Does Psychology Need to Be Added to Gambling?

[Exitoral]

I was staring at the Bitcoin chart, and it got me wondering. Can psychology be used in gambling just as it is in trading?

When people mention gambling, all they think about is luck, luck, and luck. To a large extent, they are right. But what they fail to understand is that psychology can also play a role in gambling. It deals with the mind, and everything about your mind is powerful.

You can see two different gamblers use the same strategy and end up with different results. That's to say their mindset is different. Not forgetting losses, I view people who chase losses as having more of a psychological problem than a gambling one.

I think, for one, psychology should be taught alongside bankroll management. What us your view on this?

[goldkingcoiner]

I was staring at the Bitcoin chart, and it got me wondering. Can psychology be used in gambling just as it is in trading?

When people mention gambling, all they think about is luck, luck, and luck. To a large extent, they are right. But what they fail to understand is that psychology can also play a role in gambling. It deals with the mind, and everything about your mind is powerful.

You can see two different gamblers use the same strategy and end up with different results. That's to say their mindset is different. Not forgetting losses, I view people who chase losses as having more of a psychological problem than a gambling one.

I think, for one, psychology should be taught alongside bankroll management. What us your view on this?

I agree. Human psychology should be on the top of the study list for gamblers.

Once you understand psychology you can understand what motivates you, and at that point you can easily stop yourself from making foolish mistakes. It is an excellent and irreplaceable part of risk management.

We should be promoting more material about gambling psychology on this board, as well. People need to know how and when to stop themselves from losing all their hard earned money...

[Findingnemo]

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You can see two different gamblers use the same strategy and end up with different results. That's to say their mindset is different. Not forgetting losses, I view people who chase losses as having more of a psychological problem than a gambling one.

I think, for one, psychology should be taught alongside bankroll management. What us your view on this?

That's absurd analogy, your mindset has nothing to do with the outcomes of the bet, it simple based on the randomness so even if the two players bet the exact same amount on the same excat game will produce two different results and they might end up with same too which all are based on randomness and nothing else.

[CryptoBuds]

I'll even go a step further. Psychology is more important for gamblers than strategy. Because even if two people use exact same betting strategy, one who gets angry or tilts after losing. Or become overconfident after winning is usually the one who lose more in long run.

I think that main reason for big losses in gambling is cognitive biases such as the illusion of control, loss chasing and emotional decision making.

So yes, bankroll management and psychology should definitely be taught together. Because if your emotion repeatedly defeat your intelligence then no matter how strong your strategy is, it will not be of any use in the end.

[JunaidAzizi]

Yeah, that's true; psychology plays a great role in gambling. You may think gambling is all about luck, but that's not completely true; psychology does exist in gambling. A two person example where one wins and the second loses while using the same strategy is due to psychology. One sets a limit and takes profits, while the other mindset is chasing the loss. Overconfidence and greed are problems associated with psychology, and they can destroy one person's life and lead to bankruptcy for another.

[Finestream]

Since gambling outcomes are not just pure mathematics, but it also deals with our human behavior, how we manage risk and how we control our emotions, then its best to conclude that psychology should be given emphasis in gambling.

And if we can optimize bankroll management and psychology, I think it would lead to utmost positive outcome. Having bankroll management, being able to manage player risk, and creating strategies to minimize harmful effects of gambling are what it takes to be a responsible and profitable player in the long run.

[Fortify]

You could only be talking about poker in this scenario when mentioning bankroll management as well, these things simply have little use in any other forms of gambling where you are likely just grinding your pile of cash down with not much control on the final outcome. In that case yes, psychology is one of the major factors which will separate a good statistics based player from an absolute pro because bluffing effectively can really boost your winning margin. Not only that you may even be able to deduce what your opponent is holding based on prior betting patterns and astute observations - you only have to watch some of the top pro tournaments to see people who are able to read their opponents very effectively.

[Ronsbit]

OP, are you insinuating that psychology has to do with gameplay? Well, I do not believe so because gambling is a thing of luck; no matter how you use psychological reasoning in gambling, you still will be greeted by luck, and that is if you are really lucky to win a game. Where I think it would be useful is for you to be logical with your budgets while gambling, and also your time interval in the casino house. This would help you as a gambler to play responsibly and also to be self-disciplined, no matter how much fun you enjoy in it.

[programmer3666]

I think psychology is already part of gambling, whether people realize it or not. It's not just about luck, it's about how you handle wins, losses and pressure. Take chasing losses, for example. That is not a strategy problem, it is a mindset problem. When you are so desperate to win back what you lost, you stop thinking clearly and start making bad decisions. That is where psychology actually comes in.

[Filicius]

You can see two different gamblers use the same strategy and end up with different results. That's to say their mindset is different. Not forgetting losses, I view people who chase losses as having more of a psychological problem than a gambling one.

I agree with you that psychology is key when it comes to gambling, but I think it is something more interesting to be investigated by those who offer services than by the users themselves, beyond learning self-control.

As for what you say, if two players follow the same strategies and obtain different results, rather than because of a different mentality, I think it is because of the expected variations typical of randomness.

[EluguHcman]

I think, for one, psychology should be taught alongside bankroll management. What us your view on this?

If this psychology of a thing in gambling is just coming to your thought recently then you must be lagging from understanding that only the brainstorming on the process of analysing or or predicting the games before placing your bet comes from your psychological mindset.

And as same time, it is a game of uncertainty that bettors leans on the luck to win, so also it is applicable on trading, so on they are both psychological in their various dynamic market ways for traders and gamblers.

Bankroll is specifically for risk management and to stay on the market for a long time.
All being said are actions attributed through the mindset (psychology).

[stadus]

Human psychology has actually a vital role in gambling, so I think gamblers should master how psychology works because once they get familiarized on it, then it will be easier for them to navigate their emotions towards gambling, most especially that illusion of control takes place in most of the gamblers.

And as winning and losing streak are part of gambling, having the knowledge about psychology will be an edge of every gambler so that he can rightfully respond to every action or decision after having to experience such winning or losing streak.

[Rubuchi]

That's absurd analogy, your mindset has nothing to do with the outcomes of the bet, it simple based on the randomness so even if the two players bet the exact same amount on the same excat game will produce two different results and they might end up with same too which all are based on randomness and nothing else.

the more we all try to run away from the reality, the more it hits us harder. Let’s not ever think that our brains can make us win gambling games ultimately. That won’t be entirely true because winning gambling games is a pure work of luck and nothing much more. When you win, be happy and enjoy the moment that comes with the luck you have won because the more you think you can use smartness on gambling the more it destabilizes you. Work with the flow it comes with and nothing more.

[Findingnemo]

I think psychology is already part of gambling, whether people realize it or not. It's not just about luck, it's about how you handle wins, losses and pressure. Take chasing losses, for example. That is not a strategy problem, it is a mindset problem. When you are so desperate to win back what you lost, you stop thinking clearly and start making bad decisions. That is where psychology actually comes in.

From that perspective, it plays a role but it looks like OP is talking about manifesting the win, one who strongly believe in will likely to win than the one who doesn't but that is not true because the randomness is what decides the outcome of every bet so all the past and future bets become irrlevant at that point.

[Issa56]

Why do I feel like we are trying to mix things up from the few comments I’ve seen, psychology may not change or make any difference to the result. even emotions won’t, if two players bet on the same  game with two different psychology they are still going to to get same result at the end. I can see that some are even going as far as mistaking emotions for psychology. Once a bet is placed it’s solely based on luck and that not debatable, whether you’re using the right psychology or not. however, your psychology can help in prediction thus  it’s actually doesn’t guarantee winning even with the right psychology.

[acroman08]

I think, for one, psychology should be taught alongside bankroll management. What us your view on this?

I agree, it should be taught alongside bankroll management, and as far as I know, people who are a responsible gambler have been giving advice about it to other gamblers. But just to be clear, this wouldn't help you win more when gambling, it will just give you a better grasp on how you handle yourself when gambling.

[Alphakilo]

I think, for one, psychology should be taught alongside bankroll management. What us your view on this?

I agree, it should be taught alongside bankroll management, and as far as I know, people who are a responsible gambler have been giving advice about it to other gamblers. But just to be clear, this wouldn't help you win more when gambling, it will just give you a better grasp on how you handle yourself when gambling.

Self control is the ultimate reason for learning all this risk management, bankroll management and even psychological management, because without it, trading and gambling will be same and an endless pursuit of loss and addiction in the end.
I would even like to think that being indifferent to the loss of win from gambling is a better psychological control because it would surely make you stick to your bet size and amount without breaking the rules or even if you do, you do it without much thoughts knowing it's all just a game of luck.

[Jubilee58]

The simple truth is that in gambling there are different methods of gambling that works for gamblers, and among them, no method is considered perfect. What do I mean here, if you make use of psychology to gamble you can get winning, if you select your bet at random, you can get winning, and if you make research, and bet based on stats, you will equally record winning.
So you can add psychology to gambling, but I feel the use of psychology to gamble is not the best method of gambling instead stats which includes proper research, and good strategy can yield a better result.

[lombok]

I think, for one, psychology should be taught alongside bankroll management. What us your view on this?

I agree, it should be taught alongside bankroll management, and as far as I know, people who are a responsible gambler have been giving advice about it to other gamblers. But just to be clear, this wouldn't help you win more when gambling, it will just give you a better grasp on how you handle yourself when gambling.

Self control is the ultimate reason for learning all this risk management, bankroll management and even psychological management, because without it, trading and gambling will be same and an endless pursuit of loss and addiction in the end.
I would even like to think that being indifferent to the loss of win from gambling is a better psychological control because it would surely make you stick to your bet size and amount without breaking the rules or even if you do, you do it without much thoughts knowing it's all just a game of luck.

To survive in this cutthroat world, neutral attitude is important. Unless the players are very concerned about whether they will win or lose, they can stick to their mainly used strategy. This makes the game a healthy game since planning occurs on the basis of reason and not on a whim.

[aioc]

You can see two different gamblers use the same strategy and end up with different results. That's to say their mindset is different. Not forgetting losses, I view people who chase losses as having more of a psychological problem than a gambling one.

I think, for one, psychology should be taught alongside bankroll management. What us your view on this?

I agree because of the uncertainty and the luck factors that surround gambling, which is good for those who engage in gambling as part of their daily habit, but those who just play for fun and without expectation of winning, and play within their means, I doubt if they will embrace psychology for them, as it will just ruin the fun side of gambling they don't need intricate methods or psychology stuffs.