I took a trip to the casino last night again and played roulette for some time and visited a past lesson that seems to get a lot of people. In the end, I ended up losing all of my money, but the main cause wasn’t from not quiting at the right time. This time it was from losing my temper!
I was trying out some random betting systems on the roulette table and was having an average night. Then I started hitting a strange streak of losses. I started betting on black, a good odds outside bet. The ball landed on red 5 times in a row. So I started betting more money on black expecting the odds to shift and the ball to eventually land on black. Well, the ball landed on red a 6th time, then a 7th time. I started doubling my bets like the Martingale system in order to recoup my loses, but I kept losing.
Eventually I just decided to bet on red with a lot of money. Unfortunately it landed on black just at this time. So I continued betting on red for three more times and then the ball landed on black three more times! So I decided to switch off and bet on black once more. The ball landed on red! This was over 10 straight losses over alternating my bets over different colors. Eventually I just lost my temper and bet everything on black, and I lost of course…
There are two lessons here to remember. The first and most important one is to not lose your temper. It is easy to become frustrated after losing many times in a row. The second lesson here is to always stick to your system and not stray from it. The correct thing I should have done was to keep betting on black and it would eventually come. Not sticking to the system and becoming frustrated with bad outcomes is a bad combination that happens to many people. If you start getting angry, the best thing to do is walk away to a slot machine or another game for awhile to cool off. Otherwise this leads to aggressiveness and unsound strategy in a game where the odds are always against you. This is actually the number one reason people will lose all of their money in a short time.