Can I Get Rich Gambling?

Question: Can I Get Rich By Gambling?

The short answer is yes, you can get rich by gambling. People do it every day. Ask Phil Ivey and a slew of professional poker players. Sports bettors don't do ESPN, so we're pretty much invisible.
Do a lot of people get rich in the gambling industry? No, but you can.
The best way I've heard a successful gambler put it is "It's a hard way to make an easy living." But the truth is it's only as hard as you want it to be. For every guy in the business I see making good money, I see 30 guys struggling to keep a roof over their heads and food in their mouths. I'm not even talking about the guys who tried it and are back at their day jobs. Why?

What's the difference between the guy who just bought his 2010 Lexus with cash, and the guy who's trying to keep his 1996 Ford Escort on the road? In my opinion, 4 things:

1. Edge
2. Guts
3. Smarts
4. Discipline
   

If you can't find an edge, give it up, cause you can't win without an edge. But believe it or not, an edge is not as hard to find as you might think. Once you know you've got an edge (not think, but know), you've got to have the guts to put your money behind it. That's easier said than done. And once you've got the edge and the guts, you got to know how much to bet and how to manage your money, which is where the smarts and the discipline comes in. Discipline is betting under control when your emotions are telling you to press it after a few wins, and to bet the correct amount of money when your insides are crying, telling you to chop your bet way down or pass after a few losses.

Funny thing is, successful gambling has nothing to do with following your emotions-in fact, most of the time making long-term winning bets will run contrary to your emotions, at least, in the beginning of the time you start making winning bets.

To be continued...