The Personality Traits You Need To Be Successful When Gambling

Success in gambling doesn’t come as easy as it might seem when you first start reading about “easy” game strategies or betting systems.

The skills you need for successful gambling?Sound thinking is key. Pictures: Thinkstock.
The skills you need for successful gambling?Sound thinking is key. Pictures: Thinkstock.

The cold hard truth is that professional gambling is a very strenuous process that demands plenty of psychological and emotional investment, which can often lead even the most perseverant of gamblers to just quit and go a different path in life.

Even if you do persist and start making good profits, your training won’t stop there as you’ll need to continuously improve your skills to stay on top of your game.

If you think you’re ready for such a commitment, here are a few tips on what personality traits you need to work on during your journey to successful gambling.

Patience

Patience is the essence of becoming good at anything, especially gambling.

Not only do you need the patience to study a game and become good at it but patience will also be essential to get you through every bad hand, a long losing streak, or a marathon game until the right time comes to strike and make some money.

After all, gambling is a waiting game where, in most cases, the odds will be against you, so if you don’t have the patience to wait for a window to put that training into action you will be risking your time and money for nothing.

Discipline

Like you need the patience to persist until your opportunity comes, you also need the discipline to help you survive that wait.

Phil Ivey
The kings of poker like Phil Ivey are masters of biding their time.

Your physical and psychological well-being is just as important as your skills, especially if you’re planning to play card tournaments.

Drinking too much, chain-smoking, or eating bad food can all affect your performance at a game and your ability to rationalize, stay cool, and make the right decisions.

Cool head and restraint

Even when it comes to your daily job, impulsive behavior can lead to making rash decisions that you will regret and ruin your professional appearance.

Being impulsive is the mark of inexperienced gamblers, or at least those who are less serious about playing professionally.

Being over-confident, panicking, or being too emotionally involved in your game can all be very counterproductive. Even when you’re losing, you often have to show restraint and walk away, accepting that a drastic variance in results is just the nature of the trade.

Daniel Negreanu masterclass Omaha 8 poker.
Daniel Negreanu is a master of keeping a cool head in poker

Confidence in decision making

Like a business manager, you will need to make series of strategic decisions to minimise your risks and profit from a long-term investment in a game.

Too much self-doubt, like too much confidence, can hinder your ability to make the right move when the time comes. Of course, no confidence should be unearned and based on instincts alone rather than a clear understanding of the game and your odds at a given situation.

Mathematical Thinking

Some people assume that you have to be a math genius to make good money with gambling. While this is not entirely true, as many professional gamblers have proven, you will still need to think mathematically to actually make a profit.

Making sound assumptions based on previous results in real time by calculating odds and probability is essential in any type of gambling, and it is a skill that you practice and develop over time.

Professional poker players, for example, always stay on track with the cards that have been dealt and speculate on the probability and odds of the hands of their opponents being weaker or better than theirs.

In sports betting, you need to understand the odds of each bet and estimate whether it has a value you can profit on based on previous team performances and stats.

Online casino myths
Successful gambling is more than just rolling the dice and hoping.

Even with online casinos, you need to think mathematically to understand whether a bonus can be turned into profit by calculating the wagering requirements against the types of games they apply to and the estimated returns of those games.

Business-like mindset

And last but not least, to be a successful gambler you need to have a business-like mindset. Professional or successful gambling is a business like any other – you plan a budget, make an investment, and then monitor your performance to see whether you’re on the right track.

Knowing when to take risks and invest more will prove vital in your playing, just as knowing where not to waste your hard-earned money will. Moreover, seeing your gambling as a business will also help you see it as a long-term investment that you have to make work with time, knowing that losses and failures are part of the everyday life too.

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