Hoping to recoup is what ruins the gambler.
This is an Irish proverb which highlights one of the biggest mistakes a gambler can make: chasing losses. In the same way that you have to know when to quit when you are ahead, theres also a time to cut your losses and quit.
True Story related to the above quote. I can t say that I am really proud of it, but it is an anecdote that I thought would be worth sharing here.
It was early in the morning, I was in downtown Vegas, I had just grabbed my first cup of coffee, so I decided to have a little fun to start the day. The casino floor is relatively empty so I head over to a low stakes craps table and decide to try to pick-up $50 - $100 by making a series of progressive bets. I am the only player at the table. The game goes on as expected for a half hour with some minor ups and downs, but I do not reach my goal. Then a bit of a losing streak ensues, but nothing major and I just continue to progress my bets without thinking too much abo