A penalty shoot-out is the most nerve-wracking part of the game. Occasionally, 120 minutes and all the planning and tactics in the world are not enough to separate two teams. In such a scenario, the fate of the match boils down to who can hold their nerve from 12 yards out.Penalties also offer invaluable scoring opportunities to teams during the regulation 90 minutes of a match, or in extra time. How many times have we seen cagey and closely fought affairs decided by the odd spot-kick?Managers are quick to point out that a penalty is usually a roll of a dice involving a great deal of luck and good fortune. But certain players have mastered the art of winning psychological battles against goalkeepers. On that note, here's a look at ten of the greatest penalty takers of all time.*The players on this list have been ranked on the basis of the number of successful penalties as well as the circumstances in which they have been scored. All stats are via Transfermarkt, Opta and Statbunker#10 Steven GerrardLiverpool legend Steven Gerrard takes a penaltyLiverpool and England legend Steven Gerrard was a cool customer from 12 yards out, and was never one to shy away from penalty duties. One of the greatest captains in Liverpool history, the former England captain scored 46 penalties in his career.With 32 successful penalties in the league, the midfielder ranks third on the all-time penalty-scoring list in the Premier League era. He made it a habit of netting from the spot against the Reds' bitter rivals Manchester United. Gerrard failed to find the net from the spot only nine times in his career.Premier League@premierleagueSteven Gerrard scored 10 penalties in the #BPL last season, moving into 3rd place on the all-time list #BPLkickoff http://t.co/LqXdv4kbGH7:13 AM · Aug 11, 2014403441Steven Gerrard scored 10 penalties in the #BPL last season, moving into 3rd place on the all-time list #BPLkickoff http://t.co/LqXdv4kbGH#9 Mario BalotelliMario Balotelli scores from the spot for Manchester City.One of football's most memorable characters, Mario Balotelli was casually nonchalant from 12 yards out, leaving goalkeepers wondering "why always him?" The Italian striker's technique is one of effortless brilliance as he strolls up to the ball before dispatching it past the baffled custodian in goal.Premier League@premierleagueMario Balotelli's late penalty settled a 5️⃣-goal thriller between @ManCity & Spurs #OnThisDay in 20129:22 AM · Jan 22, 20192416297Mario Balotelli's late penalty settled a 5️⃣-goal thriller between @ManCity & Spurs #OnThisDay in 2012 https://t.co/t7H0rsdxkUMario Balotelli has scored 40 penalties for Italy, AC Milan, Inter Milan, Manchester City and Liverpool. The forward's record from the spot is impressive, as he has missed only five times in his career.