Are you prepared to lose everything when you play blackjack?

When you walk into a casino or play your blackjack online, are you prepared to lose all your chips?

I was chatting to a friend who is an investment advisor and he is struggling because people don’t trust the markets anymore – can you blame them?  The first thing that he does is ask people whether they are prepared to risk losing all their money.  He does this to help determine their risk profile.  Do they like to take risks and are they gamblers… or do they like a steady income with low risk?

Now of course with the current stock market situation, no-one is happy that they went for the “high risk – maximum return option”… which ended up turning into the “no return – lose everything option!!!!”

Age also comes into it because if they are near retirement then they can’t risk losing their investments… although it seems like that hasn’t stopped some people from taking huge risks and losing their retirement savings.

Mastering blackjack tries to advise you to maximise your returns playing blackjack.  But one thing you have to be prepared for is losing all your chips.  It is good practice to only take into a casino, the money that you are prepared to lose for that evening.  Or to deposit online what you are prepared to lose.

Be honest with yourself…. I know its hard but try…

We never want to stop when we lose everything, the first urge is to reach for the wallet and go and try again…. “I know I can win this money back…. if only I get the cards and get lucky…”

It is best to prepare yourself for loss, after all blackjack is a game of chance and anything could happen.  Then when loss happens you accept it and go home or log-off.

Or… of course you could keep improving your blackjack skills and reading the mastering blackjack blog so that you don’t lose as much….