Professional gamblers work hard to gain their achievements and have mastered skills that most of us still struggle with. Part 1 of our masterclass series was just the beginning and I am ready to go further along the success route along with you. To be honest, I didn’t want to bore you with a too long first post while the idea of making it into a series seemed perfect. Either way, I’m glad you are back and let’s get to work!
Professional gamblers and entrepreneurs are kind of the same thing. Gambling could be a business demanding a lot of financial effort for building a thriving venture that pays pack. And just like any other business, financial management is what turns an idea into a winning success story. Of course, if you’re just playing for the thrill without any professional intentions, the following money-managing tactics might be a bit overboard! But what’s certain, they wouldn’t hurt your balance in any way. It’s up to you to choose which one resonate the most with your gambling style and goals.
What sets professional gamblers from the rest of us is that they play focusing on value as opposed to bare money wins. The expected value of a bet can be calculated, and it basically equals the expected average win per bet or the overall edge * average bet * hands per hour * hours played. To put this complicated formula in other words, serious players never define or chase their all-time highest achievement, they chase a positive expected value. This brings us to the conclusion that they enter a game with different expectations than regular players. We tend to expect to win and if we don’t there’s disappointment while professional players share a different idea of winning and losing. A long losing streak would be the most ordinary thing and nothing to be depressed or disappointed by. However, for any of us, it could actually be the end because of our high and not-proper expectations. Having the ‘professional’ winning mentality means to know that mastering the skills is more important than the profit. The only way to achieve that is by not rushing and having patience with yourself and how you perform.
Another good advice would be to make a plan and follow it. A well-known option is to research different staking systems such as Martingale or Fibonacci. Trying them out takes time, allow yourself that treat and see what works for you and what doesn’t. If you don’t feel confident enough yet, one of the safest ways to select the size of your bets is to go for a percentage of your current bankroll. This often gives a feeling of control and relaxes the mind. After some time and practice, following these type of betting theories would be unnecessary as you’ll be qualified enough to make bet decisions independently. What practice does is gathering all the theories and mathematical calculations into one giant perfect mess. And this mess will at one point provide the right intuition in any given situation, automatically and stress-free.
It’s time to end this class here! Let me know if you’d like a part 3 edition!