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AlanMendelson
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April 14th, 2013 at 6:27:23 AM permalink
I don't know if you would consider having win goals and loss limits a gambling system but I couldn't think of a better place to post this. Do you use a win goal and loss limit system? If you do, please explain how you set your win goal and your loss limit? Is it determined by a percentage of your bankroll or what?
Ibeatyouraces
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April 14th, 2013 at 6:35:46 AM permalink
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EvenBob
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April 14th, 2013 at 6:48:35 AM permalink
I always have a win goal and stick to it lke iron. I remember
playing bac in 2008 all by myself and I had a goal of 10 units.
I won the 10 in like half a shoe and I told the dealer I had
reached my goal and was cashing out. She had never heard
of such a thing and thought I was nuts. I asked her how do
you know when to quit if you don't have a win/loss goal. She
had no answer, she had never thought about it before. People
know when enough is enough is almost all facets of life, but
not in gambling. I wonder why that is.

My wife has a goal on the slots. To play till she runs out of money
or until I drag her physically out to the car. You think I'm joking.
"It's not called gambling if the math is on your side."
ThatDonGuy
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April 14th, 2013 at 11:01:43 AM permalink
I usually have a loss limit and a time limit - for example, when I play before dinner, I'll set a "stop and eat" time. Without some sort of fixed stopping point, I'd probably just play until I lost the bankroll.
100xOdds
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April 14th, 2013 at 11:20:40 AM permalink
Quote: AlanMendelson

I don't know if you would consider having win goals and loss limits a gambling system but I couldn't think of a better place to post this. Do you use a win goal and loss limit system? If you do, please explain how you set your win goal and your loss limit? Is it determined by a percentage of your bankroll or what?



double or go broke trying.
or i'm no longer having fun due to other players or awful live band, etc
Craps is paradise (Pair of dice). Lets hear it for the SpeedCount Mathletes :)
tringlomane
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April 14th, 2013 at 11:25:45 AM permalink
I really don't have very rigid restrictions. I probably should though. Generally if I have a lot of money on me and don't want it all in play, I'll give some to my g/f if she is around for safe keeping. She is the opposite of Bob's wife.

If I am lucky enough to get a sizeable win, I won't necessarily stop, but I will generally play games/stakes that help ensure I will retain most of the win. I definitely don't "let it ride".
Pando
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April 14th, 2013 at 1:58:09 PM permalink
This is the hardest thing to do in a casino.

I have a bankroll of $400 and a win goal of $200. When I reach that, I cash up and leave.
Sometimes its a breeze, other times its a struggle. On those days I am inclined to take a
lesser amount, maybe $150 and be happy with it.

Some days of course I loose my $400, but thats less than 15% of my casino visits.

I play single zero roulette only.

Last weekend I sped to my win goal of $200 in only 25 spins (about 30 minutes), I cashed out.
I wanted to see how I would have fared had I continued playing in the same way for another 25 spins.
The answer was I would have made another $300 or so as the dealer spun 80% of the numbers in the
same 9 number sector I had been playing and profiting from when I was betting.
AlanMendelson
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April 14th, 2013 at 2:01:12 PM permalink
I like what 100xOdds said: "double the money or go broke trying" if that has a set loss limit which might be your budget for a trip.
EvenBob
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April 14th, 2013 at 2:15:02 PM permalink
Quote: Pando


I wanted to see how I would have fared had I continued playing in the same way for another 25 spins.
.



Dude, don't do that. Your win goal isn't based on
how you would have done if you keep playing, that
has nothing to do with anything. Your win goal is
about discipline and managing your play. If you
stay and see how you would have fared, half the
time you would have lost, or at least struggled. Be
happy when you hit your goal. Its like when your
shift is over at work, hit the timeclock and get the
heck out.

The old timers used to say "Get in, get it done, and
get out." Amen to that..
"It's not called gambling if the math is on your side."
coilman
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April 14th, 2013 at 3:10:52 PM permalink
Quote: ThatDonGuy

I usually have a loss limit and a time limit - for example, when I play before dinner, I'll set a "stop and eat" time. .



A casino I was at recently the VP machines once you put your money in a screen popped up asking how long you wanted to play.....15 ...30.....45 or 1 hour

Not sure what happens once you reach that time limit as the money I put in didnt last the 15 minutes :(
s2dbaker
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April 14th, 2013 at 3:28:34 PM permalink
I have a loss limit. This weekend, I thought I hit it around midnight last night but I counted wrong and didn't hit it at all. This morning when I left, I did my free-play coupons and ended up leaving $240 richer for it. This weekend I set my limit very small, just $700 because that's all my bank will let me take out of the ATM in a single day (and I neglected to go to the bank when it was open).
Someday, joor goin' to see the name of Googie Gomez in lights and joor goin' to say to joorself, "Was that her?" and then joor goin' to answer to joorself, "That was her!" But you know somethin' mister? I was always her yuss nobody knows it! - Googie Gomez
rxwine
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April 14th, 2013 at 3:37:22 PM permalink
Quote: AlanMendelson

If you do, please explain how you set your win goal and your loss limit?



Not sure why one would set a firm win goal. I think of the Monopoly card "Bank error in your favor." Whatever's happening, you go with it until you see it stop happening, or you drop over from exhaustion, or they escort you out the door, or they shut the game down.

Only exception I can think of. Are you being set up for a final sucker bet? Such as collusion in perhaps a private poker game, where one appears to be winning until the end.
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EvenBob
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April 14th, 2013 at 3:45:57 PM permalink
Quote: rxwine

Not sure why one would set a firm win goal.



Why i there a firm time you have to be at
work, or pay the mortgage, or have a TV show
come on. Its all about structure. People who
have gambling problems have no structure at
all. They play and play till they're broke or are
too tired to go on. Its silly, its like turning a 4
year old loose on a chocolate buffet. If you can't
bring structure into your gambling, you have
other problems as well.
"It's not called gambling if the math is on your side."
tringlomane
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April 14th, 2013 at 4:06:04 PM permalink
Quote: coilman

A casino I was at recently the VP machines once you put your money in a screen popped up asking how long you wanted to play.....15 ...30.....45 or 1 hour

Not sure what happens once you reach that time limit as the money I put in didnt last the 15 minutes :(



You mean these games?

https://wizardofodds.com/games/video-poker/tables/guaranteed-play/

You buy the number of hands you play. If it was, you probably also play faster than average and ran bad. :(

The optimal strategy of the machines are also quite complex.
SACR
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April 14th, 2013 at 4:25:08 PM permalink
Win goal is double buy-in.

Loss limit is half your buy-in.
rxwine
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April 14th, 2013 at 4:34:29 PM permalink
Quote: EvenBob

If you can't
bring structure into your gambling, you have
other problems as well.



Your wife ever hit you on the head with a frying pan? I wonder sometimes how your reasoning works.
Sanitized for Your Protection
jonfourtwenty
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April 14th, 2013 at 4:34:54 PM permalink
I have a loss limit of 1/7 of my bankroll on day
one of a seven day trip. Then 1/6 the next day
etc.

This usually means playing conservative for a
few days then going wild near the end of the
trip.

During a session of blackjack I always have to
see the end of a shoe unless i go broke half
way through. Otherwise I leave if it stops being
fun.
AxelWolf
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April 14th, 2013 at 4:35:05 PM permalink
I think it depends on if your a AP,RP or just a Degen.
♪♪Now you swear and kick and beg us That you're not a gamblin' man Then you find you're back in Vegas With a handle in your hand♪♪ Your black cards can make you money So you hide them when you're able In the land of casinos and money You must put them on the table♪♪ You go back Jack do it again roulette wheels turinin' 'round and 'round♪♪ You go back Jack do it again♪♪
EvenBob
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April 14th, 2013 at 4:46:12 PM permalink
Quote: rxwine

I wonder sometimes how your reasoning works.



So you think gambling should have no structure, no
win/loss goals, no drinking rules, no rules for playing
when tired, just take your money and have at it till
you drop. Thats exactly what the casino wants you
to do, no structure. It makes for responsible players
and who needs that..
"It's not called gambling if the math is on your side."
rxwine
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April 14th, 2013 at 4:54:54 PM permalink
I didn't say anything except about "winning" structure. I didn't comment on a losing stucture, or adovcate for endless unstructured losing.
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coilman
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April 14th, 2013 at 5:05:12 PM permalink
Quote: tringlomane

You mean these games?

https://wizardofodds.com/games/video-poker/tables/guaranteed-play/

You buy the number of hands you play. If it was, you probably also play faster than average and ran bad. :(

The optimal strategy of the machines are also quite complex.




The machine times how long you have been playing it....and if you chose say 30 minutes I would guess at 30 minutes it reminds you that you have been playing that long
AlanMendelson
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April 14th, 2013 at 5:08:42 PM permalink
Quote: rxwine

Not sure why one would set a firm win goal.



You don't have to have a firm win goal. I don't. If I am winning big I raise my "stop loss."

Let's say I just won a thosuand dollars. I might decide to risk $200 of it in an attempt to win more, but if I lost that $200 I'm finished.

In stock market trading raising "stop losses" is often used.
AlanMendelson
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April 14th, 2013 at 5:10:22 PM permalink
Quote: AxelWolf

I think it depends on if your a AP,RP or just a Degen.



Are you suggesting that "advantage players" don't need loss limits or win goals because they never lose and the winners keep rolling along like the Cannonball Express?
jonfourtwenty
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April 14th, 2013 at 5:11:21 PM permalink
I am fairly strict when I reach my loss limit. The
only exception is if I get a bj hand that i would
split or double. In that case I do reach for
another unit and if I win will try to build that
up to say $50 or $100.

Am I the only one who feels inadequate cashing
in like $15 at the cage?
Ibeatyouraces
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April 14th, 2013 at 5:37:45 PM permalink
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WASHOO2
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April 14th, 2013 at 5:57:19 PM permalink
My loss limit is 25% of my session buy in and 10 % is my win goal. The bankroll is divided into equal amounts for 3 sessions attempting to win 2 out of 3 sessions.

W-W>>>>>>>no third session scheduled. Never give anything back
W-L-W
L-W-W
L-W-L
W-L-L
L-L-W
L-L-L- ( IIt has not been my day)


WASHOO2
AlanMendelson
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April 14th, 2013 at 6:48:31 PM permalink
Quote: jonfourtwenty

Am I the only one who feels inadequate cashing
in like $15 at the cage?



So I am playing craps with my son one night... it was some years ago when we used to drive up on Wednesday nights to play a few hours with a couple hundred bucks and then drive back for work Thursday morning... and it was a bad session for him and he is wiped out of everything except two one dollar tokens. This was back in the day of the heavy dollar coins. So on his way to the cage to get his two bucks he sees a slot machine that caught his eye... and he puts in the two coins.... and hits for $1500.
Face
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April 14th, 2013 at 7:14:34 PM permalink
I do, but it’s kind of organic, no rhyme or reason to it. I suppose it depends on how much total cash vs how much time I have. The only set value I have is loss limit, which is whatever I buy in with (always a small fraction of total roll). Just making money is my goal. The highest I ever set my goal was 1x my bankroll, and last time I came out with 1.2x. I’ve been known to walk away with a $20 win because it’s $20 more than I had.
The opinions of this moderator are for entertainment purposes only.
EvenBob
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April 14th, 2013 at 7:31:20 PM permalink
Your goals should mirror your skills. If you have
no skills, it doesn't matter, you shouldn't be there
in the first place.
"It's not called gambling if the math is on your side."
Ibeatyouraces
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April 14th, 2013 at 7:39:59 PM permalink
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Face
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April 14th, 2013 at 7:44:06 PM permalink
Quote: EvenBob

Your goals should mirror your skills. If you have
no skills, it doesn't matter, you shouldn't be there
in the first place.



I don't think it's that simple. I mean, I have PaiGow house way down pat. That's about as "skilled" as one can get in that game. Sometimes I want to play a long time and maybe churn out a big win. Other times I just want enough cash to get a burger and beer for free. Same skill set, different goal. It all depends what I'm feeling at the time.
The opinions of this moderator are for entertainment purposes only.
EvenBob
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April 14th, 2013 at 11:12:00 PM permalink
Quote: Ibeatyouraces

Then 99.99% of people that gamble should stay home.



Exactomundo.
"It's not called gambling if the math is on your side."
odiousgambit
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April 15th, 2013 at 12:33:32 AM permalink
Quote: EvenBob

Dude, don't do that.



I agree, checking out "how you would have done" is madness. It can be innocent but often is a form of fallacy, in that the gambler tries to see if his decision was 'right or wrong' and learn something from it. In this latter case it is a failure to realize how variance dominates too much to make such decisions ... but in the former case the player finds himself falling into the same fallacy anyway.
the next time Dame Fortune toys with your heart, your soul and your wallet, raise your glass and praise her thus: “Thanks for nothing, you cold-hearted, evil, damnable, nefarious, low-life, malicious monster from Hell!”   She is, after all, stone deaf. ... Arnold Snyder
AxelWolf
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April 15th, 2013 at 2:55:28 AM permalink
Quote: AlanMendelson

Are you suggesting that "advantage players" don't need loss limits or win goals because they never lose and the winners keep rolling along like the Cannonball Express?

I'm saying If I have a double on any 4 of a kind coupon and I'm playing on a $5 machine. I play till I hit 4 of a kind no matter what the cost. If i lose all the money I have on me. (I say F#%K!!N SOB) Then I hit the ATM max It out. If still no luck I check the poker room (assuming there is one) to see if I know someone to spot me some cash. If that doesn't pan out I head to a Box, get some cash and return (to the same machine b/c its due) If I run out again I call gaming. while Waiting I post on WoV "What are the odds of losing 20k without a 4ok"
If I'm playing a 100.01, $100 Machine with nothing else going on I don't risk everything I have.
I guess for a advantage player it all comes down to risk vs reward while factoring in whether you will go completely broke or not.
When I first started playing VP I passed on $1 double 4 of a kinds promo on 10/7 db (sick right?) I thought the denomination was to high, the % to low that for me made the risk to high so I took a small piece and learned a big big lesson. For me I personally hate losing more then I like winning. The opposite can be dangerous to a gambler. As far as Texas Hold'em I don't feel the same I love winning more then losing affects me.
♪♪Now you swear and kick and beg us That you're not a gamblin' man Then you find you're back in Vegas With a handle in your hand♪♪ Your black cards can make you money So you hide them when you're able In the land of casinos and money You must put them on the table♪♪ You go back Jack do it again roulette wheels turinin' 'round and 'round♪♪ You go back Jack do it again♪♪
AlanMendelson
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April 15th, 2013 at 5:33:24 AM permalink
Quote: AxelWolf

I'm saying If I have a double on any 4 of a kind coupon and I'm playing on a $5 machine. I play till I hit 4 of a kind no matter what the cost. If i lose all the money I have on me. (I say F#%K!!N SOB) Then I hit the ATM max It out. If still no luck I check the poker room (assuming there is one) to see if I know someone to spot me some cash. If that doesn't pan out I head to a Box, get some cash and return (to the same machine b/c its due) If I run out again I call gaming. while Waiting I post on WoV "What are the odds of losing 20k without a 4ok"



You're joking, right?

I've played many sessions without a 4oak. I also went 180,000 hands without a royal in 2011. I also realized and knew that I was never "due" to get either a 4oak or a royal during those droughts.
vendman1
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April 15th, 2013 at 5:50:34 AM permalink
OK I think I can safely say after reading this thread that "win/loss" goals work differently for different people. Obviously some of you don't use them. Fine and dandy. But this is like going to a bar and having 30 shots of whiskey. It's bound to end badly. There has to be some stop limit somewhere. I think most reasonable players have some sort of goal in mind when they play. Or they should. Personally, I think about leaving anytime after I double up my buy-in. But I'm flexible as conditions dictate. On the down side I tend to be more stubborn trying to "get even" at a table. Which usually doesn't work out. :(
Ibeatyouraces
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April 15th, 2013 at 6:21:59 AM permalink
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AxelWolf
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April 15th, 2013 at 7:55:52 AM permalink
Quote: AlanMendelson

You're joking, right?

I've played many sessions without a 4oak. I also went 180,000 hands without a royal in 2011. I also realized and knew that I was never "due" to get either a 4oak or a royal during those droughts.

Not sure exactly what part you think I may be joking about. However, "I" have never called gaming for anything other then bait and switch promotions. We all know machines cant be "due" that's ridiculous only people can. 180k hands that's only 4 or 5 cycles. Try 10 cycles. I don't think I have ever went more then 8 hrs without a 4oak or put in and lost an amount = to a royal before a 4oak Did you finally hit a RF? If so you must have been "due" because you hit one.
♪♪Now you swear and kick and beg us That you're not a gamblin' man Then you find you're back in Vegas With a handle in your hand♪♪ Your black cards can make you money So you hide them when you're able In the land of casinos and money You must put them on the table♪♪ You go back Jack do it again roulette wheels turinin' 'round and 'round♪♪ You go back Jack do it again♪♪
gr8player
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April 15th, 2013 at 8:28:30 AM permalink
Quote: AlanMendelson

I don't know if you would consider having win goals and loss limits a gambling system.....



Hello, AlanMendelson.

While I'm not sure I'd call it a "system" (I don't even like that word nor it's connotation as it relates to gaming), having personal win goals and loss limits are, IMHO, absolutely vital to one's long-term success. In fact, I'd go as far to say that the absence of either would render the player a distinct disadvantage versus the casino.

We are, in essence, speaking of "quitting points" whenever we mention either win goals or loss limits. And I am a firm believer in strategic quitting points at every single session, and their inherent value. Knowing when to terminate a session is not only of paramount importance, it is also one of the most powerful weapons in our collective "player's edges".

I wouldn't be so quick to put a "hard and fast" number on either. I believe those goals/limits should be a bit flexible (within reason) and rather dependent upon both how this particular session is faring and how we, personally, are feeling mentally at the time.

It is much more valuable, again IMHO, to streamline one's losses than to put so much effort into maximizing win goals. It all harkens back to a rather poignant expression: "Protect the downside and the upside will take care of itself". Why? Because so much of gaming is the "money chase". I mean, the easy sessions take care of themselves, and it then becomes just how much money we happen to win. But the tougher sessions, those that aren't going as well as we might've liked, that's where THE TRUTH will be discovered about you and your Bac (or any) game. Sure, we all carry "loss limits", but it is the lessening of the damage from those more difficult-than-normal sessions that'll serve to define your play. And, make no mistake of it, knowing the best time to arise from that table after you've narrowed that loss as best you can at this particular session will make you more money, over the long term, than most of your easier sessions.

I call it "loss avoidance". "Protect the downside and the upside will take care of itself". Learn to disseminate those sessions where you're facing your "variance downturn" and seek to terminate that session at YOUR most opportune/advantageous time.

That is all a part of my "shoe" and/or "session" play at Baccarat. A very important part. It's what I refer to as "strategic quitting points". And it is a major facet of my game and success thereof.

I wish it for all of you.
AlanMendelson
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April 15th, 2013 at 9:45:16 AM permalink
Quote: AxelWolfDid you finally hit a RF? If so you must have been "due" because you hit one.[/q



Yes, I hit 11 royals in 2012 and so far this year I hit three. But you are never "due" to hit anything.

1BB
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April 15th, 2013 at 9:50:00 AM permalink
No goals, no limits, no negative EV games.
Many people, especially ignorant people, want to punish you for speaking the truth. - Mahatma Ghandi
AxelWolf
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April 18th, 2013 at 3:52:09 AM permalink
Quote: AlanMendelson

Quote: AxelWolfDid you finally hit a RF? If so you must have been "due" because you hit one.[/q



Yes, I hit 11 royals in 2012 and so far this year I hit three. But you are never "due" to hit anything.

Well every time you hit a royal you were due. every time you don't hit one you weren't due. If you were not due for your RF then it would not have happened. Just because one can't exploit the dueness theory by knowing when your due, dose not mean it dose not exist. I'm not sure you got my sarcasm when I said "We all know machines cant be "due" that's ridiculous only people can." yet prior I said ("the machine was due")
♪♪Now you swear and kick and beg us That you're not a gamblin' man Then you find you're back in Vegas With a handle in your hand♪♪ Your black cards can make you money So you hide them when you're able In the land of casinos and money You must put them on the table♪♪ You go back Jack do it again roulette wheels turinin' 'round and 'round♪♪ You go back Jack do it again♪♪
RonC
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April 18th, 2013 at 4:20:18 AM permalink
I play craps most of the time I am in a casino.

I don't put a "ceiling" on what I am willing to win but I do start with a loss limit--either my buy-in or some percentage of it, depending on the bankroll. The biggest issue I have is losing back everything I've won and some of the buy in when I am up $100 or so. Once I pass $100, I am pretty good about staying above the buy-in and then moving the number I can lose back to up as I win a bit more.

I do get more aggressive once I've won a couple of hundred but I also become more careful--at that point someone is on a good roll most likely and I want to bet it until it ends. Once a "good roll" ends and I've doubled up or more on my loss limit, I pull back and leave the table if the next couple of shooters don't do well.

Without limiting my wins, one good roll can easily save a weekend and cover my wife's slot losses.
egalite
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June 23rd, 2013 at 5:48:05 AM permalink
I generally aim for 100% profit of my buy-in, sometimes I have to re-buyin, that all depends if I start conservative or aggressively. A lot of factors beyond my control come into play. Where I play the casino is not 24/7 and if other players leave, I rarely play solo unless I'm experiencing a draw-down.

I am also a grinder, as in I'm in for the long haul grinding out profits and only ever betting as much as necessary. I don't always hit the 100%. On another board somebody said to me 100% is unrealistic, so to prove a point I gunned for 200% of the original buyin, hit that and then some.

As for "loss limits", something I've never been able to get my head around for many years, if ya losing and have money left, why not continue to try and recoup, why take so much money to a casino if you not prepared to bring it into play, might as well of left it at home.

I like challengers, goal targets and have already set myself a 'never previously achieved before' high running at the moment. I personally hope my re-appearance on this site, isn't gonna back-fire and bite me in the ass, later on this evening. There's nothing worst than walking into a casino feeling over confident. If that sounds conceit, well that is what winning does for ya. I will disappear shortly and return to more pressing matters, such as getting mentally relaxed for the forthcoming five nights of battle, which includes out foxing pit-managers.
s2dbaker
s2dbaker
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June 23rd, 2013 at 7:38:13 AM permalink
My goal is to have fun. I set my budget and if I lose the whole amount then I stop and I had fun trying. If I win, like I did last weekend, that's even more awesome. The event that made me stop last weekend was that earlier in the day I got sunburn and because of that, I wasn't having fun anymore so I went back to the room to apply some aloe (the stuff doesn't do anything for me).

Gambling should be fun.
Someday, joor goin' to see the name of Googie Gomez in lights and joor goin' to say to joorself, "Was that her?" and then joor goin' to answer to joorself, "That was her!" But you know somethin' mister? I was always her yuss nobody knows it! - Googie Gomez
egalite
egalite
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June 23rd, 2013 at 11:14:20 AM permalink
Strictly all business for me, a money making venture. If I'm after fun, I'll go to the movies or a lap dance club.
MonkeyMonkey
MonkeyMonkey
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June 23rd, 2013 at 11:18:18 AM permalink
Quote: egalite

Strictly all business for me, a money making venture. If I'm after fun, I'll go to the movies or a lap dance club.



Do you try to sneak in the cinema or get a free one out of the girls? Or do you reserve cheating to casinos?
Ibeatyouraces
Ibeatyouraces
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June 23rd, 2013 at 11:36:27 AM permalink
deleted
DUHHIIIIIIIII HEARD THAT!
egalite
egalite
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June 23rd, 2013 at 1:31:48 PM permalink
Quote: MonkeyMonkey

Do you try to sneak in the cinema or get a free one out of the girls? Or do you reserve cheating to casinos?



FOOL. Where have I stated I cheat? If a dealer over pays me, I keep it, if a casino implements silly rules I play to them.

It's casinos that resort to cheating, look up the number of times the Crown casino in Melb has been taken to court for short stacking decks and received a wet bus ticket slap on the wrist..
EvenBob
EvenBob
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June 23rd, 2013 at 1:46:07 PM permalink
Quote: egalite

FOOL. Where have I stated I cheat?



Dude, really? And you're best friends with GR8. Even
he doesn't resort to name calling.
"It's not called gambling if the math is on your side."
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