like PB in a H.A.R fashion it will deliver. Played all day long it won't. Its THE APPLICATION of a money management strategy or style of play that's important.
And the inherant greed in most people is NUMERO UNO as to why most things fail. Roulette is beatable. But only if the RIGHT KIND OF MIND stands before it. Without that forget it.
Main reason of losses in gambling: betting.
Quote from: wannawin on December 04, 2012, 04:05:56 AM
Main reason of losses in gambling: betting.
Close. Its poor bet selection.