Money
Management is a way to preserve your bankroll
by retaining win results and minizing losses.
It is a means of controlling your betting. It
will allow you to get maximum return when you are
winning and help cut your losses when you are
losing.
First:Plan your
gambling! Determine how many sessions each day
you will gamble and what you plan to gamble on. Divide
your bankroll into packets for each session. For
example, let's say you olan on two sessions each day of
blackjack for four days days, 8 sessions
in all. If your bankroll is $2000, then divide it
into 8 packets each of $250. (Sometimes you may be
playing one session in the day and one in the evening,
where there are different minimums, so you may want to
make it 4 packets of $200 and 4 of $300, or 4 at $150, 4
at $350, etc.) Each of these packets becomes your
planned session bankroll. Place each of these
bankrolls in a separate envelope and label them. Keep
them in the room safe, or the hotel safe.
Second: Set your loss
limits. Always pick a loss limit and always
stick to it. A loss limit should NEVER
be higher than 75% of any session bankroll. I
use a 50% session loss limit whenever I
gamble.
Discipline is the key to money
management.
Stick
to your plan. When you are ready to start
gambling, get your session bankroll and bring
only that session bankroll with you to the casino
floor. Your session starts when you select your
blackjack table, take a seat and change your session
bankroll into chips and start playing.
Control your
session as you play.
If you
are losing: Once you reach your loss
limit, end that session. Get up and leave the table, and
keep the remainder of your bankroll. Put it back in the
envelope and replace it in the safe.
If you
are winning: Set a checkpoint of
winning 50% of your session bankroll. When you
hit this checkpoint, set aside your winings and
continue to play with the amount of your original
session bankroll. Continue to use the loss limit if
you start losing. If you keep winning, continue to
keep setting aside amounts equal to half your original
baknkroll.
Use this
system of money management to maximize
your winning sesssions and minimize your
losing sessions. With it you will always preserve half
your bankroll!
You can apply the
principles of this money management system to whatever
gambling you choose to do. Just create your session
bankrolls and follow the limit strategy for each
session. Use it for any table games, or even, if you
want to really gamble, on slot machine sessions.
