I have known many good handicappers throughout the years, but most of them have never attempted to make a living from their passion as they do not have the proper temperament to pull it off. A professional handicapper remains calm at all times and does allow a loss on the second race of the day influence his decision making process for the third race. An amateur, on the other hand, is pulling his hair out and cussing at his screaming grandchildren after the second race because his pick got beat by a nose; therefore, his judgement is impaired as he scans his Racing Form in search of a way to recoup his loss. A professional, even after a long losing streak, does not allow his demeanor to change.
A professional horse player knows that losing money on any given race, or any given day means nothing in the overall scheme of things. He also knows that he may have a horrendous week, and maybe a less-than-stellar month on occasion. However, if he remains focused and confident that he has the skill to be successful, he will end the year a winner. He knows that, for every losing week, there will be a profitable week that not only compensates him for his losses but puts him far ahead of the game.
So, why do amateur handicappers not understand this? Some of them are very good at picking winners, yet they end up losing money. I believe it has to do with their overall attitude. Amateur players treat their handicapping as a game, not as a business, and, therefore, do not have the necessary bankroll to weather long losing streaks, so they do not acknowledge its importance. A successful business cannot operate without proper capitalization, just as a successful horse player cannot bet with confidence if he does not have sufficient funds to do so.