average down - lyc, can it work?, page-53

Jay, as I said good luck to you. You have taken huge risks, in my book, and it has paid off for you. But there have been a number of claims, and not just yours.

My initial view was that I find it very difficult to believe all those claims from the various posters that they have averaged down to anywhere near 55C. The cost of doing so for those starting at $2, or even $1 is out of all proportion from a risk point of view - IMO.

I used to be a bookie (many years ago) and can tell you with absolute honesty that the majority of punters truly believed they were in front. They dinned out on the stories of a great win and how much they made. Rarely did they want to discuss the losing bets. We made money long after most punters were down to their last few $.

One day a punter was bleating about having to walk home as he was broke. Out of my own pocket I have him his bus fare. Guess what, he punted it on the next race. He assured me his luck would HAVE to turn. He lost, and walked home. It hardened me up a little, that day.