How to be discipline in managing your bankroll? - page 4.

Hispo

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Quote from: stadus on October 07, 2024, 07:48:31 AM

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How about you? Are you using a similar method, or do you approach it differently?

It is pretty much the same in my case, the being the main difference the way I like to distribute the budget through time. You call about a month for one's budget, but I prefer to distribute it in seasons or cups (in the case of Football). For example, if there is an important event, like a World Cup approaching, then I set up a maximum and a minimum amount to my budget and I start to bet keeping in mind such figures for the rest of the cup, take a glance of the first matches and do a basic relation between the number of possible matches I may be interested in and the money I have available.
In the case there is a match which I find very easy to predict (one which has very low odds for the favorite), I dedicate a higher percentage of the budget to such match, not much, but higher in comparison. So I go on with that strategy during the cup/league, I feel the season is a success in the case I make between 30 and 50 percent of profit.

Woodie

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That 1%-5% of monthly salary is not bad if salary is good in the first place, but if you are going into gambling for the purpose of making a profit then I would feel less pressured if I saved up for a couple of months then gambled with big money... gambling gets so much easy if a fair amount is staked to win a good amount unlike going for accumulators that you will lose 9/10 times and before you know it, the bookies is having you couple of doors in their wallet.

So to win go big or go home .

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Quote from: stadus on October 07, 2024, 07:48:31 AM

Since I'm a sports bettor, I'll use sports betting as a reference. I’ve read many books about sports betting, learning how to spot trap games, and find value bets, but the most important aspect for me is bankroll management. You’ve probably heard the saying in gambling, "bet what you can afford to lose," which is all about managing your bankroll.

To set up a proper bankroll, it’s suggested to use only 1% to 5% of your monthly income. That means your bankroll is set for one month and should not be refilled until the next month comes around. The idea is to see some wins so you don’t have to top up again.

For example, if your monthly income is $2,000, your betting budget should be $200. And to make that bankroll last, proper budgeting is crucial, which is where bankroll management plays its role. In my case, I stake only 3% to 5% per bet. So, with a $200 bankroll, my maximum stake per game would be $10. Sticking to that strategy greatly increases the chance of enjoying gambling over the long term.

How about you? Are you using a similar method, or do you approach it differently?

That is good money management and the betting method you do is a good method and I am sure, if gamblers are disciplined in such a way then maybe they will also be fine and gambling will not ruin their lives either. But indeed, I personally can also be said to only gamble with money ready to lose, so I also do not make bets with large money. But even so, I can be more active in betting every week even though it will not make me rich, but I am quite happy to do it even though I only bet money that is ready to lose and only a little money. Although sometimes disappointment occurs, but because there is still capital ready to be bet on other matches, then the disappointment can be covered when we can still bet on the next match or on other matches.

Nrcewker

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I believe the 40:30:30 rule. I use 40% of the monthly expenses for daily needs/paying bills. I save 30% of the monthly income. Later funds are used from here if any emergency occurs. The last 30% I invest in various fields. Now some certain percentage from this 30% is used to spend on gambling. I don’t do frequent gambling. I only place bets on the matches where my favorite team or player plays. If I lose, then I wait for the next month to deposit again and recover the lost money.

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Quote from: Findingnemo on October 07, 2024, 09:53:44 AM

Quote from: stadus on October 07, 2024, 07:48:31 AM

To set up a proper bankroll, it’s suggested to use only 1% to 5% of your monthly income. That means your bankroll is set for one month and should not be refilled until the next month comes around. The idea is to see some wins so you don’t have to top up again.

For example, if your monthly income is $2,000, your betting budget should be $200. And to make that bankroll last, proper budgeting is crucial, which is where bankroll management plays its role. In my case, I stake only 3% to 5% per bet. So, with a $200 bankroll, my maximum stake per game would be $10. Sticking to that strategy greatly increases the chance of enjoying gambling over the long term.

How about you? Are you using a similar method, or do you approach it differently?

$200 is 10% of 2K not just 5% so in case if you are mistaken.

That's pretty good approach of how to manage your bankroll and having self control is the key to not to lose more than we are supposed to do but I would also say t's better can be flexible and no need to make it as a habit that should have been followed all the time. It's okay if you send 10% instead of 5% but you need to compensate for the next month or even two just to show you can control the urge of doing it.

exactly, the thing is
losing 1 to 3% of your bankroll with each bet won't really hurt you in the long run
losing more than that starts to get trickier as you'd need a higher win rate to keep up with the losses or much higher multipliers when winning

it's all about math after all

Jaycoinz

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I think what really affects a lot of gamblers especially those that play sports betting in particular is that they try to hit the big wins in a short time forgetting that it's gambling where anything can happen. They forget the principle of risk management, their stakes are very risky and irresponsible. It's just like what you Said, one to five percent of what you earn monthly is enough to gamble with, you can also divide that amount into the number of times you would want to place your bets in that month. Always remember that if you play safe you will definitely have some losses but at the end of the month your accumulative profit should be higher, this requires a lot of patience.

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Quote from: stadus on October 07, 2024, 07:48:31 AM

Since I'm a sports bettor, I'll use sports betting as a reference. I’ve read many books about sports betting, learning how to spot trap games, and find value bets, but the most important aspect for me is bankroll management. You’ve probably heard the saying in gambling, "bet what you can afford to lose," which is all about managing your bankroll.

To set up a proper bankroll, it’s suggested to use only 1% to 5% of your monthly income. That means your bankroll is set for one month and should not be refilled until the next month comes around. The idea is to see some wins so you don’t have to top up again.

For example, if your monthly income is $2,000, your betting budget should be $200. And to make that bankroll last, proper budgeting is crucial, which is where bankroll management plays its role. In my case, I stake only 3% to 5% per bet. So, with a $200 bankroll, my maximum stake per game would be $10. Sticking to that strategy greatly increases the chance of enjoying gambling over the long term.

How about you? Are you using a similar method, or do you approach it differently?

Yeah, I also allocate 5% of my monthly income to my gambling bankroll but I also add to my bankroll 10% of every winning^{(if any)} thus making it growing during the month ^{(if I'm lucky)}. At the end of every month I check available sum and buy bitcoin to go the whole nine yards then take the rest for a few days and after this refill my bankroll again with the same 5%. I kinda like to pay gained money for bitcoin. That is why such an arrangement which seems to be complicated at first.

goldkingcoiner

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Quote from: stadus on October 07, 2024, 07:48:31 AM

Since I'm a sports bettor, I'll use sports betting as a reference. I’ve read many books about sports betting, learning how to spot trap games, and find value bets, but the most important aspect for me is bankroll management. You’ve probably heard the saying in gambling, "bet what you can afford to lose," which is all about managing your bankroll.

To set up a proper bankroll, it’s suggested to use only 1% to 5% of your monthly income. That means your bankroll is set for one month and should not be refilled until the next month comes around. The idea is to see some wins so you don’t have to top up again.

For example, if your monthly income is $2,000, your betting budget should be $200. And to make that bankroll last, proper budgeting is crucial, which is where bankroll management plays its role. In my case, I stake only 3% to 5% per bet. So, with a $200 bankroll, my maximum stake per game would be $10. Sticking to that strategy greatly increases the chance of enjoying gambling over the long term.

How about you? Are you using a similar method, or do you approach it differently?

I think it is very important to keep track of your gambling funds and to never gamble more than you planned.

My rule is 10% of the disposable income. In other words, after you paid all your debts, bills and put some money aside for investments/savings. So if your disposable income is 25% of your income, then 10% of that 25% would be 2.5% of your entire paycheck. And that is the money that is only for gambling and not a penny more.

I also divide that gambling fund into smaller weekly or daily gambling funds. So if you gamble once a week, divide it into 4. If you gamble daily, then divide by 28 (4x7).

The most important part is to stick to that plan and not gamble any more. Although you can gamble less.

Discipline is hard but if you have a written plan, then it becomes easier.

Synchronice

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Quote from: stadus on October 07, 2024, 07:48:31 AM

To set up a proper bankroll, it’s suggested to use only 1% to 5% of your monthly income. That means your bankroll is set for one month and should not be refilled until the next month comes around. The idea is to see some wins so you don’t have to top up again.

For example, if your monthly income is $2,000, your betting budget should be $200. And to make that bankroll last, proper budgeting is crucial, which is where bankroll management plays its role. In my case, I stake only 3% to 5% per bet. So, with a $200 bankroll, my maximum stake per game would be $10. Sticking to that strategy greatly increases the chance of enjoying gambling over the long term.

How about you? Are you using a similar method, or do you approach it differently?

I think that it's not the best approach to use 1-5 or any % of your monthly salary. Instead, what you should do is to set % of salary that you are left after paying all the expanses, including housing, car, transport, eating and so on. For example, if your salary is $2000 and after expanses you are left with $500, then you can stake any 5-10 or whatever percent you want of that left money. I think this is a safer approach.

By the way, in the end, everything comes down to your self-control. You can always set any strict restriction to yourself but let's be fair, we can lift them as well. No self-restriction makes sense if the person doesn't have mastered a self-control.

summonerrk

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Quote from: stadus on October 07, 2024, 07:48:31 AM

Since I'm a sports bettor, I'll use sports betting as a reference. I’ve read many books about sports betting, learning how to spot trap games, and find value bets, but the most important aspect for me is bankroll management. You’ve probably heard the saying in gambling, "bet what you can afford to lose," which is all about managing your bankroll.

To set up a proper bankroll, it’s suggested to use only 1% to 5% of your monthly income. That means your bankroll is set for one month and should not be refilled until the next month comes around. The idea is to see some wins so you don’t have to top up again.

For example, if your monthly income is $2,000, your betting budget should be $200. And to make that bankroll last, proper budgeting is crucial, which is where bankroll management plays its role. In my case, I stake only 3% to 5% per bet. So, with a $200 bankroll, my maximum stake per game would be $10. Sticking to that strategy greatly increases the chance of enjoying gambling over the long term.

How about you? Are you using a similar method, or do you approach it differently?

I think that many people try to stick to these rules and try to be disciplined.
But in reality, if many of the future potential problem gamblers receive some unplanned bonus, they will immediately spend it all on gambling. Their logic is simple and understandable - this is "free money" and it does not apply to wages. And this is a mistake, of course. After all, the rule you described applies to all income.

ImThour

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There's no one way to be disciplined in managing your bankroll, it's just about managing your risks. If you are earning $10k a month and you think you want to wager 5% of your income for your gambling or sports bet, that's not gonna harm you. But if you are doing more than 10%, that's definitely something you need to take care of. As more you bet, the chances of the percentage to increase is very likely.

robelneo

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Quote from: stadus on October 07, 2024, 07:48:31 AM

To set up a proper bankroll, it’s suggested to use only 1% to 5% of your monthly income. That means your bankroll is set for one month and should not be refilled until the next month comes around. The idea is to see some wins so you don’t have to top up again.

For example, if your monthly income is $2,000, your betting budget should be $200. And to make that bankroll last, proper budgeting is crucial, which is where bankroll management plays its role. In my case, I stake only 3% to 5% per bet. So, with a $200 bankroll, my maximum stake per game would be $10. Sticking to that strategy greatly increases the chance of enjoying gambling over the long term.

Ideally but not really realistic for many active gamblers, gamblers at some point in time loses themselves because of the momentum they had on the game they are betting and eventually lose their bankroll halfway of the month, its good for a gambler to have a good management of their bank roll it just show how responsible they are in playing and how they respect their effort to earn that money.
Gamblers should strive to be like this kind of gambler, if you're this good at managing your bankroll, then your an ideal gambler.

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Quote from: Dave1 on October 08, 2024, 07:34:52 AM

Quote from: Hatchy on October 08, 2024, 06:58:21 AM

Setting a bank roll is actually a good strategy to help you minimize how much you will risk for your gambling and also have something left other important things to do. Most people use bank roll as it's a much more reliable method to help minimize and keep your gambling on track. I don't use it though as i usually leave something on my gambling account after my withdrawal. So eve when i wat to play another time i won't think much about depositing again. This way I'm able to minimize my risk and also how much i spend during my gambling sections...

And it's more on how you can control your gambling as well. I mean if you have a bankroll and if by chance you didn't get it back and lose everything, then maybe you will stop and wait for the next month before you replenish your capital again and continue.

But in any cases that you win already then maybe you can extend the "life" of your bankroll. For gamblers though that are winning, I don't know but it seems that you have a good feeling and very optimistic that you might continue your winning streak. And obviously, you are going to minimize your risk and your expending as well.

If the prerequisite is really disciplined capital management, it is impossible to need to deposit capital every month, but from the perspective of adding capital every month, this means that the profit rate is not high, putting this condition in gambling, it is an unstoppable failure every month. And when in a situation where there is no winning streak like that, separating from gambling is inherently a more feasible solution, but when you find a way to return to gambling, it is inherently no longer a discipline, which here has not been properly managed, losing its original meaning.

aioc

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Quote from: stadus on October 07, 2024, 07:48:31 AM

To set up a proper bankroll, it’s suggested to use only 1% to 5% of your monthly income. That means your bankroll is set for one month and should not be refilled until the next month comes around. The idea is to see some wins so you don’t have to top up again.

This is a recommended allocation, for a guy who has full control over how he manages his bets, but for those who are very eager to win and cannot accept losses, this is very small and not acceptable.

Quote

For example, if your monthly income is $2,000, your betting budget should be $200. And to make that bankroll last, proper budgeting is crucial, which is where bankroll management plays its role. In my case, I stake only 3% to 5% per bet. So, with a $200 bankroll, my maximum stake per game would be $10. Sticking to that strategy greatly increases the chance of enjoying gambling over the long term.

Getting satisfied with whatever results it brings from that allocation is good, its not easy to manage your bankroll if you cannot accept your losses, so the key always is acceptance with whatever results, its a struggle to do that, and you will always break your control. as long as you cultivate control and are satisfied with the results, gamblers should need to work on his allocation, this will define what kind of gambler you are.

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Quote from: stadus on October 07, 2024, 07:48:31 AM

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For example, if your monthly income is $2,000, your betting budget should be $200. And to make that bankroll last, proper budgeting is crucial, which is where bankroll management plays its role. In my case, I stake only 3% to 5% per bet. So, with a $200 bankroll, my maximum stake per game would be $10. Sticking to that strategy greatly increases the chance of enjoying gambling over the long term.

How about you? Are you using a similar method, or do you approach it differently?

I think numbers are very easy to quote to guide people so they don't go above what they will regret later. The pain of losing $200 for someone that earn $2k as monthly income wouldn't be bad compare to when they loss $500 or $1000 to gambling but our responsibility is what will determine if someone that earn $2k can afford to lose $200 to betting or not. Someone who has a lot of hill might cut down his expanses on bankroll down to $50 than the $200.

People can have different stream of income and might want to risk more than that amount but as for me, I will say gamble the amount you can comfortable with, don't follo numbers and at the same time, don't over do, I mean don't put too much risk in gambling and remember the saying, if you don't earn like them from gambling, you should never risk like them because you will lose more when things go side ways.

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Quote from: stadus on October 07, 2024, 07:48:31 AM

How about you? Are you using a similar method, or do you approach it differently?

Yes, of course I approach a different way in managing money for gambling, but I agree with this saying.

Quote from: stadus on October 07, 2024, 07:48:31 AM

"bet what you can afford to lose,"

This is what I always instill in myself, regarding gambling, I realize that gambling does not really bring us wealth, even though there are wins that some gamblers feel, but that doesn't last long, that victory will disappear again, that's a fact that happened and we'll see.

In terms of managing money, I myself have a slightly different method, but it's almost the same, I prefer not to use my salary for gambling, you could say 0% of my salary is used for gambling, but I like to use tips/side money to bet on gambling, you could say 60/40%, meaning I spend 60% on gambling, In short, if I lose, I don't feel sorry and if I win, maybe I will use the money for anything, including treating friends and other things from the money, that's been my principle from the past.

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Quote from: Hatchy on October 08, 2024, 06:58:21 AM

Setting a bank roll is actually a good strategy to help you minimize how much you will risk for your gambling and also have something left other important things to do. Most people use bank roll as it's a much more reliable method to help minimize and keep your gambling on track. I don't use it though as i usually leave something on my gambling account after my withdrawal. So eve when i wat to play another time i won't think much about depositing again. This way I'm able to minimize my risk and also how much i spend during my gambling sections...

And it's more on how you can control your gambling as well. I mean if you have a bankroll and if by chance you didn't get it back and lose everything, then maybe you will stop and wait for the next month before you replenish your capital again and continue.

But in any cases that you win already then maybe you can extend the "life" of your bankroll. For gamblers though that are winning, I don't know but it seems that you have a good feeling and very optimistic that you might continue your winning streak. And obviously, you are going to minimize your risk and your expending as well.

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Setting a bank roll is actually a good strategy to help you minimize how much you will risk for your gambling and also have something left other important things to do. Most people use bank roll as it's a much more reliable method to help minimize and keep your gambling on track. I don't use it though as i usually leave something on my gambling account after my withdrawal. So eve when i wat to play another time i won't think much about depositing again. This way I'm able to minimize my risk and also how much i spend during my gambling sections...

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Quote from: Yatsan on October 08, 2024, 05:26:40 AM

To me, the whole point of bank management isn't just about maximizing profits. But it's also about avoiding emotional decisions, like chasing a loss or betting more after a win. Even if one doesn't follow the strict system. But at least I think it's important to have a sense of how much you're willing to lose before things get tough. It's important to run out of hands.

Maximizing profit feels like we’re on a whole new level. It’s like we’re already winning in gambling or making a profit, and now we’re just focused on boosting it. Bankroll management is there to ensure discipline, but most of us will benefit in the early stages by learning how to limit our losses because the truth is, most of us will end up losing. Honestly, I believe the toughest challenge in gambling is keeping ourselves disciplined because if we can’t do that, no winning strategy will ever work for us.

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Quote from: Jemzx00 on October 08, 2024, 04:59:55 AM

Quote from: stadus on October 07, 2024, 07:48:31 AM

To set up a proper bankroll, it’s suggested to use only 1% to 5% of your monthly income. That means your bankroll is set for one month and should not be refilled until the next month comes around. The idea is to see some wins so you don’t have to top up again.

For example, if your monthly income is $2,000, your betting budget should be $200. And to make that bankroll last, proper budgeting is crucial, which is where bankroll management plays its role. In my case, I stake only 3% to 5% per bet. So, with a $200 bankroll, my maximum stake per game would be $10. Sticking to that strategy greatly increases the chance of enjoying gambling over the long term.

How about you? Are you using a similar method, or do you approach it differently?

Not sure if it's a typo or wrong calculation as 1 to 5 percent of 2000$ is around 20$ to 100$.

Anyways, I've used a similar method of managing my bankroll for gambling especially that I treat gambling now as a hobby instead of a way of earning. I don't calculate my bankroll based on percentage of my income rather I set a certain amount of funds that I can gamble like 150 to 200$ a month. I slow roll this amount to make sure it last a long time especially when playing dice and slots. In instances where I win, I let it roll over for the next month so that I'll a higher bankroll to play with until it reaches a significant amount where I withdraw my winnings.

However, there are times where I will go over my limit especially when sportbetting on interesting match up and games.

Doesnt matter on how much you do earn in a month or money you do make, the key on here is really just that you should really be that gonna spending on the amount that you can afford to lose on the moment that you do gamble. The main issue for most gamblers is that they do really make out some further deposits on which it is really that way more that they would really be having that kind of budget or allocation in a certain moment or condition. Disciplining out yourself into these kind of times or moments will really be that definitely be needed. Actually this isnt really that a problem if you are really just that responsible into the actions that you are making. You wont really be finding yourself that being too impulsive into the actions that you are making just because you are hoping for further wins.

When setting up a bankroll then of course you will really be trying out to make out most of it or simply trying to be profitable as much as you could. Who would be the ones
wouldnt be liking to be profitable? The primary cause or reason on why we do really make bets or gamble because of trying out to make profit. There are some who do really mean out on for the sake of fun
but majority will really be on the other common side.

Topic: How to be discipline in managing your bankroll? - page 4. (Read 1328 times)