Why Many Gamblers Ignore Risk Until They Experience A Big Loss

[hyudien]

My question is that, Do you guys think gamblers can learn risk management without them experiencing a loss or personal experience is the best teacher when it comes to gambling?

Maybe there are people who learn risk management without experiencing losses first, but I believe the number is small compared to those who experience losses from gambling first, yes I belong to category no 2, it took me quite a long time to realize that risk management is very important in gambling, realize discipline is important, realize I can't make long-term profits. So I agree that experience is the best teacher.

[rachael9385]

This seems to be a pandemic now, a lot of people especially beginners don't really listen when they are Being told about the dangers of getting involved in gambling without proper risk management or being disciplined. Experience they say is the best teacher but for me I think the best way to learn is to learn from other people's mistakes so you don't have to go through the same problems they did.

[justdimin]

Conclusively, experience  teaches lessons that advice can’t teach, many gamblers understand the rules but they don’t understand the value of those rules until they pay the price of ignoring them. My question is that, Do you guys think gamblers can learn risk management without them experiencing a loss or personal experience is the best teacher when it comes to gambling?

It's actually not easy to understand how dangerous reckless gambling is once you get addicted to it. From the outside, it might seem like a joke how people get addicted to something but once you start gambling and lose control, it's insanely bad.

I've been there, so I know how it feels to be addicted. You get stuck in a loop where you lose money -> regret -> find money -> gamble again -> lose again and the loop continues until you reach a point where you can't find more money to gamble. Thankfully, in my case, I was able to come out of it without losing too much but there are others who don't find a way out that easily.

[Frankolala]

Even at this, some gamblers find it difficult to learn from their experience. They prefer to take big risk and several big losses because all their focus is on making profit. It's only a gambler that is gamble for fun that can avoid that trap but not often. Sometimes, a little mistake will make you forget all these rules after a big loss and you will start chasing your losses.

[Ever-young]

Even at this, some gamblers find it difficult to learn from their experience. They prefer to take big risk and several big losses because all their focus is on making profit. It's only a gambler that is gamble for fun that can avoid that trap but not often. Sometimes, a little mistake will make you forget all these rules after a big loss and you will start chasing your losses.

Absolutely right, at times its just minor mistakes that will make one to gamble without following the rules and until the damage has been done, that's when they will realized themselves and to stop gambling or quit will be a difficult thing for them, as their mindset its to recover all they have loss. However, it takes one a very disciplined one to avoid getting into problems that will profit them nothing, and this can happen if they are always ready to control their emotions, as it won't take them unaware.

[DrBeer]

Many gamblers knows all the advice that people gives them. They know about bankroll management, setting limits, avoiding chasing after losses, and self control. But the truth is that many gamblers don’t take all those things serious until they experience a painful loss. When a person  wins or lose only little amount of money, they usually believe that everything is under control. Because of this confidence, they will start increasing their stake, neglect warning signs and take bigger risks.

The truth is that, risk doesn’t show itself immediately. A person may make several careless bets and still end up winning. This can make a person believe that they’re making a good decision, whereas it’s luck that Favor’s him. But once they encounter one big loss, that’s when reality show up. It’s at that time many gamblers start to understand the importance of emotional control, discipline, and bankroll management. Some people even discover that the money they have lose in one bad day can wipe out weeks or months of previous winnings.

Conclusively, experience  teaches lessons that advice can’t teach, many gamblers understand the rules but they don’t understand the value of those rules until they pay the price of ignoring them. My question is that, Do you guys think gamblers can learn risk management without them experiencing a loss or personal experience is the best teacher when it comes to gambling?

I’ve always said that for most people, the most memorable and effective experience is their OWN NEGATIVE experience. But let’s put it this way-for people who aren’t the brightest The smartest ones learn from OTHERS’ NEGATIVE EXPERIENCES; it saves time, stress, money, and sometimes even their health. If a person isn’t "inspired" by the problems of others that they’ve heard about, they have the right to ignore common sense and test it out for themselves-that’s their personal right! The question is: is it really necessary to do that and repeat other people’s mistakes?

[robelneo]

My question is that, Do you guys think gamblers can learn risk management without them experiencing a loss or personal experience is the best teacher when it comes to gambling?

When it comes to gambling, it's easier said than done. You can say you will only play within your budget, but when you are in a session, you are dealing with feelings and emotions, not logic. It's easy to forget all the best logic in the world on how to be safe in gambling when you are in a casino playing, emotions and feelings like greed are hard to control.

[$crypto$]

My question is that, Do you guys think gamblers can learn risk management without them experiencing a loss or personal experience is the best teacher when it comes to gambling?

When it comes to gambling, it's easier said than done. You can say you will only play within your budget, but when you are in a session, you are dealing with feelings and emotions, not logic. It's easy to forget all the best logic in the world on how to be safe in gambling when you are in a casino playing, emotions and feelings like greed are hard to control.

True, in fact, in the practice of gambling we find it difficult to control greed and emotions into one, especially in gambling games we often forget about logic, so what they think about is the victory they believe today will be lucky.

If the player is already involved in the gambling game, it will be difficult to stop, even though a large budget has been spent, there are still those who do not feel satisfied, which means that the gambling game is not easy to stop with just advice.

[Rubuchi]

This seems to be a pandemic now, a lot of people especially beginners don't really listen when they are Being told about the dangers of getting involved in gambling without proper risk management or being disciplined. Experience they say is the best teacher but for me the best way to learn is to learn from other people's mistakes so you don't have to go through the same problems they did.

it is never a good practice for a gambler to ignore risks. What is more advised is for a gambler to recognize risks and resist it when it is not giving any positive outcome. Taking risks in gambling is inevitable, but taking risks recklessly is also not encouraged so if you.want to engage in any form of risks taking, let it be calculated risk. Let it come from the point of proper assessment and not a blind one. It is easy for me to say I want to take risk but if the risk will cost me more than I can afford, it is only best if I let the risk go and safe my money and stress for another thing.

[Slimzeee]

Yes, it’s true a lot of gamblers must have come across these advise, either by experience or as information, and it will really take them a great loss to acknowledge how important risk management is.
What happens at times is, after a big loss, the gambler might calm down at some point and follow some rules. Then, after he ends up winning big, he abandons the strategies he has just put in place.
This cycle keeps repeating itself and puts him back in the same position again.
The truth is, discipline is harder to maintain when things are going well

[lionheart78]

Many gamblers knows all the advice that people gives them. They know about bankroll management, setting limits, avoiding chasing after losses, and self control. But the truth is that many gamblers don’t take all those things serious until they experience a painful loss. 

Even with a painful loss, many gamblers still don't take that advice seriously.  Many don't even learn a lesson from this bad experience.  The proof that they don't learn a lesson from bad losses is the data of people who were ruined by gambling.

For sure if they learned, they won't be suffering such financial ruins.

Yes, if they learned, but sadly many don't, that is the reason why many lives have been destroyed, not by normal engagement with gambling, but by irresponsible engagement.

[IsraelK]

Many gamblers knows all the advice that people gives them. They know about bankroll management, setting limits, avoiding chasing after losses, and self control. But the truth is that many gamblers don’t take all those things serious until they experience a painful loss. When a person  wins or lose only little amount of money, they usually believe that everything is under control. Because of this confidence, they will start increasing their stake, neglect warning signs and take bigger risks.

The truth is that, risk doesn’t show itself immediately. A person may make several careless bets and still end up winning. This can make a person believe that they’re making a good decision, whereas it’s luck that Favor’s him. But once they encounter one big loss, that’s when reality show up. It’s at that time many gamblers start to understand the importance of emotional control, discipline, and bankroll management. Some people even discover that the money they have lose in one bad day can wipe out weeks or months of previous winnings.

Conclusively, experience  teaches lessons that advice can’t teach, many gamblers understand the rules but they don’t understand the value of those rules until they pay the price of ignoring them. My question is that, Do you guys think gamblers can learn risk management without them experiencing a loss or personal experience is the best teacher when it comes to gambling?

Once a player has paid the price of ignoring the rules and finally embraces strict, unemotional risk management, traditional banking feels like a broken tool. Bitcoin-betting is the financial infrastructure built specifically for the disciplined survivor who treats betting like an asset class:

[letteredhub]

This seems to be a pandemic now, a lot of people especially beginners don't really listen when they are Being told about the dangers of getting involved in gambling without proper risk management or being disciplined. Experience they say is the best teacher but for me I think the best way to learn is to learn from other people's mistakes so you don't have to go through the same problems they did.

Power of experience... Sometimes allow people learn by experience than stressing yourself on making them follow the right track,.and this isn't just about gambling but generally in life dealings. Just as you can't explain to a child that fire burns hurts and he understands, except he get a fire burn experience, that's exactly same way it is for many new gamblers who just starting to gamble and stumbled on luck to win first few bets, they get to lose sight on risk management but experience will bring them to it.

[Z_MBFM]

I think it's becoming a general issue on gamblers ,,no matter the kind of advice given to a gambler they still allowed there emotions to get the better part of them ,which is the mindset that the next one will be favourable and that is how they keep losing ,but just as you have said ,if they master the act of discipline adding with bankroll management,the accessive risk will somehow be controlled,but if they failed just as you have also mentioned,experience is the best teacher ,they mistake and experience will shaping them in making some better decisions about gambling.

Yes, despite losing regularly, many gamblers ignore the risks of gambling because they have developed a mindset of accepting losses while losing. Although they are not financially active, they continue to gamble. Some are addicted to gambling, some are emotional, and some are greedy. Gambling is a place where anyone is bound to become addicted because the lure of big winnings here makes people emotional and creates greed. Those who gamble regularly can never be financially prosperous because the amount of money they earn from other sources is lost by gambling. Still, they cannot quit gambling because they cannot control their greed.

[Natalim]

Experience remains the best teacher even in gambling. People may be fully aware about risk management and of course, they understand it even without experience, but just like you've said, they won't learn to value it until they start experiencing its consequences on their own.

A big loss is like a life's turning point, you will realize that being aware is not enough, you have to create appropriate actions and good decisions, at least to minimize and manage the risk. Risks are nothing, until they will hit you and leave negative impacts that you could have prevented if only you take proper risk  management early.

[Grace333]

Sometimes the big push we need comes from personal experience, but it would be unwise to always  be that person that doesn't take advice from people or learn from other people's mistakes but desires to have our own share of the cake before we learn. This is one other thing that differentiate the wise from the ordinary or foolish persons. And it's even worse when a gambler after having their own experience yet still refuses to learn or adapt to the fact from their discovery. For most people one big loss is not enough to convince them that gamble can gove them their dream life however people like this end up losing everything they have ever built.

[Odusko]

Many gamblers knows all the advice that people gives them. They know about bankroll management, setting limits, avoiding chasing after losses, and self control. But the truth is that many gamblers don’t take all those things serious until they experience a painful loss. When a person  wins or lose only little amount of money, they usually believe that everything is under control. Because of this confidence, they will start increasing their stake, neglect warning signs and take bigger risks.

If a gambler has been instructed with all things you have mentioned and still losing big amount without risk management is caused by greediness. But if the gambler was not an average gambler or low stake gambler but high stake gambler who stake with $1,000 minimum and loss such amount is not a greedy gambler but it would be a normal because that is the level he has created for himself to gamble. But a gambler who was gambling with $5 to $50 increases his stake to $500 and loss them all. I will say it is greediness because he was planning to win big without considering the risk involved.

Sometimes, as gamblers make profits, they get carried away and start believing that they can keep making the right decisions at every point in time. This is why you see someone who is lucky enough to win $150 from gambling keeps gambling, expecting to increase that winning to $500 without making any risk management plans. When the unexpected happens and they lose, they become too aggressive, forgetting that they allowed greed to overshadow their thoughts.

[Alphakilo]

Experience remains the best teacher even in gambling. People may be fully aware about risk management and of course, they understand it even without experience, but just like you've said, they won't learn to value it until they start experiencing its consequences on their own.

A big loss is like a life's turning point, you will realize that being aware is not enough, you have to create appropriate actions and good decisions, at least to minimize and manage the risk. Risks are nothing, until they will hit you and leave negative impacts that you could have prevented if only you take proper risk  management early.

The knowledge of risk management or absence of its knowledge isn't a yardstick to win or not lose, because experience they say is the best teacher and it is the experience one gets from every knowledge they have acquired while gambling that sums up their wins or losses.
Risk management is a good practice but it is in applying it one gets experience and it becomes a second nature.
The rule of thumbs remains to not gamble with more than you can afford to lose even when it seems like you almost hit it big, know when to call it quits or when to maintain or reduce bet size to be safe as a core financial and emotional control management skill.

[aioc]

Conclusively, experience  teaches lessons that advice can’t teach, many gamblers understand the rules but they don’t understand the value of those rules until they pay the price of ignoring them. My question is that, Do you guys think gamblers can learn risk management without them experiencing a loss or personal experience is the best teacher when it comes to gambling?

Experience is still the best teacher in gambling; until you lose money that you cannot afford to lose, you will not learn to stick with your budget and put this in your heart. When I was new to gambling, I knew the rules and the advice to follow so I will not lose a lot of money, and how to keep my money safe, but it's different when you are playing; you cannot handle your greed and the temptations.
It's hard to be in a safe side of gambling when you have no experience with the many dangers associated with gambling.

[Muba20]

Conclusively, experience  teaches lessons that advice can’t teach, many gamblers understand the rules but they don’t understand the value of those rules until they pay the price of ignoring them. My question is that, Do you guys think gamblers can learn risk management without them experiencing a loss or personal experience is the best teacher when it comes to gambling?

Sometimes gamblers try to bet as they wish without following any rules. In that case, they sometimes win, but the problem arises when they think that they are moving in the right direction based on that win. Many times, it is seen that some people try to bet in the same way after placing a wrong bet. There is a word of luck in betting, so there may be a chance of winning, but instead of relying on that, one should place a bet after a logical review. If a gambler does not understand the reality of losses in gambling, then he will not get a good idea of ​​its risks. After knowing the gambling risks well, if one can make oneself skilled in the matters of risk management, then it is possible to do better in the future. There is no point in just knowing or understanding the rules if they are not implemented properly.