Topic: How to be discipline in managing your bankroll? - page 3. (Read 1346 times)

Hahaha, most likely that will happened when you carried away by your emotions, those people who knows well are capable managing their bankroll it's a tough practice, but by limiting yourself and keep yourself away from any possible situation that might lead you to breaks your own limits, it's something that really needed to improve from time to time, it allows you to avoid losing a lot and allow you to check and balance the outcome if you are profitable or not each month that you play.

Of course, this is a great way to track your losses or wins, but the fact is that only a very small percentage of players will keep a diary. Because in gambling, players want one thing - to earn and put in less effort than at work, while having fun. But this is a simple trap for such naive players. If a player wants to have fun and not think about anything, then he will simply not have the discipline to manage his bankroll, which in turn will lead his bankroll to a complete collapse. I realized that if we want to try to really increase our bankroll, then we must make titanic efforts for this, and keeping a diary is only part of this process.

A very sensible strategy. Well, I don't do such calculations, but in general, I also roughly adhere to such principles. But sometimes it seems that a good chance has appeared, and I can break my own rules regarding betting. This is the excitement. And at the same time, as a rule, you always lose.

The usual method to manage the bankroll is to allocate a percentage of money to be spend on gambling from your income like OP has cited.

The problem is to keep that value fixed every month. The objective is to control the craving of gambling and not over-spend and end up bankrupt and repeat the cycle of debt. If you are able to control the percentage and not cross it you might actually be able to realize the losses incurred and start reducing your spending over time.

I highly recommend being truthful and maintaining a log/spreadsheet for monthly spending with P/L.

This is true and it is possible that a successful economic game as a hobby with one percent can then develop into a monetary interest for the gambler. And if he loses, even playing as a hobby, then most likely he will give up this activity.
I also want to note that many players can spontaneously increase the bankroll if they received random money from somewhere, for example, an inheritance or a bonus. This is the factor when players can stop being disciplined.

Again, being able to manage one’s bankroll isn’t just about setting limits of gambling budgets for yourself, that’s in fact the easiest part mate, where the actual work is, is sticking to those limits and budgets you’ve set for yourself because at some point even those who are considered to be responsible gamblers may also default in this particular area for one reason or the other. But yes, the best thing to do is t always set aside money one can afford to lose for gambling so even if it exceeds your limits and you eventually lose it, you wouldn’t feel much of the impact.

You say if you’re able to critically analyze the altcoin before buying that one still have chances of getting your money back and maybe make a few or more profits from the buy, while this may be considered to be true, just wanna know what are the chances that your analysis about the token will actually turn out to be the way you expect, considering the fact that it’s impossible to accurately predict the future outcome of a token in the short term, even when you’re investing in Bitcoin, it’s still impossible to accurately predict the short term price movements. In the long run you’re still depending on luck and chances, just like gambling. Again, if you also make your analysis correctly and luck is in your side before you stake the games, there’s also a pretty good possibility of getting your money back, and even make a few or more profits. So it’s pretty much the same to me.

Yeah, just like what I mentioned a single mistake can lead you to ruined your bankroll and by continually adding more money to your bankroll can then lead you to addiction, if you are unable to work with your emotions and the discipline inside already been conquer by your desire to keep pushing for more, then you'll end yourself up to become addicted.

You lose your focus and all the balance and it will turn you down and lead you to a uncontrollable position, better to have that self-will to avoid getting emotionally and save your butt from losing a lot of money.

That is why we must always remember that gambling can makes us lose much money if we don't have control or set a limit. When we lose the money, we only lose the amount that we can afford to lose so that will not makes us too regret because we knows the risk of playing gambling. To discipline managing your bankroll needs more practices so we can stick to our plan and not lose too much money.

Altcoin trading/investments may have similarities but if you can analyzes the coin before you buy, you still have a chance to make a profit plus your money will return to you. But in gambling, once you lose, you will lose that money without have a big chance to get it backs or wins more money. Only with discipline managing your bankroll will prevents the big lose. That will be difficult.

Bankroll management depends on what goal you set for yourself. If your goal is just to relax and enjoy betting, for example, then there is no point in spending a lot. It is better to spend no more than 1% of your income for 1 month. If you belong to such a rare class of players. Who want to make a significant profit in betting in the long term, then the bankroll size can be increased, for example, to 5% of your income for 1 per week. These will still be fairly safe bets. I think that limiting the total amount for all bets for a certain period of time is a fairly good and at the same time simple method of risk management.

I agree with you that setting a budget is really needed especially in a gambling that is basically 50.50 game haha We know a lot of stories that people go bankrupt after betting lots of dollars it is simply because they go outside their gambling budget in my opinion.


How about you? Are you using a similar method, or do you approach it differently? I mean different people might have different methods personally like I am only use the spare money that have left in my wallet account so I don't have a percentage like 1%-2% as long I have left let's say 50 USD in a month then I only use that. And please don't do gambling outside your budget even tho you have money left.

I agree with what you said, the main thing to note is that we must be able to allocate money appropriately, not exceeding our own capabilities, besides that we must also be prepared for the possibility of losing the money we allocate, which is something that tends to definitely happen. Because for example, if we cannot accept the loss of money that occurs, it can provoke our own emotions which can lead us to go deeper and of course that is not a good thing.
Setting limits is a natural thing, knowing when to stop is one way to avoid big losses. If in this case it fails, then the possibility of addiction and losing a lot of money is something that is certain to happen.

Exactly the reason why people are always advised to always gamble or invest whatever amount they’re capable of losing so when the losses eventually comes, which of course has pretty great chances of happen, and when it eventually happens you won’t have much regrets. I agree that gambling and altcoin trading/investments has more similarities than we can imagine, the risks of uncertainty, the high potential of losses and the possibility of losing everything if you don’t identify and manage your risk level.

It is true that there is a strong temptation in this case, I even think there are players who change their gambling motives, such as initially they have set the amount of funds they will allocate and have also set a target which is the point where they must withdraw and stop, but when all of that has happened there is a temptation that makes them waver with their initial plan and makes them change their motives to want to get more wins or profits, not much different from when they experience defeat.
The incident about our failure to follow our own rules, I am sure that we have all experienced it, it would be too hypocritical if I myself said I had never experienced it. There are times when we can lose patience and lose self-control, I am sure that most people who gamble have experienced it.

I've also been working with a monthly budget for some time now and I never contribute more than I've planned, regardless of what happens during the month.

In fact, it's a difficult plan for those who don't have discipline. I myself suffered a lot in the beginning, but the secret is to resist and not give in to the temptation to make new contributions when the money runs out before time.

In my case, the amount I bet is a percentage of what I earn in cryptos, that is... I don't compromise my income and salary that I receive in Fiat with gambling and I believe that this is also very important for those who already receive a regular and "generous" payment with subscription campaigns, for example.

Another thing I do... I don't convert my profits, so when I get a positive balance in the month, I usually have two options: Reduce the contribution for bets in the following month or bet more with the amount accumulated from the previous month.

well, gambling is not so different than altcoins at the end of the day
if you plan to make it big then at least know when to stop, don't get hooked to it
and always be prepared to lose it all

these are the rules

My approach was totally different from your strategy, because on that state there's an advantage compared to mine. I gamble 50% of my allocated budget and I didn't care the other half, because I enjoyed playing with that certain amount regardless if I win or loss. However, that doesn't make sense with respect to financial returns on my end. I'd love to use your method, I saw a big difference which I believed a greater advantage compared with my own method since enjoying gambling will last for more.

The temptation are always just one pat in our backs and it's going to trigger as soon as we let it happen. Even the best bankroll manager/gambler has that to say and it's only a matter of resisting it. I agree that it's how we practice our bankroll management and our gambling activities, if we tend to control it in the ways that we're able to do so. It's going to result good that we'll be happy about it.

And other than that, you're going to happily tell it to your other co-gamblers on how you'd able to do that. But even with that, you need to be consistent in controlling and disciplining yourself. Sometimes, our overconfidence leads to our destruction and the one that has been once good in bankroll management became hyperactive and lost the control. That's a shameful way of being known by other co-gamblers or even not with them but by just recognizing ourselves.

Agree to this,  depending from how a person set its goal and how good it is practicing his strategy,  it's a tough call when balancing emotions against managing your bankroll,  there's always a temptation along the way that might change things even you fully set things up, once you break your own rules then automatically expect that you'll ruined that months or weeks budget,  and expect to add more deposits and lose a lot.

If you are someone whose really that liking or wanting to enjoy most of the amount or budget that you do have set for the whole month, then you would really be thinking up that you would really be splitting it out and make most of it or able to enjoy in a couple of days or weeks if you are lucky but we do know that not all people would really be something like this on which there would really be those individuals that they would really be wanting or liking on making one bet or all in on a particular gambling session and if they do deplete their balance then its completely that totally gone.
Its true that there's a chance that you will really be making more  deposits on the moment that this one happens .but actually this one will really be depending on someones control.

Your strategy is a nice one, but am supprised on how you can cope up without gambling after you have lost your  expected bankroll which should have been used till month end in a short period of time. Because I know many people usually set aside some amount of money for gambling, to use it gradually till the end of the month. But with this your strategy don't you think you might end your bankroll so suddenly? and might be tempted to touch your savings or any other important money? For me it is good you split your gambling fund across the week, in other not to use all your bankroll at once.