You've just lost 4 hands in a row while playing video poker. Do you increase the size of your bets, thinking that a winning hand is sure to come soon, or do you decrease the size of your bets, saving your money until things start to turn around?
As we all know, video poker is a game of streaks. You can easily win 5 hands in a row, or lose 7 hands in a row. That's just the way it goes. The key to longevity when playing video poker is the preservation of your betting money.
A common mistake that people make is to increase the size of their bets when they are on a losing streak. They figure, that since they just lost a hand, the odds are in their favor that they will win the next hand, so why not bet twice as much to recoup their previous loss? This is probably the worst thing you can do, and will result in your betting money being evaporated in a few short hands. Remember again, you can easily lose 10 hands in a row while playing video poker.
So what to do? The answer is, decrease the size of your bets when you are losing, and increase the size of your bets when you are winning. You want to minimize your losses, and minimize your gains, taking advantage of the fact that video poker is a game of streaks. For instance, if I have just won two hands in a row, I would increase the size of my bet by say, 25%, to take advantage of any possible streak. Reversely, if I am on a losing streak, I'll decrease the size of my bets until things start to turn around.
This is how professionals manage their trading money. Bet with your emotions and you'll find yourself out of money in no time.
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