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How someone gets to become "good loser" ?


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let me clarify i said "good loser" NOT  big loser

 

i recently heard someone saying : i never met a successful trader who wasnt a good loser

 

 so who is a good loser?

 

someone who is not getting  affected or emotional about  a loss

someone who stays detached from the outcome of a trade and keeps trading by his plan/shedule

 

 

My question is how to become like this?

how toimprove those skills?

 

 although i have been improved significantly that last years stilll there are times a loss makes me emotional and raising the stakes in trades i didnt plan to involved

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Practice and experience. Some of the best gamblers don’t watch the events they bet on or follow how the bets are doing, they just check the result after the event. 

Not everyone has the temperament to be that sort of a gambler though.

The 10,000th loss is easier than the 1,000th one. Should I get that far I’m sure the 100,000th one will be water off a duck’s back!

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This is what I do now. None of my bets are in play so there's nothing to be gained from me going through the roller-coaster emotions of a match being played out. I realised this about a month ago lol.

 

Instead of having my phone with a notification on the app I use for every goal I simply have it set for a half time and full time notification.

 

I can still look into a game if I feel like it, but like I say it avoids the ups and downs of a match. Much better lol.

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  • 3 weeks later...
13 hours ago, ReyPunter said:

i think the best you can do is to se a stop loss limit per week

 

Not something I'd ever do. I'd suggest you're betting too much on your selections if you end up "running out" of money by the end of the week. So if you hit the stop loss on Friday (let's assume a Monday to Sunday week) then you can't bet over the weekend even if a couple of excellent opportunities present themselves. Then when Monday rolls around you start betting again if even the selections are more marginal.

Better to have an overall bank and approach to staking that means you can bet whenever a good opportunity presents itself.

Personally I've never really bothered with an overall betting bank, I just track how I'm doing and if I'm losing more than I'm happy with I look to where the losses are occurring and try to eliminate the losing bet types. I can see the merit if you're betting close to what you can afford but I'd still try and do it in such a way that I could bet 7 days a week rather than have days where I'm not "allowed" to bet on strong selections.

Obviously you should only bet money you can afford to lose. Personally the amount I'm actually willing to lose is less than I could afford to lose and the amount the bookies are willing to allow me to stake tends to be somewhere in between!

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10 hours ago, harry_rag said:

Not something I'd ever do. I'd suggest you're betting too much on your selections if you end up "running out" of money by the end of the week. So if you hit the stop loss on Friday (let's assume a Monday to Sunday week) then you can't bet over the weekend even if a couple of excellent opportunities present themselves. Then when Monday rolls around you start betting again if even the selections are more marginal.

 

 

one can make his selections  for the week and set his loosing boundaries acordingly

also can leave some pts for opportinities

 

in my opinion a well defined trading plan can be valuable and a savior in the long term

especially for a newby punter

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  • 1 month later...

The key is the amount of points you use for your bank (no matter how big or small your monetary bank). If you use a 10pt bank, 6 losers will stress you out badly and then you will make bad decisions. If you use a 100pt bank and have the same 6 losers, it doesn't seem so stressful. 

IF you are on the right track with your selections, you won't worry or stress yourself out about a losing run... they are bound to happen. They wiil come to an end.

I have learnt a lot from Warren Buffett and Charlie Munger, they say that on many days they do NOTHING.... just waiting for the right opportunity to get involved. They watch pitch after pitch go by... and then hit the one in the sweet spot.

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I believe you need to have absolute confidence in your bets and know that your getting the value because there's going to be long losing runs. So as bang on says having a large bank is critical. I personally have 200 pts bank just for peace of mind. I have been betting seriously for the last 4 years and have had a two long losing runs 20+ and that bank size takes all the worry away. 👍

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You need to make sure winning a bet on the footy doesn't become central to your general happiness at the weekend.Ive fallen into that trap lots of times in the past to the point where it became obsessive and the be all and end all.I wasn't even enjoying it as such,there was never a feeling of happiness but just nervous energy usually followed by frustration.So these days i make sure it's taken with a pinch of salt and considering the type of bets i tend to do(Low stake with a high return),logic and the odds tell you you shouldn't expect it to come in.

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In my opinion good loser is the one that:

1) Knows that the losing game is part of the winning process

2) He doesn't feel any bad feeling for his loss, because it is a classical outcome in betting business

3) For him the losing game is just a number that he adds in the losing games counter on his excel.

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I agree with all the comments above and add that another thing that helps deal with losing is to make sure you treat yourself to something big or small...pair of trainers,new tv,whatever it is you want.Then you can at least think about how a past win has enabled you to get them and a loss is easier to swallow then.Don't just recycle winning money back in,use it for something you really want.

Edited by Mancpunter75
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  • 5 weeks later...

In addition to what is previously said, I believe that a successful bettor and a good loser should know how to master gambling psychology. There is a a big difference between a gambler and a smart gambler. Big difference between a losers and a smart loser. Among other things, what defines gamblers and smart gamblers is the knowledge of the gambling psychology. Did you know that the pain of financial loss is more than twice as intense as the pleasure of an equivalent gain. This is fully effective in gambling losses as well, and I m quite sure that the vast majority of gamblers have no idea about it. There is an excellent article for gambling psychology here: https://arbusers.com/portal/smart-gambling-psychology/ Then, the answer to your questions might depend on what kind of gambling action you might have. There are certain gambling techniques and some of them might be considered as red line for bookmakers. Arbing and trading will flag you immediately and will stop your gambling activities with almost every soft bookmaker. But Value Betting…that is another thing. This is the best way to be a good loser…lose while getting the value.

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On 10/29/2020 at 2:59 PM, agourbet said:

 . Did you know that the pain of financial loss is more than twice as intense as the pleasure of an equivalent gain. 

 

i ceratinly knew it empirically

it happen to won 14 btes in a row and felt nothing

lost 1 and automatically felt anxious

 

cheers for the reply mate

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