How to get through losing streaks
In betting, losing is something that is unavoidable. Even the best professional bettors will lose, and there will also be long streaks of losses that seemingly never end no matter what. However, this is not all bad. You need to understand that these losses will happen, and build yourself up from there. Here are some of our steps and tips to go through when you are having a bad streak of losses.
Understand Whats Going On
Stated above, losses happen. But, what is a losing run? What may be one bettor’s losing streak may just be an ‘accounted for blip’ for another. No profit-making betting strategy has ever survived by relying on every single bet being the right one. Needless to say, it is nice to go on a long winning streak, granted, but the reality is that even the professional bettors (who have shown the ability of a number of years and thousands of bets), will hit a losing streak at various time points.
From a different point of view, if your losses are severely affecting your betting bankroll, then there may be something fundamentally wrong with your staking plan (i.e. how much you’re wagering on each bet) and/or your selection criteria (i.e. the reasons for your picks). Losing runs are sure to come and go, however, losing runs offer a good opportunity for you to review your staking plan and bet selection process. If you follow a sound staking plan and bet selection process are founded in solid betting theory, then you should be confident and continue to bet and work through the losing streak. Conversely, if your staking plan and selection process are inconsistent without betting theory to support them, make the appropriate changes to your betting strategy before you go bust.
Have a break from Betting
Let’s compare the activities of a professional bettor to that of a professional sportsman. This analogy works particularly well when it comes to dealing with losing runs. Even the best bettors go through losing streaks, but it’s the manner in which they deal with these losses that sets them apart from bettors who consistently lose, and cannot get back up.
Imagine that you are a manager of a football team who has just witnessed his team lose after extra time in a hard-fought match. The last thing you would want to do in this situation is to go straight into another high-intensity match soon after. The optimal move here would be to give yourself and the team some rest, and some time to re-think your tactics, assess injuries, and choose a team capable of winning the next match.
These principles also apply to dealing with a losing streak in betting. If you feel that your losing streak is going to lead you into making poor decisions, or applying your staking plan inconsistently, you should simply take a break. Give yourself a couple of days off to take stock, and figure out why you’ve been making the wrong betting selections. There is no bettor that makes consistent profits by putting poorly researched bets on in a rush, or by failing to follow an appropriate staking plan. In the long-term point of view on betting, there is definitely no harm in taking a few days off. Freshen yourself up, and get back at it when you’re ready.
Analyse the Data
If you go on a long lasting losing run, resulting in your betting bankroll dropping to unacceptable levels, then there may be something seriously wrong with your betting decisions and/or your staking method. In this case, you should go through your betting spreadsheet and analyse where you have gone wrong.
A very easy and good habit to get into when recording your bets on a spreadsheet, is to make a comment on your approach when placing this bet. Did you stick to your staking plan? Did you analyse that particular event as you had planned? The more honest you are with these comments, the better off you will be in the long run. If you failed to stick your plan when making a certain bet, make a note of it, even if the bet ended up being a winner. Why should you do this? Because when you review bets where you did not stick to your plan, you will see that these decisions are costing you money. Some will be winners, but the majority will be losing bets costing you a significant portion of your bankroll. There’s no better way to help you develop betting discipline.
Don’t be too scared
This may sound a little different from the previous points, but standing staunch and resolute will help you work through those frustrating losing streaks. Stated earlier, losing streaks are inevitable, even when you make the right betting decisions, and apply a sound staking plan. So, when a losing streak comes, do not be disheartened, and if you’re doing things right, keep doing them. Keep to your processes, your staking plan and your selections. Eventually, you will work through your losing streak and come out the other end with greater confidence.
To Sum it all up
Yes, losing streaks are difficult. You will often feel great self-doubt, worrying that the good results have just been through luck, and that maybe you are not going to be the long-term profitable bettor that you envisioned yourself to be. But take it from us, your first losing streak will be the hardest, and each losing streak will affect you less and less. Once you realise that losing streaks are more common than not, and that you will work through each one by sticking to sound betting theory, your confidence as a bettor will continue to grow. If a losing streak throws you off course, and leads you to make changes to your initial betting strategy simply because you need to find a couple of winners to restore your confidence, the only sue thing is failure. So, when a losing streak comes, be brave and weather the storm.