Everyone knows that chasing losses is a stupid thing to do, so why do so many people do it anyway, even those who are trying to make an income with their betting?
Some people chase their losses because they don’t have a strategy and so are easily panicked into when things don’t go well. Perhaps they can’t afford to lose that money and they more they try to recoup it the more they lose and they get themselves into a vicious cycle. This is one of the things that makes gambling so addictive.
However those of us who are making an income with our betting are not gamblers. Because we have a long term strategy to follow, we don’t get unnerved by short term losses, as we know that over time our betting will generate profits. We bet with our heads, not our hearts, so we don’t get caught up in the heat of the moment (take a look at my post on Common Betting Mistakes for more about this).
You should expect to both win and lose over the short term, so you won’t be panicked when you do occasionally make a small loss. Always keep the bigger picture in mind and remember that you must keep your head to generate long term profits. The bookmakers love it when you chase your losses, as it puts the odds firmly in their favour.
The best thing you can do to guard against this is to have a proven betting strategy that you stick to no matter what. Big Mike Betting has written a free Betting blog containing the instructions, tools and resources you need for a variety of profitable betting and trading strategies.