For the record, I have no problem at all with the plan or the gamble or whatever you want to call it.
My problem with this is losing $300 and then saying to yourself "Well, I only lost $5." No....... you lost $300. As soon as you HAD that $300 (which you currently do not, but let's assume you do get it), then it is your money. And when you lose it, it doesn't matter where it came from - it was still worth $300.
No, I don't think of car and house payments when I am playing poker, but when I lose, I don't pretend that it was money I didn't have.
If I won $1 million in Aruba and then lost $900,000 of it playing craps, while my net win for the trip was still $100,000, the fact remains that I lost $900,000 playing craps.
The betting on red thing is a good example. Let's just say you make a $25 bet on red, and you win. Now you've got $50. And you have 2 choices: Bet it or don't bet it. If you bet it an win, you now have $100. Same decision. So you let it ride and double up again to $200. You win a few more times too and the stack in front of you keeps growing:
$400
$800
$1600
$3200
$6400
$12,800
$25,600
At this point, you are feeling pretty good... in fact, you feel like you are on top of the world. You decide to cash out and go home and have your wife coat herself in honey and roll around in a pile of $100 bills.
Halfway to the cage, you decide, "Oh, what the heck - one more time" and you go bet it all again and lose it.
So.... how much did you lose? Yes, you lose a net total of $10 for the night. But you had over $25k in your hand. So IMO, it's stupid to pretend you only lost one $10 bet.
Yes, this was money you had won, but it doesn't matter. You bet $25,600 on red and it came up black. That's a fact. This is no different at all than if you withdrew $25,600 from your bank account and went and bet it on red.
If you can afford to lose that money and don't care, then that's fine... go for it. But don't fool yourself and pretend you only lost $10.
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