Bankroll management is VERY important.

Discussion in 'Bankroll Management' started by Morgue, Jul 2, 2014.

  1. Morgue, Jul 2, 2014

    Morgue

    Morgue Member

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    I couldn't find a decent bankroll management thread to add my opinions to so I started my own.

    Bankroll management is not only an important practice to have to maximise winnings and minimise losses but it is essential to keep it in mind to avoid becoming a problem gambler.

    Share your tips here about managing your craps budget. I'll start us off:

    Set a loss limit and stick to it.
    It's different for everybody. I'll start a session with $500, that is my loss limit, when it's gone, it's gone. No exceptions. In fact, I've imposed a $100 per week loss limit on myself. If I lost $500 in one sitting, I won't be stepping foot inside the casino for at least 5 weeks.

    Keep a record of your winnings/losses
    Knowing exactly how much money you're feeding into (or hopefully extracting from) the casino really puts things in perspective. You might feel like you're travelling well after stringing a few profitable sessions together, but are you?

    Let's hear your BRM tips and practices. Maybe you don't agree with mine. Let's hear it!


     
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  2. basicstrategy777, Jul 2, 2014

    basicstrategy777

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    To become strong you must exercise the body........to be mentally strong, you must exercise the mind.

    I believe discipline is the most important quality a gambler can possess.

    Morgue, after your 500 dollar loss, you think you can go to the casino and walk around craps tables and not play ? This would be good exercise. I think many would crack.

    It is good to have rules regarding your play and money management........but the rules must be followed, and that's the rub.

    I'm different from you in that if my buy-in is 500, my rule is to leave the table with no less than half ( 250 ). I never leave the table dead broke. The reason for this is
    that it is an exercise in discipline ; it's I fight I must win. also, I would feel very bad if I lost ALL my money ; not good psychologically.

    777
     
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    Last edited: Jul 2, 2014
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  3. KokomoJoe4, Jul 2, 2014

    KokomoJoe4

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    how much you play with is a personal thing. Agree with 777; leaving the casino empty-pocketed is the worst feeling. As a result, my loss-limit is also half of the buy-in.

    When going well, I'm playing very aggressively because in my book, there is no such thing as a maximum win to reach. After a big bet fails, I know it is time to leave and quickly do so.

    If a session that is going no where ends on the positive side, even if only +$20, I am a hell of a lot happier than if I continued to play and lost. Winning is the important thing.
     
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  4. Morgue, Jul 2, 2014

    Morgue

    Morgue Member

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    I was going to mention about stopping at 50% of the bankroll. I don't bother doing that. If I didn't intend on betting the money, I wouldn't lay it out. I've always wondered why people had that 50% stop loss. You're right, it is a good lesson in self discipline. Wanting to wager $500 though, I'm not going to bother bringing in an extra 500. I'd look pretty slick though....

    As for going to the casino and walking around craps tables and not playing. I simply wouldnt be there. The whole reason I go to the casino is to play, if I knew I wasn't gambling, I wouldn't bother heading in. I do believe I could hold out though if for some other reason I was there. I'm quite patient, 5 weeks isn't a long time. I wont get the shakes :p
     
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  5. Morgue, Jul 2, 2014

    Morgue

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    Nope...I don't like it...

    When staying on floor 12a or floor "14" when 13 isn't shown....you know what floor you're REALLY staying on.

    If I needlessly brought double my bankroll with me and lost half of it. I wouldn't be fooling myself, deep down I'd know I just blew my maximum.

    In fact, a player with less of a conscious mind on bankroll management might be tempted to keep going with those easily accessable chips at his fingertips. I dont think it is a good idea.
     
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  6. Grizzoola, Jul 2, 2014

    Grizzoola

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    I agree w/ 777, too. At the end of a losing session, I can walk to the cage & get something. It's purely psychological. I also agree w/ Morgue: "Don't buy-in for more than you intend to lose." I think there are two minds on this. It's a personal decision. I've tried it both ways, but discover that when my BI is half or a little more gone, it's time to walk to the cage.

    The good thing about buying in for more than I intend to lose is that it does give me some flexibility; I can opt to stay in a little longer if the table seems to be turning in my favor. But, I think everyone is right on, though: have a loss limit, whatever it is, & walk away when it's reached. Even poker players know (or should) when to fold.
     
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  7. Raider, Jul 2, 2014

    Raider

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    I have taken to buying in for 4x my loss limits for the reason that 777 cites, discipline, I have a psychological bank roll that needs to be looked after as well. I know that I fall to chasing my losses. That the further down my buy in goes, it plays with my head, and I will start doing crazy things, going after the props, betting in ways that make no sense, just to try and get out of the hole I have made for myself. And guess what, it has worked. The normal variance for the tables I have been on is 100.. by buy in will be up 50, or down 50. It is amazing how have black in you back rail reenforces you discipline. Buying in or only what you can afford to lose, hope you leave you ATM card at home. For me walking away from the table empty handed means I should find a GA meeting. I had no discipline.
     
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  8. rudeboy99, Jul 3, 2014

    rudeboy99

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    I stop-loss by blowing the entire buy-in. I'm not trying to be a smart arse either. Although I don't play much any more, when I do, I buy-in for $300, which gives me 50 or 60 bets to get rollin', and if I go bust then I'm done. But I don't quit until I tap out 'cause you never know when the shooter might catch the heater that will bring you out.:cool:
     
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  9. Morgue, Jul 3, 2014

    Morgue

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    Blowing your entire stack is a good indication that it's game over.

    Pity it's impossible to know when a table is turning in your favour. What you're really saying is "it gives you the option to gamble longer and maybe lose more than you intended"
     
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  10. Grizzoola, Jul 3, 2014

    Grizzoola

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    Something that may serve both purposes, which are to either buy-in only for what you intend to lose vs. buying in for more than you intend to lose: Henry J. Tamburlin, in "Craps: Take the Money and Run," suggests when buying in to put the stake in 1st rack. Then, put winnings in second rack, and never touch the winnings. When the 1st rack is empty (original buy-in), leave. Hopefully, there will be something in the 2nd rack to take to the cage.

    I've read others who say the opposite: Use winnings to continue betting & leave stake alone, if possible. I like Tamburlin's suggestion. Now, I need to be able to separate winnings from original bets so I can do this. ;)
     
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  11. KokomoJoe4, Jul 11, 2014

    KokomoJoe4

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    There was a young guy at the casino today who forgot to read this thread. In the hour I was there, he pulled 1K out of his wallet 3 times. He bet only on himself and on the female shooters, this was less than half the players at a full table. It was smart of him not to bet on me.

    The only nice hits he had were on $100 hardways - saw him collect $700 or $900 a couple or 3 times, but not until he already had 3K out on the table, mostly deposited in the bank. I'm guessing that he either did not read or disagreed with the recommendations made in 777's book.

    Strange session. Bought in for $300, played a little bit of everything, ranging between -150 and +50, and went home with $285.
     
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  12. Morgue, Jul 11, 2014

    Morgue

    Morgue Member

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    Maybe he did read this thread and decided 3k was his loss limit and chose to play 3x1k sessions in a row :p

    -$15 for your session wasn't too bad, cheaper than a movie!
     
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  13. KokomoJoe4, Jul 11, 2014

    KokomoJoe4

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    Without getting too descriptive, this guy had the look of a recreational drug entrepreneur. His lack of success at the table probably wasn't a major problem for him.
     
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  14. Liman

    Liman Member

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    well, regardless of his career path/choice, he is following the number one rule of gambling, NEVER gamble with money you cant afford to lose.
     
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  15. BostonDice, Jul 12, 2014

    BostonDice

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    Having a Win Goal is also important. Before you start playing, decide how much of a win would make you content (for me it's 40% of my starting bankroll). Once I reach that goal I'll keep playing with my bets on the table until a SO, and then I'll leave.

    It doesn't mean that you have to be done playing for the whole day or trip. But enjoy some time as a winner. Psychologically it does wonders. Go have a nice dinner, go to the cigar lounge and have a stogie, or just walk around and watch other people lose their money. Then if you want to play another session, so be it. But have the same loss limit and win goal for that session as well.
     
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  16. Grizzoola, Jul 12, 2014

    Grizzoola

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    This makes a great deal of sense for me. For ME. I buy in for $200; that means $80. That satisfies my need for greed without staying in too long. "Take the money and run."
     
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  17. KokomoJoe4, Jul 12, 2014

    KokomoJoe4

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    I like Steve Miller too Grizz but how about "Your Cash ain't nothin' but trash" ?


    No wonder Morgue is not presently active 1:15 PM EST would be about 3:15 AM Sunday in Melbourne.
     
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  18. Morgue, Jul 12, 2014

    Morgue

    Morgue Member

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    Too busy at the table, actually! :D

    Chalk up another 4.5hr session on the don'ts for a $150 win ;)
     
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  19. KokomoJoe4, Jul 12, 2014

    KokomoJoe4

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    Congrats. This seems to becoming regular. If the Don'ts aren't broke, Don't fix the Don't.
     
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  20. Morgue, Jul 12, 2014

    Morgue

    Morgue Member

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    Since I've been playing this year, I'm up $550 after about 30hrs. In 5 visits/6 sessions.

    If I was smart and didn't go back to the table for that 2nd session on one of those visits, it would be $950!

    You can't blame me for betting the 'wrong' way! :p
     
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