How not to chase losses?

[celebrex]

Hello,

Hope I'm posting this in the right section.

I'm interested to know some tips on how not to chase losses. I think we have all come across this devastating concept which has killed our wallets time and time again. However, I also think there are people who have mastered self control and discipline to overcome it. So I am interested to know what you tell yourself mentally to prevent yourself from chasing losses?

A little bit about my recent experience - I start with a bankroll of $2000 and hoped to win 10%. From the beginning, I was doing pretty well. Most of the time my winnings were much more than 10%. Sometimes 50% and once I even doubled it. But that obviously meant I continued gambling even after reaching my 10% target.

However, once I came across a bad streak and lost. I was initially up $500, but then lost that and my initial bankroll of $2000. I told myself to just come back another day to win that 10%, but I couldn't help but think about how if I had just left when I was up $500 then I wouldn't have lost. I couldn't stop thinking about it. I went to get more money and returned to the casino. I used another $2000. I won $600 on my first spin and then from there lost it all again. So instead of reducing my loss to $1400, my total loss was now $4000.

Devastating. Would greatly appreciate advice on what mentality to have to avoid chasing losses.

[Tamino]

Look for  a book by John Patrick  on Money management. I  also found chapters on MM in his book Sp you wanna be a Gambler" Advamced Roulette by John Patrick.

I am not a teacher of either  roulette systems or MM. and don`t  have the time   to do so. Nobody will listen anyway.
I learned  and know  how to win and never give back any winnings.


You should have  predetermined a loss limit of 25 % of the ORIGINAL BR  and if you are  on a winning streat past your 10 % Win Goal  keep playing until the first loss. Then quit.

Never ever play with accumulated winnings during a session. That` s a  big nistake. Just the 25  % Loss limit amount.

HAPPY WINNINGS !!!

Tamino

[ego]

Take ND advice.
Here is my advice:

Think variance and to minimize it using skips - that is one way trying to get a tighter LW-Registry.
For example, lets say you develop a simple march that try to aviod series of four in a row.

Now if you would only aim to catch series of two and series of three against series of four.
Then you will have more series of two and series of three in your favour.

So each time you lose you will have LL and each time you win you will have W and LW and the hole row would be LLL.

The other advice is that each trending wave or each strike starts with a win or a loss and a win.
So you would only continue to play does waves or strikes that begins with a win using regression - that way you can never lose back you first win and still you can continue to win/play.
The other option make you break even and you try to catch a new trend or strike of winnings - wave.
From this you might use only three attempts to jump on board a trend or a strike of winnings - so the third bet accept a small loss.
If you lose three bets in a row then you are done and start over - no reason get deeper into the hole - the negative expectation.

This is by my standards two very good hints.

Cheers