"Scared Money" -
Chips or money that a player does not wish to wager but that is still part of the player's bankroll; chips or money that a player is especially nervous about the prospect of losing.
ADDITIONAL INFORMATION: A player may have scared money either because that person is playing higher stakes than typical or because the player has been on a losing streak to the point of having only a small bankroll remaining.
EXAMPLE: "My opponent was playing with scared money."
(Courtesy of the Pokerzone.com Dictionary)
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So goes the quote...
"You can't win with scared money..."
We've all heard this quote before. As far back as I can remember, my pops (a degenerate gambler himself) has been telling this to me. We use to go to the horsetrack during my teenage years with "scared money" often and lose. His main excuse for losing was because we didn't have the freedom to throw money around comfortably. I made note of this as a life lesson and continued on my way...
Fast-forward several years later. I now bet the horses and play poker on my own bankroll. I am reasonably successful at both albeit they are still just a hobby to me. I have a decent job and solid credit so scared money isn't really an issue at all. I gamble a lil bit, get irritated-maybe get tilted and then play some more. All of which being a daily standard.
At the beginning of 2009 I went on a mild downswing. Nothing too serious, but I was starting to wonder what my issues were. Was I not seizing my opportunities when presented? Was I not willing to put up the money to play free and loose? I started to question my attitude and techniques. Did I simply not have the right demeanor when playing? At that point I set out to simply care less about the money. Care less about losing and care less about the reasons I lost. I figured it would even my keel and I would be a better player than before. This wasn't a good idea though. I would take this idea much too far and my thoughts of playing with "Un-Scared Money" would soon manifest itself into simply a disregard for money and a complacent attitude towards my horse betting and poker play.
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Lets not kid ourselves, human emotions are natural reactions to stimuli. We cannot control the fact we will have emotions...what we CAN control is how we react to these emotions, internally and externally. We should recognize these emotions and use them to better ourselves. Emotions are triggered for a reason and should be developed into a positive reaction no matter whether the original emotions are good or bad. Think of emotions as something that forces to think/digest/and react to various situation. It is imperative to the betterment of one's thought process and fundamental to that individual's development as a person. To ignore or quash emotion is to hinder your own pursuit of improving personal endeavors.
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So I decided when I gambled from then on, I would take emotion out of the equation and thus take the thoughts of "scared money" out of the equation. This would turn out to be a very bad decision though. I was losing $200-$300 a night betting the horses figuring thing would "come back around." I went to Atlantic City and lost $1800 (the most I had lost before in a single outing was $1000). I was playing -EV games and just getting my lunch handed to me. All the while, I was not letting it bother me one bit. This was a problem though. There was no net, no floor, no bottom. I was more than willing to plummet. I finally snapped out of this degenerative trance I was in when I dropped $5.5k in a weekend in Vegas. Although it was money I could certainly afford to lose, it was simply stupid to do so. The final straw came when I was sitting at the 3-Card Poker table with a $50 ante and $25 Pair+ bet and I hit a straight flush. This would normally we a ridiculously awesome exciting hit...but I wore no emotion from it. $1200 shipped my way in a single hand and I wasn't excited. My mood was melancholy. All I could think about was the fact I still was down $4k at the time. This wasn't fun anymore, this wasn't profitable. This was the absolute worst of the worst. I knew I had to correct this behavior.
I got home from Vegas and swore off gambling for a month. Just time to regroup and regain myself. A period to take control of things again. When I was ready to jump back on the ship again I had a renewed mindset. This time I would get frustrated, I would get annoyed and I would get pissed. I would have reactions to good things and bad things, but no matter what happened, I would pull positives things from these emotions--whether it was to focus more on a race, review a hand history or just analyze what had happened. My bankroll wouldn't be a variance-fest, but a well-tuned grind. I would be more determined and emerge again as a student of the game. I would understand things can get frustrating, but that isn't a reason to be upset...it just shows that I care, that I want to be the best I can be--that I can rise above it andI can get better.
For every player out there that gets frustrated, that gets angry, that flies off the handle a bit...don't despair. It simply means you care about what you're doing. Take that energy and flip it into a positive. Become more determined, more focused, more skilled. Don't feel as though less emotion and more apathy is the answer. Those emotions are there for a reason...let them do their job. In time the emotions will become less reactionary as your thinking becomes more positive. Don't force yourself to an even keel, let it happen over time.
As always, be the best you can be and good luck at the tables!!
--Pye