How to Overcome Your Fears in Gambling?

Would you still gamble after busting your balance multiple times?

Do you fear that if you put in anymore you will bust it all too?

Most of the youtubers and others who are keen to referring you and getting the affiliate commission will make you believe its easy. Like selecting auto mode, setting a base bet, choosing a payout, increase on loss and then you are ready to go. After that its all greens and profit only.

But in reality?

It's not the case if its that so everyone will be in profit and the sites will all go broke.

One of the most important hurdles to overcome is your fear first. If you do not overcome your fear you are good for nothing.

The four fears that you must overcome are:

1) Fear of unknown:

There is no certainty in gambling and if you try to rationalise it you are only going to make a fool of yourself.

No surprise that new gamblers will likely encounter the fear of the unknown because the picture is painted bright and rosy, till reality sinks in.

Many are attracted to gambling because of the chances of winning big with minimal effort. What goes on behind the scenes, the consistency and the efforts that you need to become a successful one is often less known.

So, how do you overcome it?

The best way to overcome the fear of the unknown is to better understand gambling, be consistent and stick to your game plan.

2) Fear of being wrong:

Our educational system is rooted in the construct of right and wrong. We are rewarded for what are deemed to be correct answers and the ensuing higher grades, which generally lead to more successful lives. Being right affirms and inflates our sense of self-worth. As students we learn to avoid as best we can the embarrassment of being wrong. Getting the right answer becomes the primary purpose of our education. Isn’t it regrettable that this may be inconsistent with actually learning? – Mel Schwartz

In short, we are all culturally wired wanting to be right. We simply hate being wrong and will do whatever it takes just to defend ourselves.

When you relate that to gambling, what do you get?

A gambler who wants to win all the time without setting a stop limit while gambling. You all very well know what happens at the end. ( BUSTED!!! )

What can you learn from it?

Always put stop limit while gambling and do not let your need to be right bust it all.

Your risk reward ratio must be at least 1:2. So if you gamble and risk $1 at least try to get $2 back.

This way if you are right even 50% of the time you loss nothing.

Remember that there is no relation between your winning % and profitability.

If your risk reward ratio is 1:3, you can only be right 40% of the time and still end up with profit.

3) Fear of loss or letting profits turn to loss:

Loss aversion refers to the tendency for people to prefer avoiding losses than acquiring gains. Studies by Amos Tversky and Daniel Kahneman suggest that losses are twice as psychologically powerful as gains.

This means that we are all afraid of losing and would do whatever it takes to avoid losses. However, by avoiding losses it leads to decisions that will later do you more harm than good.

When you are afraid to take a loss, you hesitate to stop gambling even when you are on a losing streak because you will desperately try to recover back your losses. And this eventually results in busting all your balance in one unlucky session.

And if these isn’t enough, the fear of losses also leads to another fear. The fear of giving back profits.

So how do you handle the fear of losses?

• Gamble with money you can afford to lose (not money that is required to pay the bills)
• Risk no more than 25%-10% on any day.
• Gambling is dealing with probabilities and chances never certainties.

If you can’t take a small loss, sooner or later you will take the mother of all losses – Ed Seykota

4) Fear of giving back profits:

One of the biggest psychological hurdle a gambler must face is the fear of giving back profits.

How does it come about then?

Let’s be honest, when you started gambling after watching a youtuber making easy profits or one of your friends/someone suggested it, you thought it is easy, and do not know what you are actually getting into. Its totally normal to lose money when you just started gambling.

So what do you do now?

Whenever you have a small profit in a lucky streak, you do whatever it takes to protect it, fearing that it may turn into a loss. Otherwise known as the fear of giving back profits.

This is a direct result of how much you have lost in the past. The more you lost the greater your fear of giving back profits, and this vicious cycle just keeps repeating.

It can easily turn a winning session to a losing session. Lets say suppose the next 5 sessions the results are like this:

L L L W W

For every session win, you win $20 and if you loss, you loss $10.

If you let your session play out till the end one by one as its suppose to be, You will net a profit of $20. But the fear of giving back profits will not let you do this as in the first three sessions you have lost $30.

What will you now do is protect whatever small gains you will make. Suppose you stop at only extra $2 gain the end session result will be a net loss of $6, if you even manage to pull of a $5 gain you will only break even.

This is how your fear of giving back profits spoils all the best game plan.

How do you overcome this then?

Develop a game plan that has a proper betting system, strict bankroll management system, clear start and stop point, and follow your plan. By having a clearly defined plan, you will be more objective in your gambling instead of gambling based on emotions.

Conclusion:

It is normal to have fears in gambling after all we are just humans. But whether it builds or breaks, is entirely dependent on you.

Hope this helps and makes you more confident next time when you gamble.

If you have any post idea suggestions or need any help e-mail me: cryptoamar@gmail.com

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