Money Management

Read a thread where the player wanted to know something about MM.

Best way I know is if and or when you get ahead and reach your win goal, put half the money in your pocket and leave it there until you color up. Play the other half until you hit your win goal again or lose three times in a row.

You have to set your win goal first and stick to it. When you hit it, Break it in half and play only with the excess.(other half) That's where the discipline comes in. Can you do it? Never walk away from a winning streak, but don't try to win it back if you're losing. These things tend to go in streaks. Ride the lightning, but know when to get off.

If Lady Luck is kicking you in the groin, best to cut your losses. That's your loss limit, whatever you set it at. Mines about 50%.

You can always come back later and play again, but leave a winner for once. It'll feel good.

Can't tell you how many times I've seen a lucky player stay in too long, and give it all back and then some.

It's all in the name of fun, right?

Ben, I've been using pretty much the same management for years. 3 limits...loss, win, time. loss = 50% of buy in, win = 200% of buy in, time is usually 15-20 minutes max unless I'm above my buy in but less than my win limit and having a great time. You have to be a real casino rat and like alot of different games. If you are just a roulette player and not like any other game it's hard to leave your game. Me, I can play anything, so leaving when one of the limits hit to play another game is fine by me.

I also use a daily management. Let's use $500 daily limit. If day 1 I lose $250 the other $250 goes in the return envelop to never be touched. Day 2 I have another $500 already to go. If I end up the day ahead $200 then all $700 goes into the return envelop, and so on. You split your buy in up for you trip 2,3,4 days, whatever, then when you come home you have your return envelop with something in it. My wife and I usually use it for some purchase around the home. We have a good trip, we get a nice prize for the home, a bad trip and we get a small one. My last trip will pay for my daughters engagement party.

I can very much guess where you have read the post on win goasl and loss limits . Discipline is of paramount importance . Ninety percent of the people who go to a casino are ahead at one time or another but 70 % of those give it all back.

My win goal is set at 20% and my loss limit is 25 -30% of the required bankroll for one session.


WASHOO2
HAPPY WINNINGS!!!



I don`t gamble...... The casino does by permitting me to play there.

Quote: WASHOO2

I can very much guess where you have read the post on win goasl and loss limits . Discipline is of paramount importance . Ninety percent of the people who go to a casino are ahead at one time or another but 70 % of those give it all back.

My win goal is set at 20% and my loss limit is 25 -30% of the required bankroll for one session.


WASHOO2
HAPPY WINNINGS!!!

Remarkably similar to this post by Tamino:

www.rouletteforum.cc

And this one by Nathan Detroit (scroll down):

vlsroulette.com

Which also appears in similar wording on the front page of John Patrick's site

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Quote: NickyDim

I also use a daily management. Let's use $500 daily limit. If day 1 I lose $250 the other $250 goes in the return envelop to never be touched. Day 2 I have another $500 already to go. If I end up the day ahead $200 then all $700 goes into the return envelop, and so on.

You're actually doing a $200 stop win / $250 stop loss money management. You could just buy in for $250 a day and play until you are bust or reach a target of $450.
There are some advantages in bringing more to the table than you are willing to lose (be able to split or double down at blackjack when you're close to your loss limit), but if you would really stick to your goals you would not play this hand in the first place.

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Quote: MangoJ

You're actually doing a $200 stop win / $250 stop loss money management. You could just buy in for $250 a day and play until you are bust or reach a target of $450.
There are some advantages in bringing more to the table than you are willing to lose (be able to split or double down at blackjack when you're close to your loss limit), but if you would really stick to your goals you would not play this hand in the first place.

I don't know - when I do play blackjack, I'll usually plan on leaving 4-5 units up or down, but I'll typically buy in for two or three times that just because it's nice to have a stack in front of me. And even putting that aside, it does make sense to me to have a barrier for leaving above what you're willing to lose, especially in, say, craps, just so you don't feel you're finagling those last few chips. In poker, too, I'll usually pick up my chips when I'm down enough if I'm not in the mood to rebuy, since there not having the freedom to make raises can hurt badly - in limit hold 'em, 5 small bets is my rule, in no-limit, it varies depending on the table situation, in stud, don't really have a hard and fast rule yet, but it's higher up than hold 'em.

In blackjack I totally agree - you need some sort of hard reserve for possible resplits, double down on split hands etc. No double down after split available raises the house edge seriously, you don't want that to happen. If you don't have this reserve, it's better not to play.

I'm not sure if being short-stack in a no-limit ring game is a disadvantage in poker, but then I'm not a poker player. Sure it limits your raise amounts - but so it does for your opponents raising you. Effectively it's an entire different game.

Money management has been around for a long time. Everybody says : "Quit while you're ahead!"
But they don't tell you how.

It takes guts and discipline to actually walk a winner. Makes it easier if you have a system. You set that win goal and loss limit and stick to it.

Loss limit? When you hit it you stop cold.

Win Goal? When you hit it, you break you're winnings in half, and pocket that half, then continue to play until you either,
1: hit your win goal again, or, lose half of that, or, play it all out hoping to win it back. Then, when you're out of money at least you still have the wad in your pocket, so , you didn't lose it all!

The idea is you never leave a hot table when you're on a heater. But these streaks run hot and cold and unless you are extremely lucky you will eventually start to lose more than you're winning.

I can't tell you how many times I've seen them put it all back in and then some.

What's the point? Are you gambling to gamble or gambling to win?

;)

It's a good idea to know what your goals are, and have a strategy to match. You could describe it as a "system," but that's a loaded word here, since it's associated with people who think they can escape the edge through a betting strategy, or want to sell others on that idea. "Streaks" are meaningless, though; the only reason we see them is because we overestimate how often random results tend to oscillate. And if you're gambling to win, don't play against the house. Either they've got you, or they don't want you.

Quote: Ibeatyouraces

Playing a -EV game will always result the same way whether its on day one or 3 years later. You WILL go bust. Only bring what you are willing to lose on any given day. Stop wins/losses are nonsense.

I agree with this statement. I love the guys who get up a few bucks, and walk away, only to return later. They lose less because of their actions. Like the silly asses who chart the tables or the dealers. But gamblers will buy any SYSYTEM. And I do meany any.

A buddy was making a nice living selling his dog selections based on biorhythms. LOL