Roll the dice
This is for those who have gotten ahead a bit. They feel lucky, they are on a roll. They want to swing for the fence. Success is a long shot but you want to do what you can to increase your odds then take your shot. Or maybe you have had a bad luck streak and your due, at least you think so. Regardless the motivation, its time to rolls the dice…
Prepare
Try to prepare as much as you can. This may not seem like it’s possible, but people have come up with some pretty good suggestions on increasing your odds even if it’s a small fraction. It may be based on location, timing or some other factors. You have to study the systems and make your own call on what makes sense to you.
Likely Failure can lead to Success
Be prepared for failure, it is more likely than not. In these cases it is like extreme baseball. A sport where failure dominates, you still win. That is batting averages, where you most likely fail each time at bat. That is just the way the game is played.
Risk/Reward
I don’t know the mindset here other than you feel you have a better than most chance of success and that you can sustain a loss. I would not recommend this as first action at all. Nor last resort. This is for those who just want that shortcut to fortune, who realize it is a losing proposition. But some people just think they have what it takes.
These people don’t believe in the status quo, they think everyone is different. They feel they have what it takes. They typically have had a run of success and feel they are the one to succeed. Its like some people who can’t catch a break, bad luck and misfortune just follows some people.
Make sure you’re doing it for the right reason, some are just out for attention, that’s fine, but make sure you know that’s your reason. Most are looking for the big win, but the side benefits of attention and learning can be success factors. Realize everything is a learning process, be clear on the process and potential outcomes.
Have a budget
The most dangerous part of this is if this decision is impulsive, make sure it is well thought out and you know the risk/reward ratio is a long shot. Have a budget set aside for this type of risk and stick to it. Being impulsive can lead to all kinds of problems, gambling addictions, big losses, etc.
Denial of the consequences is another way of reaching regret, How many times have you heard someone say, if I knew it was going to turn out like this, I would have never done it. These are pranksters, criminals or the impulsive acts. This is just another aspect you have to be clear on, make sure your actions and consequences have been thought through.
Risk Level
Everyone has different risk levels. Some are happy with a guarantee low risk deals and some don’t know where their next paycheck is coming from and are happy that way. Then there are those who play it safe but save a few dollars for the risky moves. I know very wealthy guys who place a $10 bet and when they lose, they go on and on about how unfair the system is. Everyone is different. The key is if you’re not having fun with it overall, don’t do it.
