AZDuffman
AZDuffman 
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October 14th, 2021 at 9:11:24 AM permalink
Quote: Dieter

Quote: AZDuffman

In poker one of the first rules is "scared money cannot win." Same with the rest. To walk into the casino thinking you are betting your last $100 is just throwing it away. You will not make the math work for you.
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This seems to describe a high risk of ruin situation.

It may be a good play, just not suitable for your current bankroll.
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Maybe kinda sorta. But not exactly

Lets use a business example. Some managers are top-line drivers while others are bottom-line watchers. The bottom line watcher will very often do better short-term as you can always hack a few more costs out of a business. But they never grow things. They think the top-line is limited. Meanwhile, the top-line driver thinks there is always more business out there. So just a matter of finding it.

Somewhere in "Gambling Wizards" it discusses how gamblers go bust time to time but make their way back. And how other gamblers will lend them cash same as a mechanic loans a torque wrench to a co-worker who just broke his. They know there is more money to be made.

A relevant example is going against the math time to time when things are still good. Splitting 10s against a dealer 6 then a resplit driving your $10 bet to $40-50. A scarcity mindset you are never going to do this. An abundance mindset says you might lose this time to time when the dealer does not bust but the payout is so good you go for it.
All animals are equal, but some are more equal than others
Dieter
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Dieter 
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October 14th, 2021 at 9:36:14 AM permalink
Quote: AZDuffman

Quote: Dieter

Quote: AZDuffman

In poker one of the first rules is "scared money cannot win." Same with the rest. To walk into the casino thinking you are betting your last $100 is just throwing it away. You will not make the math work for you.
link to original post



This seems to describe a high risk of ruin situation.

It may be a good play, just not suitable for your current bankroll.
link to original post



Maybe kinda sorta. But not exactly

Lets use a business example. Some managers are top-line drivers while others are bottom-line watchers. The bottom line watcher will very often do better short-term as you can always hack a few more costs out of a business. But they never grow things. They think the top-line is limited. Meanwhile, the top-line driver thinks there is always more business out there. So just a matter of finding it.

Somewhere in "Gambling Wizards" it discusses how gamblers go bust time to time but make their way back. And how other gamblers will lend them cash same as a mechanic loans a torque wrench to a co-worker who just broke his. They know there is more money to be made.

A relevant example is going against the math time to time when things are still good. Splitting 10s against a dealer 6 then a resplit driving your $10 bet to $40-50. A scarcity mindset you are never going to do this. An abundance mindset says you might lose this time to time when the dealer does not bust but the payout is so good you go for it.
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OK. I recognize there are some psychological (mindset) issues as well, which seems to be what you're driving at.

The urge to do the wrong thing because you feel you have to do something is powerful, and that's compounded by confusion over the wrong thing being the right thing in a subtly different circumstance.

I know that's a little abstract, and probably confused by my fondness for "poetry".
May the cards fall in your favor.
100xOdds
100xOdds
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October 14th, 2021 at 2:56:07 PM permalink
Quote: Dieter

OK. I recognize there are some psychological (mindset) issues as well, which seems to be what you're driving at.

The urge to do the wrong thing because you feel you have to do something is powerful, and that's compounded by confusion over the wrong thing being the right thing in a subtly different circumstance.

I know that's a little abstract, and probably confused by my fondness for "poetry".
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What do you mean urge to do the wrong thing because you have to do something?
are you talking about boredom?


as for an abundance mentality to win big and constantly, i'm thinking bankroll.
with enough bankroll, you're not playing scared.

the poker example has already been given here.
here's one about vulturing:
10play @ $5 denom Triple double bonus. $250 to play 5 coins.
That game has brutal variance.

if you're scared about losing the $250, you're going to skip over it.
you're not going to win big or constantly if you're not going to play a +ev game.

It may take years (and 5 figures) to overcome the variance but when you do, you will make your $ back and then some.
Constantly for this game i guess means every 1 in x thousand of times you play.
(x = # hands needed, on avg, to get special quads with kicker)
and years assuming you only have the opportunity to play in a +ev state once a day.
Last edited by: 100xOdds on Oct 14, 2021
Craps is paradise (Pair of dice). Lets hear it for the SpeedCount Mathletes :)
OnceDear
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OnceDear 
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October 14th, 2021 at 3:10:13 PM permalink
Did no-one here think to google a definition of 'Abundance mentality'?

One definition that I stumbled on was promoting being flamboyant and giving bigger tips, because, well, 'there's plenty to go around'. That's a great way to deplete your bankroll while trying to win consistently.
Beware. The earth is NOT flat. Hit and run is not a winning strategy: Pressing into trends IS not a winning strategy: Progressives are not a winning strategy: Don't Buy It! .Don't even take it for free.
100xOdds
100xOdds
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October 14th, 2021 at 3:20:19 PM permalink
Quote: OnceDear

Did no-one here think to google a definition of 'Abundance mentality'?

One definition that I stumbled on was promoting being flamboyant and giving bigger tips, because, well, 'there's plenty to go around'.
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how does that help you to win big and constantly?
Craps is paradise (Pair of dice). Lets hear it for the SpeedCount Mathletes :)
OnceDear
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OnceDear 
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October 14th, 2021 at 3:40:55 PM permalink
Quote: 100xOdds

Quote: OnceDear

Did no-one here think to google a definition of 'Abundance mentality'?

One definition that I stumbled on was promoting being flamboyant and giving bigger tips, because, well, 'there's plenty to go around'.
link to original post

how does that help you to win big and constantly?
link to original post


The great thing is... No-one ever claimed it helped. Only that the lack of it hindered.
Beware. The earth is NOT flat. Hit and run is not a winning strategy: Pressing into trends IS not a winning strategy: Progressives are not a winning strategy: Don't Buy It! .Don't even take it for free.
Dieter
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Dieter 
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October 14th, 2021 at 5:16:01 PM permalink
Quote: 100xOdds

What do you mean urge to do the wrong thing because you have to do something?
are you talking about boredom?
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There is a strong social pressure against inaction, "don't just sit there, do something." Seize the day; use your time; make the most of it; get up and go; I'll sleep when I'm dead; pick a platitude.

I'm sure many AP's have overcome it, and are perfectly content to just sit there.
May the cards fall in your favor.
100xOdds
100xOdds
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October 15th, 2021 at 6:37:35 AM permalink
Quote: OnceDear

Quote: 100xOdds

Quote: OnceDear

Did no-one here think to google a definition of 'Abundance mentality'?

One definition that I stumbled on was promoting being flamboyant and giving bigger tips, because, well, 'there's plenty to go around'.
link to original post

how does that help you to win big and constantly?
link to original post


The great thing is... No-one ever claimed it helped. Only that the lack of it hindered.
link to original post

ahh.. my definition in relation to gambling would be:
Abundance mentality = bankroll
Craps is paradise (Pair of dice). Lets hear it for the SpeedCount Mathletes :)
Mosca
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October 16th, 2021 at 9:34:02 AM permalink
Here is my understanding of the abundance mentality:

You aren't going to hit the $40000 wedge on a 25 cent WoF. You have to play the $100 WoF. And to drop that much in the $100 WoF, $10000 has to not be that big a deal.

Yeah, no thanks. Winning big means having to accept losing big. I'm there for the fun, not for the heartbreak.
NO KILL I

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