Those of you who have met me, gambled with me, emailed or spoke to me, or even followed my articles here on the internet have probably heard me say before that there are 2 elements that are critical for success in any sort of gambling, especially the track; specifically, discipline and bankroll.

Discipline is simple, and I've spoken about the importance of that in the past. But this article is about your bankroll. When I mention bankroll, of course, I am referring to being capitalized well enough to withstand the natural volatility and swings that are inherent in this type of gambling. But that's not the only bankroll that's important. You might have the financial bankroll that's needed, but do you have what it takes to survive the swings? Do you have a large enough "emotional bankroll"?

A couple of years ago, I wrote an article in the Handicapping Corner entitled "Of Streaks and Such." I have probably gotten more email about that one over the past 2 years than almost anything else I've written. So this is the often-requested follow up.

Over the past 20 years, I've noticed that gambling seems to bring out the very best and worst in people. It brings us closest to some of our most primal emotions, the most pressing of which is pain avoidance. It seems as though we experience the largest extremes of highs and lows when we are in a money-risking situation. Actually, the experts tell us that sex elicits greater extremes, and I'm not sure about you - but I think there are a few of you who would respond to that like I would - "heck with getting laid I'll take a big trifecta payoff any day!" I'll leave this choice to you.

Now I'm not a psychologist, but I have studied quite a bit of it and have observed how people, including myself, behave in response to losing streaks. In the area of psychology, there have been identified several stages of grief (which I am an expert in). There are 5 which Dr. Elizabeth Kubler-Ross identified in her extensive studies of death and dying: Denial, Anger/Resentment, Bargaining, Desperation/Depression and Acceptance. It seems strange, but gamblers seem to go through these same stages in response to losing. See how many of these you can relate to:

First is Denial - "I can't believe that 40-1 shot found room and beat me out of that exacta!" "How can I have 8 horses going in the pick-3 and not win?" "How can I bet 30 races in a row at 4 different tracks and not have a single winner? Impossible!" "Wait till tomorrow - this can't continue." In whatever words you choose, you express the fact that this can't be possible - that it simply cannot be happening.

From denial, we move to Anger and Resentment. We get upset at ourselves for putting #3 in the ticket instead of #4. We blame the drivers, the trainers, the drugs. The guy next to you always seems to have the winning ticket and you don't and we become resentful of our fellow gamblers' success.

Next comes Bargaining. "I won't bet anymore chalk if you just let this one last one win" "I'll be nice to so-and-so and let him sit at my table no matter how annoying he is, if you will just get this one home."

Most gamblers then become Desperate and Depressed. "Shit, I give up." "What's the use?" When desperation takes hold, you abandon any discipline and start betting everything. They start playing for the big hit instead making the right bets. They forsake long-term return for an immediate cure. This is the worst step, since it ends up costing you the most in terms of money.

Hopefully, you can skip the previous step and move on to the last. Acceptance. The faster you can move to this final step, the faster you will be able to get back on track. Acceptance means acknowledging that there are tremendous swings in any activity of this type, and no matter how large an edge you feel you have, you are going to have to withstand them. Casino's have an unbeatable edge over the players in the long-term, but even they have periods of time, often months, when luck just doesn't go there way. And any edge you think you might have here at the ponies ain't nothing compared to the edge the casino's have. If it can happen to them, it can and will happen to you. Acceptance is all about getting back to basics, not worrying about the outcome, but trusting that long-term, there is really no arguing against the mathematics. If you really do have an edge, it will eventually win out.

Whether you are just a casual, once-a-week $2 player, or someone who goes to the track daily, you need to be aware of the pitfalls of the mental and emotional side of gambling. I know that in my own case, until I experienced the lows of this swing, I had no idea how it would impact me. I learned that my emotional bankroll is equally as important as my financial bankroll, and since that time, I have never taken it for granted.

Remember that when you are making value plays - the only type of plays that give you a chance to win in the long term - you are going to have many more losing wagers than winning ones. In order to survive, you must prepare for the extended losing streaks and expect them. By doing so, you will not be surprised by them, but you will accept them as the nature of the game. And you will be able to savor your winning streaks more completely because you'll know that they don't last forever.

Remember that in order to succeed, you must build not just a financial bankroll, but an emotional one as well.