5 mental responses will make lose money
In this article we’ll talk about 5 ways your brain tricks you into thinking the wrong way and how to prevent it so we can be more efficient with our betting.
What are these cognitive blurs and how do they trick us?
A “cognitive blur” is just a psychological effect that triggers the alteration of the way we process information. The most important consequence of these alterations is that it makes us misunderstand things, perceiving everything different from what it actually is. In other words, our brain tricks us and makes us see something that is not there. They are pretty common and it doesn’t mean we suffer a mental disorder or anything, it happens to everyone of us constantly because it’s something we acquired during our evolution since these “blurs” have made our lives easier. Given their huge importance to our brain, it triggers them automatically.
The efficiency of these responses is clearly demonstrated. We wouldn’t have made it this far if we wouldn’t have perceived the danger of a nearby predator with just hearing a noise, or seeing a shadow in the bushes. If we wouldn’t have implemented these responses, the humans from the past would not have started running until they had the predator very close and were fully aware of it with all their senses. Therefore, results logical to think that this tool that makes us think of certain things without considering all of our senses has been pretty important in human evolution.
But not everything was going to be good, of course. When saving information or not considering everything you can perceive, in many occasions we can make mistakes and in consequence judge everything the wrong way which lead us to make wrong decisions without being aware of it.
These responses will affect you in almost any situation: when buying a car, when voting for a political party, when buying groceries, and yes, also when we make our bets. Want to know what are these mental responses and how to control them? Keep reading.
1 – Aversion to Loss
There’s a strong trend to prefer “not to lose” than “to win”. This is because we are so scared of losing money that we wouldn’t execute our winning strategy the proper way, making absurd decisions and changing our betting system to “avoid losing what you still have”.
This mental response happens when we made a bad pick and we regret “not betting less”, if we have measure our risk with Stake and assign a certain amount of money to certain grade of stake then stick to it, you have to resist that aversion to loss and follow your system with discipline. A little trick of my own is to never have an exact number balance as my Bank, whenever I withdraw profits from my Bank for example instead of $500 I leave $489 or something. Mentally is not the same betting from $5xx than from $4xx.
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2. False Expert Belief
When we get a pretty good streak and reach a very decent Bank, most times we make a dumb bet and lose a lot. Yes, this happens to everyone and now one can deny it. The biggest Bank losses are often just the follow up of a very good streak, our picks were accurate headshots and all of the sudden we lost 20% of our bank in 2 days.
Why does this happen? Pretty simple. When we get our wins we acknowledge it to our experience, to our great work. When we make the wrong decisions and fail it’s all about bad luck, our tipsters or anything else. That’s why after a good winning streak our confidence is so high that we think of ourselves as experts in what we do, so much we expose ourselves more to risk making dumb bets.
3. What Goes Up Must Come Down
When we find a new Tipster and see he had an exceptional month with a 15/20 streak, astronomic gains and such, we tend to think it will be like that forever with considering the regression to the mean. This response makes us ignore statistics and assume that we will always win with this new Tipster which could make us set a higher stake than usual, risking more money and losing it. Remember: What goes up must come down.
4. Raising Stakes
We set a Medium-High stake to a soccer game we have a lot of confidence into, it’s the typical “all-in” game, we bet more money than we should. Our game starts, easy money, yeah. Minute 70 and that damn Over 2.5 is not happening, you get nervous and your brain starts working: “I’ll bet on Over 1 with Odds 2.00, fuck it I’m sure they score at least 1, same stake as the original bet so I recover my money”. Final Result 0-0 and you crying in a corner.
What happens here is just another of these mental responses, raising our stakes. Once we made our stake decision we stick to it, don’t play with your stake and Bank or you will end up broke.
5. Bandwagon Effect
It’s what happens with “PublicBets”, Bets that everybody places because of some rumour or last minute news. This effect is based in doing something just because of the fact that many people are doing it. This effect is used mostly by Twitter publicists to get more clients or publicity money. Have you ever noticed how some people post and post about certain sports and players without knowing what they are talking about? I’ve read many Tipsters claiming to have 600 clients short before finishing month with negative balance.
Alright, now you know a bit more about the mental responses that could lead us to make bad decisions and lose money in the sportsbetting world. I hope this article helps you keeping them into consideration in the future and start controlling them!
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