How to Transform Your Gambling Life With Calculated Risk Taking
High risk is a fundamental element of gambling, business and life, but so few people know how to handle it properly. The word risk means too many people stress, and possible loss. But risk also has a beneficial part, the chance of reaching a big win, of getting more than you have put in.
There is such a thing as an intelligent risk. Those are obviously the ones where the benefit exceeds the downside.
Now we all know it's generally a bad idea to take foolish risks, where your predicted result is negative and the possible benefit is very low. But it's ridiculous to avoid a brilliant risk, where your predicted result is high and the downside very limited.
My worst-case risk for trying a new system or method in horse racing is that I'll waste about four hours of time, I'll lose a few races and little bit of money, and I'll learn something new.
But what exactly is the best outcome? The best result is huge. I might fall upon a new system that completely increases my winners and gambling income. And in that situation my only investment was a few hours of time.
Most of us are very good at not taking silly risks, but we're extremely bad at taking wise risks. The most foolish mistake is to not take any risks at all.
The key to intelligent risk-taking is to look far enough forward. When considering financial and personal development, I do not just think a month forward or five years forward. I think across the period of my whole life-time. I ask myself, "What advantage might this give me over the period of the next several decades?" Over that timespan even small changes you might make this week can make large long-term advantages. Doing nothing is way, way more negative.
The thing that keeps me from getting frustrated when bad losing runs or other problems happen at the present time is to keep considering long-term goals. I may be having a lot of failures now but I know I need to make many mistakes to hit the next big breakthrough. So I just steam roller through those problems as quick as possible.
Do NOT quit during the losing runs!
Going through losing runs is the toughest time for many gamblers because you are putting in effort and getting very little to back for it. Just accept that that's life and allow yourself permission to work tirelessly and have little to show for it, provided that you wisely keep a long term perspective.
Find a well thought out risk you can take this week. Most likely it will not pan out. But what if it does? Enjoy taking the risk either way because regardless of what the result, you will gain long term knowledge just by making the effort.
Paul Coleman is a keen horse racing follower who specializes in UK racing.
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