83. Panic

A really important attribute when being a pro punter is not panicking when everything starts falling apart around you. When the s*** hits the fan. That normally applies to in running bets but can also apply to other bets. You have to keep a cool head at all times.

It is absolutely crucial that you are making the correct decisions at all times. If you bet in running long enough there will be plenty of disasters along the way. You have to make sure that you don’t make any bad situations worse. It is very easy to make an error. Click on the wrong button. Interpret/input a scoreline wrongly. Interpret what is happening wrongly. Have something unprecedented happen. So many different things can go wrong and wrong very quickly.

It is crucial though to bite the bullet as such and not force/chase/compound the error that has been made. Every bet placed has to be a +EV bet made for the right reasons. You don’t want to turn a £2k error into a £10k mess. We have all done it! Trust your processes.
Its where bankroll management can play a large role in how you deal with unexpected scenarios. If you have your whole bankroll at stake the panic levels are going to be much higher than someone who has 5% of their bankroll at stake. It’s a tricky balance to find.

There is also the temptation to let a bet run after you have made an error. Literally just hope/pray it goes your way. Plenty of the time people will get away with it. That is hardly an optimal response though. Every situation is different and unique so one rule doesn’t fit all.
One thing you should be doing is looking to embrace those situations where chaos is happening in a market. Those are the times that the models will struggle to price things up. You want situations where others will be panicking. It can often provide great opportunities.

If prone to panicking and getting flustered pick a different job/hobby. That’s not to say it doesn’t happen or hasn’t happened. Just make sure you learn from any mistakes/panic that has happened. Cool heads are a pre requisite in this game. Embrace it.