Losing streaks. They happen all the time. It's a part of life and even more accentuated when you are betting on a sport or horse racing. Here's how to deal with them in a logical manner.
Some people out there have this warped belief that they should never lose a wager or god forbid 2 or 3 in a row. These people have no business gambling, starting a business or anything that involves any risk at all. Which is pretty much everything. I know that statement may seem harsh, but it's true.
I've had so many people write to me after our free picks have a bad day and berate me and tell me our horse racing systems are scams and that we are out to “get people. " Wow. Can an individual be more out-of-their-mind?
Just ask the New England Patriots about winning and losing streaks. They MEAN NOTHING in the end. They are a part of life and a part of any venture you participate in. I mean come on. Does the stock market go up every single day? No. Is the stock market well up over the past 10 years? Yes.
Look. Say I pick a stock that I know averages 17% a year gains. Does that mean I HAVE to make 17% this year? No. Could I lose money this year? Yes. Could I lose money 2 years in a row? Yes. Will I make 17% over the long term? Yes.
My point is that if you are going to play the horses or partake in any betting venture hoping to earn some extra income, or make a living for that fact - you must have patience and knowledge.
If not you are doomed to Loserville.
Say you are using a horse racing system that averages 25% winners - DO NOT expect to hit that mark every single day. That's NEVER going to happen. You will average that over time. Some days you may hit 100% and others you may hit nothing. In fact, you may hit nothing 3-4 days in a row.
Get this fact in your head and get it now. You WILL have losing streaks (sometimes long ugly ones) and you will have winning streaks (sometimes long and lovely). If you intend to make money at horse racing here's what you must do:
1. ) Find a horse racing system or selection method you like.
2. ) Know the long-term results before using it. Win percentage. Return on Investment (ROI)
3. ) Have a large enough bankroll to weather losing streaks (if you are conservative, try not to use more than 5% of your bankroll when you go to the track. )
4. ) Do not jump from one horse racing system to another. Stick to one you like.
5. ) NEVER chase losses. Keep consistent and don't let the losses get to you.
6. ) Keep good records and maintain a positive attitude.
To repeat, no matter what horse racing system you use - you WILL hit losing streaks. If anyone claims that is not the case and you are guaranteed to make money every single time you go to the races. . . run far away and run fast. They are selling you a bill of goods.
Horse racing is fun, I love it. Keep it that way and enjoy the fact you have the freedom to do this and can even make money at it. Never moan about your losses or brag about your winnings. There is such a thing as cause and effect and the boomerang effect can sting.
My next article will talk about money management. See you then!
Denny Nash is the principal horse racing handicapping expert and author of The Greatest Horse Racing System Ever!, Thoro-Profits, The Rebound System and Bet to Win for a Living. Denny's books are available at http://www.lulu.com Amazon and other online book stores.