// snip long post.
This is a topic which can be discussed on many levels. You could have a streak of bad cards (but still manage to pull out a win!), or you could have a streak of great cards (but lose to suckouts -or- get no action). By your post, I'm assuming you're talking about running hot (making money) and then running bad (where you keep getting chinned).
For the recreational player, a cold streak usually amounts to bad luck. "I couldn't get any cards..." "Players got so lucky," etc. While good players sometimes say this to themselves, the better player can identify the problems in his game, which inevitably led to a losing session. Losing sessions are going to happen, and to deal with them you need to understand variance. (I'm not suggesting that you don't, but this is just how I see it.) Discussing variance, conversely, leads into a discussion of bankroll management. The recreational player is always "taking a shot" at a bigger game. Their roll can't support the swings, streaks, or variance inherent to that game, and they find themselves cursing bad luck.
From my experience, if you stay well within your bankroll limits - whether L or NL - you'll be able to build while you're running hot and easily absorb the losses when you're running cold.
By the way, you mentioned that you turned $50 into $750 playing $25NL. Excellent pull. You should feel confident enough to sit at the $50NL tables. If the increase in money still scares you, then stick w/ $25NL until you get over $1000. Re-assess your game at that point and decide if you're ready for the next level.
You also mentioned discrete mathematics... you a math major? That was my major in undergrad. Now I'm 2 mos. away from being a lawyer. Go figure.
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