The first area to focus on when perfecting your psychological edge is self-awareness. You need to able to assess your own strengths and weaknesses accurately. This is easier said than done. It is assumed that you already have developed an edge in the data/info side of the game. This list is focused on what needs to be developed to deal with the challenges of emotional control. In order to win, you need to score high (or low) in these areas:
- Patience: Variance is high, especially for a player who focuses on longshot type wins (future bets, horse racing) and value is not distributed evenly. Payouts on value do not always happen, even in the best of situations. You need to be able to wait to have success.
- Fearlessness: You cannot let fear enter into any decisions. Usually, this is a fear of regret, that a certain play would have resulted in a win. Listening to this fear results in wasted capital that could be used better elsewhere.
- Greed: We all go on hot streaks. It’s the nature of the game. But we have to constantly ask ourselves if we are seeing value when it’s not there. Greed distorts our view at all times, especially when we are winning.
- Humility: The opposite of greed and the answer to the variance of the game. We have a lack of control over what happens — that’s the nature of wagering on uncertain events. You need to have an appreciation of your limited role in the process. Be water — move towards stillness.