Originally Posted by
indio
Bankroll management is even more important. There are a lot of people who pick more even odds winners that losers who go broke constantly. That's why it's hard to be a winning gambler. You have to have the talent to recognize plays with an edge (and put the time in to research where needed), and have the discipline to religiously practice sound money management. Then if you are one of the few who can do both consistently, you have to maintain outlets where you can wager and collect your monies efficiently and hassle free. This is almost impossible in the United States unless you're properly connected.
It is feasible to be a successful winning gambler, but you have to be prepared for swings and streaks that is inevitable do to mathematical variance. The true test is how you handle bad streaks and good streaks, as both are dangerous. Losing 20 of 25, or even losing for months will happen on occasion to the winning gambler, with some of the worst fluke beats in bunches you can imagine. Any deep seeded emotional problems that have been dormant for years can explode like a volcano after a brutal run, causing you to self-destruct. Not only blowing off your bankroll, but messing with your personal life too if you're not mentally strong.The good streaks can be dangerous too, as many a gambler has blown away money foolishly after a hot winning streak in a state of euphoric self-indulgence, only to go broke when he comes back to earth.
So is it possible to win long term? Sure. Just don't kid yourself that it's easy, it's very hard. And if you are able to pick pick 'em winners at a 55% rate, just know that that's only one of many skills you have to have.