Top 10 Reasons Why People Lose

1. They don’t have a time tested and proven strategy that wins. A winner will take the time to research and test a method to make sure it can show long-term profits. If it looks promising they’ll test their method with real money making small wagers to learn and understand it before betting seriously.

2. If they have a successful method they don’t have the discipline or confidence to follow it. Losers don’t put in the proper time to practice and study their method, thus they lack the confidence to properly use it in the correct situations. As soon as a losing streak takes place they abandon the method searching for the next method that promises them riches. A winner takes the necessary time to learn and understand a method and sticks with it through the inevitable losing cycles.

3. They make too many bad bets: In contrast most but not all winning handicappers limit themselves to a couple prime bets per day per track. Some days they may not bet at all. Again, I can’t stress this enough, if you want to win long-term don’t bet unless you have an edge! There’s plenty of stuff you can do at the track when you’re not betting. Try to get better at visual handicapping. Try a new handicapping approach that’s worked for others and see what you can learn. I can handicap a card and not have any bets for the day. The next day at the same track I might have 4-5 qualifying bets. Don’t determine beforehand how many races you’ll bet, let the bets come to you. There’s always another day.

4. They can’t stand being wrong. It is more important for the majority of people to select and be on the winner of a race than it is to win money. They’ll bet on the favorite even if it’s over bet just to make sure they cash a ticket. They’ll hedge their exotic bets with multiple horses even if it costs them money in the long run. Do the opposite if you want to win.

Ron Cox a noted handicapper observed that it wasn’t until he started asking himself how or if he could make money on the race instead of asking who the winner was that he really began winning at the races. Instead of spending all your time trying to figure out who the winner will be, try to figure out if there’s a way you can make money in the race.

If you can’t, pass the race and avoid wearing the losers suit.

5. They blame somebody or something else for their losses. When you blame something or somebody other than yourself for your losses you will continue to repeat the same mistakes. If you say you lost because of the jockey, the trainer or the track you will repeat the same mistakes over and over because their actions are outside of your control. If you don’t control your outcome your actions don’t have any consequences. (There are some things out of your control in the short term but we’re talking long term here). Also, if they’re responsible for your losing they’re also responsible for your winning! You never hear someone give credit to the jockey or the trainer after they win a bet. The winning is always due to good handicapping; the losing is almost always blamed on something else. Start taking responsibility for your bets; you’re the one that placed them.

6. They blame bad luck on themselves. Losers will blame themselves for results that are part of the game but beyond their control. If their horse goes 4 wide and loses by a neck or their horse gets trapped and doesn’t get the racing room it needs to win they blame it on bad luck. (But when their horse wins because another horse gets into trouble it’s quickly forgotten.) This is part of the game in the short term. Understand what’s beyond your control and the things that you can control. Pay attention to the long-term results.7. They don’t cut back during long losing streaks. The most important part of money management is not to let your losses get out of hand. You have to learn how to preserve your betting capital. Most people start making bad decisions when they’ve lost too much money for their comfort. They increase their bet size or start betting on marginal horses trying to make their money back immediately. Why? They can’t accept losing or missing a bet on a winning horse. You’re going to lose races and pass on winners that you could have bet. Accept that and make sure you have a good money management system in place and a large enough bankroll to withstand a losing streak

8. They’re a slave to their ego. They only focus on how many winners they’ve picked. Remember the goal shouldn’t be how many winners you picked but how much money you have in your pocket at the end of the day, the week and the year. This will change your entire perspective on picking horses and betting.9. They’re comforted by all the losing horseplayers around them. Losers know how to handle failure because they’ve done it before. Other losing horseplayers share their losses and sympathize with them creating camaraderie between the group. This leads them to more losses in order to be a part of the group (their friends of losers). It may sound silly but the psychology behind being part of a group and having a sense of acceptance and belonging has lead to a lot of irrational behavior in history and in today’s society. Do your own thing and find others who are also dedicated to winning. Stay away from the whiners who blame everything bad that happens to them on someone else.

10. They believe the outcomes are fixed against them. If you’re in the game long enough you will read from time to time about some questionable instances in horse racing. Overall though it’s as honest as about any other sporting event. If you don’t think it is, why are you betting? Horsemen have too much to lose by not running as honest a game as possible.

If you’re currently losing do yourself a favor. Discard any pre-conceived notions you have about handicapping and start over. Throw away all your non-essential handicapping material. I did this and I believe it’s the only reason I’m able to win today. I was filled with information from losing horseplayers and outdated books. If you have some concepts that are winning keep those, but get rid of the rest.

*Some of the above information doesn’t apply to people who play the horses a couple of times a year. If you’re one of those players you can learn from the information in this book but tailor it to your needs. Concentrate on the handicapping sections and have some fun.

Traits of losing handicappers

Here’s the ultimate loser’s profile (do the opposite if you want to win):

• They have a negative outlook and always expect the worst to happen to them.
• They blame others when things go wrong and only accept responsibility when things go right. If the five horse loses it’s the jockeys fault. If the horse wins it’s because it was a good bet.
• Instead of relying on their own opinions they follow the crowd, look for tips and are easily swayed from their own opinions. (Don’t take this to the extreme though. There are different approaches and opinions that are valid. Each of us is not smart enough to know all the answers. Keep an open mind and learn but don’t be swayed from your own opinions if you have solids facts and data to back it up.)
• They are impatient and have little control.
• They need constant action regardless of the outcome.
• They don’t put in the necessary time and study to understand their handicapping method, their own strengths and weaknesses, risk control, money management and the process of winning.
• They always look for a shortcut. Success is found in simplicity only after you have waded through complexity.
• They don’t follow a system or method long enough to see if it works. They’re constantly searching for the magic bullet that will lead to riches