Chasing Losses

Hi All,

I seem to have too many questions. Here is another one. The books and some of you were talking about "not to chase losses". What does that really mean?

For example: I am playing a decent double deck games with good penetration, but I keep getting pounded hand after hand. If I continue playing with the same strategy and spread although I am losing badly, would that consider "chasing losses"?

Once you have lost the money, it is no longer yours. You are now playing with a smaller bankroll. You may need to adjust your bets accordingly, but otherwise, if it's a good game, keep playing.

What is your choice? Go somewhere else? What is the difference?

Quit worrying about the past. Focus on the future.

Hi Rick,

You're awfully optimistic. Admirable quality! How long have you been making a living on BJ?

I read some old posts...sorry to hear that Bootlegger died. I like his book.

Your game. It could just be variance, but are you playing well with no errors? You've got to be honest w/ yourself if not amd spend some more time drilling/preparing if that's the case.

I make more money in my day job than most blackjack pros. In any case, I am a low roller and play for recreation. For me, it's the math I enjoy. The free rooms, food, etc., don't hurt either.

A few years ago, I lost my entire bankroll during a three year losing streak. I started from 0 again and have slowly recovered some of it.

Rick,

Wow, you must be a banker working for JP Morgan or one of those big ones!

How often does a three years losing streak happen? It's very scary indeed.

In my experience a losing streak is very unlikely to last longer than 300 hours (time between previous peak and following low). For a professional player this is only a few months but for a recreational player it might be a matter of years.

Francis Salmon

Francis,

Since you are a very successful player, why not write a book on your black jack adventure? I just read a book by Josh Axelrad. He was not even close to your successful, yet I found his book at my little town's library!

Maybe I can learn a few things from your play.