“Disciplined fun” might sound like a contradiction in terms but it’s not so in gambling. Fun without discipline rapidly turns into recklessness, while discipline without fun is about as appealing as undergoing root canal work. Put them together, though, and they work like magic.
That’s the essence of the “Play or Quit” strategy – a strategy used by many successful and enduring gamblers. You gamble largely to have fun – but in Play or Quit you use the discipline of careful self-awareness to gauge the reliability of your decisions. There are simple three rules (although beware – they’re not necessarily simple to follow).
Rule One: Take a break when you start to feel low
If the fun factor is waning because you’re ploughing through a succession of losses and you’re sensing a visit from Churchill’s old friend, the Black Dog of depression, stop and take a breather. It may well be that after a snack and a brisk walk outside, you’ll feel better and more focussed, in which case you can return to the game. But if your spirits just won’t lift, it’s time to stop for the day.
Rule Two: One loss is unfortunate but several is careless
We owe the name of this one to Oscar Wilde, but it’s still a good rule of thumb. If you’re still on a losing streak, even (perhaps especially) after following Rule One, it’s just plain masochistic to keep stoically throwing your money away. Break the cycle: stop, go home and be nice to yourself.
Rule Three: Know when taking a risk just slipped into getting reckless
If you’re honest with yourself (here’s the discipline factor coming into play again), you’ll know when you’re starting to play recklessly. There may be a fine line between excitement and desperation but it’s important to know when you’re crossing it. Have a quiet word with yourself: ask if you’re feeling good and making the best decisions. If the answer is no, just take a deep breath and walk away.