Bankroll management - Don't go bust all the time

NorrisK

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Quote from: The Sceptical Chymist on February 09, 2016, 06:43:33 PM

Well you sound like you might not be addicted to gambling, but I mean in a broader sense that your audience here consists of a lot of folks who are addicted and who therefore couldn't manage emotions or strategy.

For me, I don't trust myself when it comes to the reward center of my brain. Any time it gets activated, I want MORE. I'm afraid if I actually won something, I'd lose everything. LOL

You are right in that, I'm not addicted to gambling and I highly doubt that everybody on these boards is really addicted. You are also right in that I probably didn't think about the ones that are really addicted and I also don't think anything will work for them except for not betting anymore at all.

This advice was meant for what I thought was the majority of people, that every now and then do some gambling for fun and want to make the maximum out of their money.

asuryan180

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Quote from: NorrisK on February 09, 2016, 04:20:17 PM

but never everything if you adopt this strategy.

That is possible with any type of strategy cause it depends on the guy's mental health.He need to stop or lose all.

Quote from: The Sceptical Chymist on February 09, 2016, 06:43:33 PM

For me, I don't trust myself when it comes to the reward center of my brain. Any time it gets activated, I want MORE. I'm afraid if I actually won something, I'd lose everything. LOL

Exactly.People just need money as fast as possible and because it's all based on luck not all succeed to prioritize.

EngiNerd

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This is great advice, and in theory I know it all. Like others have stated, emotions are tightly coupled with the highs and lows, and my downfall is two fold:

1) When on a winning streak, I start thinking about it like it's guaranteed free money
2) When on a losing streak, I panic and chase losses

There's been a number of times I've mentally kicked myself after busting another deposit and muttering to myself "I should have just withdrawn". Gambling is both a science and an art. Success at dice is less important than success at managing emotions.

The Sceptical Chymist

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Quote from: NorrisK on February 08, 2016, 03:00:37 AM

Thanks for all the nice comments all! Glad you appreciate the effort that went into writing this up.

Do note that I have written this from experience in poker, not from a gambling standpoint. For sports betting it will work for sure, but for gambling as some have said, in the long run you will always lose. By incorporating a system like this in your gambling, you are going to be less likely to go bust on bad judgement calls and if you happen to catch an upswing, you may acutally cash out instead of going for the jackpot again.

Quote from: The Sceptical Chymist on February 07, 2016, 08:59:02 PM

Gambling is driven so much by emotion, especially when the gambler has a gambling addiction, or problem gambling, or what have you. And I think that's a large proportion of gamblers. It's like telling an alcoholic good ways to cut down on your drinking. If people realized that even a small house edge makes them losers in the end, always, they wouldn't bet a single satoshi. There are some really smart people here on bct, so I think their gambling almost has to be emotional.

True. However, when I first started playing poker, emotions were also all over the place. A bad beat can get you trippin and lose another stack or 2 because you want to win it back. Once I started reading up and using proper strategy and bankroll management I went from losing money to break even and eventually winning winning. When you see the success with the strategies, it is easier to stick to as well.

Well you sound like you might not be addicted to gambling, but I mean in a broader sense that your audience here consists of a lot of folks who are addicted and who therefore couldn't manage emotions or strategy.

For me, I don't trust myself when it comes to the reward center of my brain. Any time it gets activated, I want MORE. I'm afraid if I actually won something, I'd lose everything. LOL

NorrisK

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Quote from: asuryan180 on February 09, 2016, 01:34:00 PM

Quote from: NorrisK on February 08, 2016, 12:19:33 PM

Quote from: asuryan180 on February 08, 2016, 11:45:53 AM

Quote from: NorrisK on February 07, 2016, 04:50:20 AM

never bet more than 1-2% of your bankroll

Quote from: NorrisK on February 07, 2016, 04:50:20 AM

readjust the bet size to 1-2% of that value.

If one should not to bet more than 1-2% of the bankroll by which i assume that will be the max bet but if you readjust it to 1-2% then you will be betting the maxes again and again and i don't think that is an intelligent move cause you need to variate the amount to get some gains.

Not really sure what you are trying to say there. What I meant was that you have to readjust the bet size every now and then to reflect your new bankroll size.

Also I don't say that you need to bet 1-2% of your bankroll. It is the maximum sized bet you should ever make to avoid going bust in seconds.

Finally, I would not vary the bey sizes in one gambling session. This is to avoid that by chance you are winning the bets where you bet small and lose the ones where you bet big. By varying you increase the variance, which is something you don't want.

You first estimated a max bet value and that was 1-2% of the bankroll but then again you advised the gambler to re-adjust that to the 1-2% of the bankroll left after losing/wining the session and that is what i think is not helpful.

If you do straight betting without any variation then there is a 100% chance that you will lose everything.Ignoring all of this there is still nothing that can help people win or not lose much,it's just like getting killed by a gun over a knife.

Ofcourse in the long run you will lose, but never everything if you adopt this strategy. Remember the house edge is mostly 0.5% so that is what you will lose in the long run on your total amount that was bet. If you adjust your bet size after losing several times, you make sure that this % is lost over a smaller amount than before.

The thing about gambling is that you can hit a lucky streak and when this happens it is important that you are prepared for it and know what to do. The same goes for that losing streak.

As mentioned, tilt is something you don't want, as this will always result in you losing everything.

asuryan180

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Quote from: NorrisK on February 08, 2016, 12:19:33 PM

Quote from: asuryan180 on February 08, 2016, 11:45:53 AM

Quote from: NorrisK on February 07, 2016, 04:50:20 AM

never bet more than 1-2% of your bankroll

Quote from: NorrisK on February 07, 2016, 04:50:20 AM

readjust the bet size to 1-2% of that value.

If one should not to bet more than 1-2% of the bankroll by which i assume that will be the max bet but if you readjust it to 1-2% then you will be betting the maxes again and again and i don't think that is an intelligent move cause you need to variate the amount to get some gains.

Not really sure what you are trying to say there. What I meant was that you have to readjust the bet size every now and then to reflect your new bankroll size.

Also I don't say that you need to bet 1-2% of your bankroll. It is the maximum sized bet you should ever make to avoid going bust in seconds.

Finally, I would not vary the bey sizes in one gambling session. This is to avoid that by chance you are winning the bets where you bet small and lose the ones where you bet big. By varying you increase the variance, which is something you don't want.

You first estimated a max bet value and that was 1-2% of the bankroll but then again you advised the gambler to re-adjust that to the 1-2% of the bankroll left after losing/wining the session and that is what i think is not helpful.

If you do straight betting without any variation then there is a 100% chance that you will lose everything.Ignoring all of this there is still nothing that can help people win or not lose much,it's just like getting killed by a gun over a knife.

Kevin77

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Quote from: asuryan180 on February 08, 2016, 11:45:53 AM

Quote from: NorrisK on February 07, 2016, 04:50:20 AM

never bet more than 1-2% of your bankroll

Quote from: NorrisK on February 07, 2016, 04:50:20 AM

readjust the bet size to 1-2% of that value.

If one should not to bet more than 1-2% of the bankroll by which i assume that will be the max bet but if you readjust it to 1-2% then you will be betting the maxes again and again and i don't think that is an intelligent move cause you need to variate the amount to get some gains.

I think he means to say that when the first time you have bet 1-2% of the value and if you lose the bet and again bet 1-2% of the new deducted value, in that way you are only losing as you are now risking the remaining 98% of your investment amount which will keep reducing everytime and then it will be 96, 94, 92 and so on. I can be wrong though.

bitcoin110011

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Everything is easier set than done, when a player goes on "tilt" all of the above goes out the window, its hard to win when emotions are involved that is why bankroll management is so important
does anyone know how to overcome tilt

wuvdoll

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I agree with most of your points mentioned but I doubt most of the gambler who are addicted to the game would adopt this strategy. Usually I've seen my friends investing 50% or more in their bets and even if they lose, they never stop. I can adopt your method of investing 0.01-0.02 at a time but with sports betting, I would need to invest more.

BTCevo

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Quote from: Joel_Jantsen on February 09, 2016, 03:41:17 AM

This has already been spoken before when they were asked how to bet safely.Money management techniques turned out to be one of the best and most crucial skills than luck or game or probability of the winning. We may agree with the actual gamblers slogans of "Its not the cards,its the players" who can plot twist a losing game.

Yeah it is asked before but people dont care about it. All they care is all about how to win it without good management of their bankroll. Without a good discipline you can't even manage your income and outcome though because gambling is hard to predict, sometimes you will win big, win small, lose big and lose small. All of it is matter of luck though, so if you can control it you will appriciate the value of money

Joel_Jantsen

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Get your game girl

This has already been spoken before when they were asked how to bet safely.Money management techniques turned out to be one of the best and most crucial skills than luck or game or probability of the winning. We may agree with the actual gamblers slogans of "Its not the cards,its the players" who can plot twist a losing game.

NorrisK

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Quote from: edmundduke on February 08, 2016, 10:46:21 AM

Every "smart" gambler should know the basics of bankroll management unless they really dont care if they win or loose. I have spent a lot of time on gambling sites and it seems that most players have no idea what it means or dont have the patience and discipline to follow the simple steps. The points you mentioned are all valid and its the only "safe" way to play. Still sometimes the "Yolo" approach is better, just let it ride and see where it takes you, all about how one likes to play.

Ofcourse it is nice to do the Yolo approach every now and then, but you want to avoid this when playing for serious coin. Bankroll management is mainly for people that are serious gamblers and want to be able to keep going for as long as possible without going bust. They want to lower the risk by reducing the potential reward, but making sure variance will never get to you. You need to really want to become in control before you can implement a system like this, as it takes effot and discipline.

Quote from: Tschai on February 08, 2016, 09:33:46 AM

I like to suggest JetWin as a Bitcoin casino/sportbook:

You can set max weekly spending/loosing limits: so your bank management is fully automated!

Not really. That only protects you from betting your entire bankroll in one go. It does make you bet the same sized bets all the time, or if you set it to 20% you can still bet more than your maximum of 1-2% per bet. This is something you have to do for yourself.

Quote from: bearex on February 08, 2016, 09:11:40 AM

If you gamble you are greedy, so just fck the strategies. Take what you can lose, make a single bet. If you are really lucky you will win, otherwise you will lose and then go home.

That's a massive generalization. With this attitude you will always be a loser. After winning that single bet you probably place a second and a third untill you lose it all.

ricardobs

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Quote from: twister on February 07, 2016, 11:58:20 AM

Very good points listed in the OP, Bankroll management is the key to gamble rightly but it is easier said then done and takes a lot of control. I find that I am able to control myself much more whilst sports gambling as compared playing dice and/or other casino games.

You said it right that dice games are more prone to losses while the risk is less when we bet on sports. I also have managed my investments by betting on cricket matches only as with dice I lost over 0.25 BTC as you can't really predict what is a winning bet.

NorrisK

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Quote from: asuryan180 on February 08, 2016, 11:45:53 AM

Quote from: NorrisK on February 07, 2016, 04:50:20 AM

never bet more than 1-2% of your bankroll

Quote from: NorrisK on February 07, 2016, 04:50:20 AM

readjust the bet size to 1-2% of that value.

If one should not to bet more than 1-2% of the bankroll by which i assume that will be the max bet but if you readjust it to 1-2% then you will be betting the maxes again and again and i don't think that is an intelligent move cause you need to variate the amount to get some gains.

Not really sure what you are trying to say there. What I meant was that you have to readjust the bet size every now and then to reflect your new bankroll size.

Also I don't say that you need to bet 1-2% of your bankroll. It is the maximum sized bet you should ever make to avoid going bust in seconds.

Finally, I would not vary the bey sizes in one gambling session. This is to avoid that by chance you are winning the bets where you bet small and lose the ones where you bet big. By varying you increase the variance, which is something you don't want.

asuryan180

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Quote from: NorrisK on February 07, 2016, 04:50:20 AM

never bet more than 1-2% of your bankroll

Quote from: NorrisK on February 07, 2016, 04:50:20 AM

readjust the bet size to 1-2% of that value.

If one should not to bet more than 1-2% of the bankroll by which i assume that will be the max bet but if you readjust it to 1-2% then you will be betting the maxes again and again and i don't think that is an intelligent move cause you need to variate the amount to get some gains.

edmundduke

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Every "smart" gambler should know the basics of bankroll management unless they really dont care if they win or loose. I have spent a lot of time on gambling sites and it seems that most players have no idea what it means or dont have the patience and discipline to follow the simple steps. The points you mentioned are all valid and its the only "safe" way to play. Still sometimes the "Yolo" approach is better, just let it ride and see where it takes you, all about how one likes to play.

BTCevo

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Quote from: babs1975 on February 08, 2016, 12:55:59 AM

Quote from: Mars110 on February 08, 2016, 12:09:24 AM

very interesting, you have a very impressive experience and made me want to follow what you have done for mengamanan my funds in the Bankroll and prevent for the loss of the funds I have + the way you that also for control of emotional we sometimes if lost the gamble will surely do bet all remaining funds .

Always a success for all of us

I am addicted to gambling and anytime I gamble and lose, I always want to recover what I have lost. By so doing, you end up losing what you have set aside.

Everyone sure addicted to gambling because of its easy money but you have to control yourself and fully addicted because that will not have a good thing on you. You need to set some limit too on how much you will lose and win per day. This will help you maintain your balance and minimizing your loss too

twister

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Quote from: NorrisK on February 07, 2016, 12:20:54 PM

Quote from: patt0 on February 07, 2016, 11:48:46 AM

This is incredibly important, and I keep trying to get better at this everyday.
My main problems are not the stake value. I use 1-5% and I'm ok with that, the problem are the exit point, either when you are winning or losing.
That's the hard part of the strategy I think. Knowing when to withdraw, and knowing when to stop or deposit again.

You could put a "stop limit" of let's say -25%/+50% or something. Also, when you feel emotions start to play a role in your decisions, stop instantly, also if you are generally not feeling well during the playing.

Quote from: twister on February 07, 2016, 11:58:20 AM

Very good points listed in the OP, Bankroll management is the key to gamble rightly but it is easier said then done and takes a lot of control. I find that I am able to control myself much more whilst sports gambling as compared playing dice and/or other casino games.

I guess that is due to the speed factor. In sports betting you have to wait for the result which may take hours or even days. There is less adrenaline rushing through you after you make the bet. In games like dice or casino games, you get an instant rush after betting with either a win or a lose.

Try to practice sticking to a strategy and it will get easier over time. I don't expect it to be easy for anyone, but it would be a shame if you wasted days or weeks of strict bankroll management with 1 bad bet in a weak moment.

Yeah, with dice you win/lose a lot in a matter of seconds and this is why it is somewhat hard to control, and I have learned to control myself to some extent, but every now and then after big rows of red, I sometime make this, what I call "fuck you dice!" bet Cheesy

and then its over, I have so far won like 2 times out of 20 of those bets.

SyGambler

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guess who's back

Bankroll management is the most important thing in gambling , even if the person is so good he will not succeed without managing his roll
even in normal life there is a bankroll management and without it we will see people keep borrowing money from each others
for me I play 9max STTs , and I don't play games if I don't have 100 BIs at least

Tschai

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I like to suggest JetWin as a Bitcoin casino/sportbook:

You can set max weekly spending/loosing limits: so your bank management is fully automated!

Topic: Bankroll management - Don't go bust all the time (Read 1727 times)