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by: Wild Bill. money management.
Continuing on with my thoughts about the need for a good money management system, let's go into more detail. As I stated earlier, you don't follow a money management system...

Set your Limits


... in the hopes of turning your gambling activities into a positive expectation.  

Let's discuss how to set your limits.  Think hard about at what level you would be really upset with the amount of a loss.  There are no easy rules for this amount as it varies for everyone.  Some people can take a $1000 loss as easily as a $10 loss, but for others pain comes quicker.  Just be honest and think about what amount of money lost would really bother you.  This is your threshold of pain at which point further losses don't hurt much more.  

Think of the pain threshold like this.  Say you decided a $500 loss was your limit.  Now think about what would happen if you had a $1,000 loss.  If you set your limit right, chances are you would think the $1,000 loss feels much the same as $500.  You have crossed a very dangerous threshold, blowing $500 more without much additional emotional response.  

Now think about a $300 loss.  It would sting, but not like a $500 loss.  You might even have enough control to quit at $300 to avoid losing more.  If you are beginning to see my logic, you are a great candidate for this form of money management .  On the other hand, if a $5 loss gets you as mad as a $500 loss you might not work so well with this, but still it doesn't hurt to at least think about the logic in it.

Once you do the thinking and some experimenting the next few times you play in a casino , finalize the threshold loss amount.  Now cut that amount in half to give yourself plenty of breathing room as you will want to stay far from the danger of your threshold.  This amount is your loss limit for any given day of gambling.  Once again it is a personalized number which will be different for everyone.  

Now onto happier thoughts, figure out what 25 percent of your loss amount is and round it up or down slightly if needed to make it a more convenient figure.  This is your win goal.  Anytime you win this amount it's time to quit from that table or machine.  If you are on a long winning streak you can keep playing until you have your first loss and then quit.  

A winning session doesn't mean you are done for the day.  You can take a break and then start over again later.  If you hit your loss limit though seriously think about calling it a day.  Losing affects most gamblers far more than winning does and can lead to bad decisions without a good “time-out” to regain emotional control.  

Wins should be more common than losses using this method.  When you lose, you're down an amount you can handle and could win back another day.  In short, this creates emotional control over your gambling.  

Having more wins than losses makes gambling fun because you play to win right?  You may not end up ahead in the long run financially, but wouldn't you much prefer leaving a winner more often than not?  This method gives you a better chance of leaving a winner and when you do leave a loser the amount is more manageable.  In the long run, this should make your gambling experiences more enjoyable overall. 

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