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How do you defeat "Greed?"

Discussion in 'Casino Gaming' started by engicedave, Mar 21, 2014.

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  1. engicedave

    engicedave VIP Whale

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    You know what I mean...the chasing a bad day, or the having a good day and keep going or going higher, or pressing too much, too often?

    When do you think your game or play is affected by greed?

    For me, it's usually the end of the night, I want to go to bed on a winning/high note, so I play higher or less smartly
     
  2. Big Tip

    Big Tip VIP Whale

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    This has to do with money management.
    Set win goals. Set stop-loss amounts.
     
  3. earth-3

    earth-3 High-Roller

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    The stop loss plan works for me. I don't ever have a problem quitting if I'm on a loosing streak. I like to break down my daily bankroll into thirds; morning, afternoon and nights. There is so much to see and do, I can switch gears and become a regular tourist at anytime. If I'm ahead, I'll quit when I double my buy in. If I can do that twice, then I'll put my original amount away for another time and place. That includes the next trip.
     
  4. DeMoN2318

    DeMoN2318 The DERS

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    Its never greed if you plan to lose the money you take to gamble with. Go big or go home
     
  5. bardolator

    bardolator Lifelong Low Roller

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    After you have doubled your stake, take your stake off the table and play with winnings only. No exceptions. For example, if I took $500 to the BJ table and got to a thousand, I would color up half for a purple chip. On machines, cash your ticket, put half into the machine and cash it out for a ticket, hold the ticket, and then play with the remaining cash. Cash the reserved ticket on your way out the door or even the next day.

    On the downside, take exactly the amount you can lose without feeling miserable, and if you lose it, don't get more.

    It's all about money management, as a previous post said.
     
  6. DeMoN2318

    DeMoN2318 The DERS

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    This is greed? this sounds like the opposite of greed...greed would be coloring up to a yellow and going all in big willy style
     
  7. agentq

    agentq Low-Roller

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    ^ I think that was the point :)

    I personally have great difficulty setting win limits. This has cost me severely when chasing what should have been minor deviations from a net winning session. I rarely have problems chasing when in a session that is losing to start, so my focus is on not getting in over my head on big winning sessions (where I am pressing).
     
  8. woodsie

    woodsie Low-Roller

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    Have rules.

    1) The amount your willing to lose
    2) The circumstances under which you press.

    I press on wins only and only after I've covered my initial bet. Once I start pressing, I don't stop till I lose and then I start back from the beginning. Pretty simple rules.

    Pressing while losing is bad news all around.
     
  9. hail2skins

    hail2skins Low-Roller

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    Like others have said, its all about money management. I play blackjack and craps and try to buy in for 40 times the table minimum (say, $200 at a $5 table) and am of the mindset that I intend to spend an hour at the table and take stock of where I am after that hour (am I still having fun?).

    Of course, if you're getting your clock cleaned in that hour, the "fun" question is usually easily answered, unless you're at a table with some lively people and the dealer(s) are cool. Admittedly, things that make me stop before the hour is up at a blackjack table is if the dealer is continually pulling ridiculous hands (21s against your 20s) or if some dude continually is screwing up basic strategy. I know "misplayed" hands help you as much as hurt you, but if you're playing with some guy who is constantly hitting his 12-16 against dealers 5-6, and you're losing.....it gets old.

    I also am very conservative in my betting levels and don't press very aggressively, but instead am very gradual about it. That makes for what folks consider fairly boring gambling outings (I don't think I've ever been up or down more than $700 after a gambling trip), but I believe that psychologically the degree of sadness over losing a big amount is greater than the degree of happiness if someone wins a big amount.
     
  10. Electroguy563

    Electroguy563 Over-Fried Gambler

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    I don't think I can defeat greed but I try to keep it at bay. It's a human trait that is hard to control, especially so when gambling and winning. When losing it's easier to control your desire to get even or ahead. (For me, anyway. For some people it's the direct opposite.)

    I have a problem when I'm winning. I go for more and end up losing it all, lol! I try to defeat this greed by asking myself "Am I having fun? Is the table jumping with great players and dealers?" If it is then I'll stay and go for more and whatever happens, happens.
     
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  11. MikeOPensacola

    MikeOPensacola VIP Whale

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    I discovered that when I go to Vegas for a week, which is now my standard stay, I don't feel the need to gamble mega hours each day. When I was younger my stays were shorter and it was pretty much non stop gambling except for food and sleep.

    I chased my losses once, with really bad results, learned from it and I've never done it again.

    If I'm winning I'm not the least bit afraid to up my bets and go for a big win. Streaks happen all the time and I reckon that it pays to jump in with both feet to try to take maximum advantage of them.

    Greed and fear, respect these emotions and try to handle them as best you can and they will not only serve you well in a casino but in the game of life as well.

    :peace: :beer:
     
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  12. Chuck2009x

    Chuck2009x VIP Whale

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    I never chase losses, but I get a little sloppy when I'm up.

    I think the psychological battle there is between being up and trying to take the winnings and get a lot up fast for a solid score and instant gratification, vs your expectation that if you don't do that, you're just going to bleed it back.

    Then again, I sympathize with the statement that you're at the table to gamble, not to get CD rates on your money. :evillaugh
     
  13. DMSCR

    DMSCR High-Roller

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    1. Always know what you are planning to get out of a venture. Once you get it, get out. Always know your endgame.
    2. Decide when the race will end. Once you get there reward yourself.
    3. Always aim for the short and narrow.
    4. Once you feel you are invincible that is when you should be afraid.
    5. Read chapter 2 of the Zurich Axioms and infuse that chapter into your bones.
    6. Never stay too long.
     
  14. spicole

    spicole Low-Roller

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    A stop-loss limit is a good tactic.

    A few years ago I read a chapter in a poker book (by Mike Caro?) that described the "Threshold of Misery". Basically, any losses more than that will feel the same. For example, let's say for your bankroll that a win of $1,000 would be fantastic, and a loss of $1,000 would be somewhat devastating, but within your bankroll. Instead of losing $1,000, you go on tilt and lose $2,200. That $2,200 loss really feels the same as a $1,000 loss... you have passed through the Threshold of Misery. If your stop-loss was at -$1,000, you would have saved ("won") $1,200. Similarly, if you are down -$2,200 but claw back up to -$1,000, the crappy feeling of losing still persists, even though you "won" $1,200 which should feel great. His point was that if you are playing past your Threshold of Misery, there is a possibility to make poor or disastrous bankroll decisions that you would not normally make. A quick Google search on the topic brings up a bunch of examples.
     
  15. Kickin

    Kickin Flea

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    This is so true! I am exactly this way and after a certain point of being down I just stop caring any more. It becomes so easy to rationalize things by thinking "fuck it, if I lose twice as much what's the difference?" and dumb things like that.

    I guess greed can be manifested in a few different ways - whether you play more aggressively when you're winning, when you're losing, or just any time. I think I'm definitely the type Steve Cyr described in his book as a gambler who "eats like a bird but shits like an elephant". I generally tend to walk away with small wins but will keep chasing losses. Its worked for me over the past year, my MGM w/l statement shows a 5-figure win at table games, over 100x my average bet. I never had a single monster session, it was just clipping smaller amounts here and there. But I also lost a lot of that on machines, and I played those with the same attitude. I'd walk from a VP machine with a small win but I had several sessions where I just kept feeding bills in and losing them quickly until the stack of benjamins in my pocket was gone. I have a hard time walking away when I'm down.

    I think the only way to really "defeat" greed is to accept that you will lose discipline and go on tilt regardless of how many rules you set up beforehand, so set up some boundaries you can't easily break like simply limiting access to immediate funds.
     
  16. LuckyDog77

    LuckyDog77 Tourist

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    I take a portion of my overall gambling budget and let it go crazy in hopes I get lucky and have a big win. The rest of it I play very conservatively to make sure if goes further.

    An example of this is my MM bets for this year so far. I learned that varying my bet amount was what is killing my bank roll. Now, I make sure to bet relatively the same amount on every game. I have 16 of 27 bets. That just over 59%. Considering some were moneyline of +200, I have tripled my money. In the past, I'd end up betting big on one or two games trying to hit a home run, and I'd lose it all.
     
  17. engicedave

    engicedave VIP Whale

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    I usually find myself "playing stupid" at one of two times; when I am up (had a large win/handpay) or at the end of the evening, looking to go out on a high note.

    Not sure if "greed" was the right word for me to use in the thread title, but it just seems I play stupid late at night or when I have a lot of money
     
  18. mjames1229

    mjames1229 VIP Whale

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    There are many people that all have different circumstances and different "reasons" to go to Vegas. Being in the Midwest, I get out there once or twice a year. So my situation might be different from someone in California that could go on a whim if s/he really wanted to.

    That said, and back to the OP's comment... I think engicedave hit it on the head. When I am ahead, I can press the accelerator. I can feel like a big shot. I can play the $1 slots or VP, or I can play craps more agressively than I can at the beginning of a buy-in.

    At the end of the night, same thing... kind of let me (non-existant) hair down, play a higher volatility game, etc.

    To me, this is all part of the Vegas Vacation experience. Have I gone past the point of misery? Oh yeah. Has my pressure cost me some winnings? Yep.

    But just being ABLE to be more aggressive is what I look forward to in Vegas, and I wouldn't give that up... and I wouldn't call it greed.
     
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  19. kitson

    kitson VIP Whale

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    you could let yourself be distracted by lust or gluttony. probably are four other distractions that would work, too.
     
  20. shokhead

    shokhead I'm no big spender!

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    I alays go home happy because my goal isn't to go to Vegas and gamble to make money. It's to have fun with the money I have set aside for however long I'm there. Winning is icing on the cake. If I went to win big or make money then I wouldn't have fun with the whole Vegas experience. I learned that a long, long time ago.
     
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