monthly budget from winnings always changes in terms of income. example monthly income 1500$ from betting
set aside capital to repeat so that income does not change. 20% of capital to repeat from winnings must have a strategy plan A, B, C of 20% for a period of one month's capital. if plan A, B fails I must try to restore the lost plan and if strategy plan A, B, C fails I must dare to restore the strategy plan. because all conditions will not always be the same as yesterday. prioritize patient control, if the atmosphere changes to be complicated must stop for a moment to return to normal
very dangerous can destroy all victory
Topic: How to be discipline in managing your bankroll? - page 6. (Read 1328 times)
It is necessary to figure your income flow as a gambler because it would help to manage your bankrolls just as said.
We have mostly talked about using a specific percentage of our incomes to determine how much we should use to bet, while I as an irregular gambler who gambles about once a week and some weeks passes by without me placing, I actually don't stick to the strategy ot considering incomes rather I stakes my bets with spare funds which I can equally spend on snacks or some nonessential things.
Then it is definitely not going to have effects on my income and savings.
We have mostly talked about using a specific percentage of our incomes to determine how much we should use to bet, while I as an irregular gambler who gambles about once a week and some weeks passes by without me placing, I actually don't stick to the strategy ot considering incomes rather I stakes my bets with spare funds which I can equally spend on snacks or some nonessential things.
Then it is definitely not going to have effects on my income and savings.
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?
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?
First, this kind of strategy on bankroll management needs a lot of discipline and I can say it is not easy because temptation is everywhere. When we are winning or losing, there will be an urge to gamble more. Although I use the same method, there are times where I failed to limit myself on that amount, especially when I am triggered due to losing streak. I am somehow able to control myself and not to be triggered easily. Discipline, dedication and consistency is needed to maximize the result and effect of managing our bankroll.
I don't have a well structured bankroll that clearly defines how much should go into games for the month and which amount should go into gambling per weeks and day. I try to be a bit cautious in terms of not allowing my wins and or losses influence my gambling decisions but I can also agree that there are moments when I've been reckless and went above my budget for the month.
Being disciplined with ones bank roll is important and if one is very intentional and ensures that he doesn't make use of an amount that's above what he's set out as his weekly gambling allocation, it's going to be deficult to become an addict. The issue is that it's quite easier said than done. When on the first day of the week you win a huge amount and then wins again and then sees opportunity that makes it look as though you're certainly winning the next game, that's when you will discover that sometimes you could have the best of gambling strategy in place and fail wore fully when it gets to the point of implementation of the strategy. I'm not saying that if you find it easy to set these strategy in place you shouldn't but the reality is that a lot of people just like to gamble as game comes and don't really take delbrate inventory of thier gambling expense.
Being disciplined with ones bank roll is important and if one is very intentional and ensures that he doesn't make use of an amount that's above what he's set out as his weekly gambling allocation, it's going to be deficult to become an addict. The issue is that it's quite easier said than done. When on the first day of the week you win a huge amount and then wins again and then sees opportunity that makes it look as though you're certainly winning the next game, that's when you will discover that sometimes you could have the best of gambling strategy in place and fail wore fully when it gets to the point of implementation of the strategy. I'm not saying that if you find it easy to set these strategy in place you shouldn't but the reality is that a lot of people just like to gamble as game comes and don't really take delbrate inventory of thier gambling expense.
Thank you for sharing this, OP. I believe that it would be helpful for gamblers who are really trying to make themselves efficient and profitable in the long run. Your strategy with a percentage of your bet would be ideal. It’s a good thing that you do that.
I don’t have a plan, but I would probably use your style. I put percentages in my spending, and allocating for gambling would be friendly and controlled.
The problem arises when someone is addicted, so I hope no one gets addicted, and this strategy helps that.
I don’t have a plan, but I would probably use your style. I put percentages in my spending, and allocating for gambling would be friendly and controlled.
The problem arises when someone is addicted, so I hope no one gets addicted, and this strategy helps that.
A $2000 income and 10%-$200 for gambling is too much for me... But I know everyone has a percentage limit for gambling every month but for me this is too big... If it's $200/month then a day you can bet $6 more.
If I have a big income then the gambling bankroll will not be that big or even less because I know it's too big for me... Maybe 1-5% would be better than above 10% even though you have a sense of responsibility but still we with a small monthly income think this is big.
If you are to curious about money then for sure it will be too much for you, I mean for just entertaining yourself maybe for those gamers who really have their focus into gambling can afford to allocate such amount but for those who are only doing it to entertain maybe a lesser budget will do.If I have a big income then the gambling bankroll will not be that big or even less because I know it's too big for me... Maybe 1-5% would be better than above 10% even though you have a sense of responsibility but still we with a small monthly income think this is big.
But I don't want to be like that... Gambling as usual can only be done when the bankroll is available again so that's the habit with a small amount every week and hopefully this will become a habit forever.
your strategy is quite good and very worthy to be imitated, then does this only apply in sports games? in other games such as slots sometimes forget to stop the game when you have lost 3% of the capital, because it runs quickly and is very different from sports betting
How about you? Are you using a similar method, or do you approach it differently?
Well, as you know I am not a sports bettor but in poker it is also crucial to manage your bankroll if you want to be a long term winner. In my particular case I haven't had any problem to win when I had a bad streak, and I know that many people have problems with that. When a bad streak comes, they start to lose and it's time to go down, they go into tilt and instead of going down a level they search their bankroll. I don't know how to train that, just be very aware. Then you can use more or less aggressive bankroll management depending on your objectives. I have played with quite aggressive bankroll management and I have not had any problems because I have no problems going down the levels if needed.
Although your strategy of using %1 out of 5 may be good but yet may still not be enough for some people. But I guess your idea is a good strategy. But I think if a person earns $2000 a month and decide to use $200 for gambling as you have explained, I think the best strategy to use is to spread the $200 across 4 weeks of the month. For instance, the $200 should be divided into 4 equal parts which is $200/4= $50 each week. Then from hence $50 will be used in each week to be able to mitigate the use of $200 effectively without overspending all the $200 in a week, while you have 3 outstanding week. Because if this %1 =$200 is not properly used across the month it will definitely affect your savings when you are out of gambling bankroll.
Setting out a bankroll in gambling will easily work for salary earners who know how much they are to receive in a month or week as their salaries. Business individuals who don't know the exact amount they are to make in a day or week would like to go by any amount they can afford to lose. It will be at the end of the week they calculate their total income to bring out 1%-5% from it. Not having a particular amount in mind. It will be any amount they made from their business, it can be less or higher depending on how much their income is.
so the amount allocated for gambling can change based on how much the gambler earns from the business they are running. maybe it can be done like that, but I prefer to determine the exact amount from the start. no matter how much, you have to think about the largest amount.I actually think that doing as you said makes it very possible for a gambler to deposit more than they can afford. how likely is it that a gambler can be consistent with deposits based on a percentage of their income? When you have started to get used to playing with large amounts or gradually increasing amounts, and suddenly you can only deposit a small amount, it will affect your thinking.
I have about the same budget for gambling - about 5% of my monthly salary. This is exactly the budget that I can spend and no more. But there are months when I don't play due to the specifics of my job and this money is simply not spent and is not carried over to the next month. This is already a habit developed over the years and I don't see any point in changing anything. This way the budget will be more intact and my nerves will be safe, I know for sure that there will be no impulsive desire to gamble for an amount that is beyond my budget since I have a lot of other financial obligations.
I can totally relate to what you have saying in this thread about bankroll management ( to me is more important than big wins in gambling ), but to be honest, I don’t really do all the detailed math like you do, especially with unstable salary. However, after having a bad and rough experience where I spent way too much on gambling, I decided and started to take a different approach on how much to spend. Now, I mainly and only gamble with extra money I make from side jobs. This way, I m not touching my biggest income and it keeps things more controlled for me.
I don’t follow a strict percentage or rules, but I definitely make sure that whatever I’m betting with, it’s something I can afford to lose without it affecting daily life with it’s expenses. It helps me enjoy gambling without the stress of chasing losses or feeling like I’m overspending even between friends or family.
Your method sounds really good to me. Maybe I should try being a bit more structured like that and see the difference after that.
I don’t follow a strict percentage or rules, but I definitely make sure that whatever I’m betting with, it’s something I can afford to lose without it affecting daily life with it’s expenses. It helps me enjoy gambling without the stress of chasing losses or feeling like I’m overspending even between friends or family.
Your method sounds really good to me. Maybe I should try being a bit more structured like that and see the difference after that.
If a person earns $2000 and comes to this forum and asks for advice on how to manage bankroll and someone says: "you always have to take 5% of your winnings to gamble" and this person who wins $2000 takes $100, gambles and loses everything. Then he starts paying bills in the real world and realizes that he needs $80 to pay the water and electricity bills. Then this person will start to regret having taken $100 and gambled. By this I mean that this type of advice can be wrong. The ideal advice is always that people first pay all the bills, then think about what things they want to do to have fun during the whole month, make a list and calculate the costs, then he can take a small part of the money that is left and can gamble. But if he loses everything he cannot put more money back. He must wait until the end of the next month.
Setting out a bankroll in gambling will easily work for salary earners who know how much they are to receive in a month or week as their salaries. Business individuals who don't know the exact amount they are to make in a day or week would like to go by any amount they can afford to lose. It will be at the end of the week they calculate their total income to bring out 1%-5% from it. Not having a particular amount in mind. It will be any amount they made from their business, it can be less or higher depending on how much their income is.
A $2000 income and 10%-$200 for gambling is too much for me... But I know everyone has a percentage limit for gambling every month but for me this is too big... If it's $200/month then a day you can bet $6 more.
If I have a big income then the gambling bankroll will not be that big or even less because I know it's too big for me... Maybe 1-5% would be better than above 10% even though you have a sense of responsibility but still we with a small monthly income think this is big.
If I have a big income then the gambling bankroll will not be that big or even less because I know it's too big for me... Maybe 1-5% would be better than above 10% even though you have a sense of responsibility but still we with a small monthly income think this is big.
If you are to curious about money then for sure it will be too much for you, I mean for just entertaining yourself maybe for those gamers who really have their focus into gambling can afford to allocate such amount but for those who are only doing it to entertain maybe a lesser budget will do.
But moving back to the topic, yeah it's good to allocate a budget that you are comfortable to spend, and for it to last long discipline is very important, though most of the time we can carried away by emotions but that's why we need to practice to keep the balance and to keep our budget not to get empty-handed.
You see, the point is -- these principles don't help anyone to curtail their habits; the only thing responsible for a person's control over how extravagant they spend is the PERSON himself.
The principles can only work if the person is a core-determinant to their actions otherwise, you can toil all you want and still fall for the same trick.
Discipline is a key factor and, to the best of my knowledge, that's the first thing a person should always look out for.
Without discipline, you can't even try to manage your bankroll. I tried to do it several times, but I always failed. There was always a moment when I wanted to bet more, I don't know why this came into my head, although I was always sure that I had discipline, maybe I was wrong. However, managing your bankroll is a great opportunity to test yourself. I have observed several professional players who manage their bankroll for a very long time, but I think that only a few can do this in a few years. If a player can do this constantly, then he is a very emotionally strong player. The principles can only work if the person is a core-determinant to their actions otherwise, you can toil all you want and still fall for the same trick.
Discipline is a key factor and, to the best of my knowledge, that's the first thing a person should always look out for.
I used to follow a similar way of bankroll management knowing it's the standard in sports betting. Now I rarely follow it because I prefer to jump on good opportunities that show up on the site's promotion page and I only do it if i'm confident in gaining a decent profit.
Then again, I guess it evens out because I only do sports betting, and those opportunities mostly happen on big events and slow days easily come after where there's nothing much to bet or i'll spend the smallest stake they accept to entertain myself until the next event comes.
Then again, I guess it evens out because I only do sports betting, and those opportunities mostly happen on big events and slow days easily come after where there's nothing much to bet or i'll spend the smallest stake they accept to entertain myself until the next event comes.
It is pretty much the same thing as managing an asset portfolio.
By gambling, you are risking some of your money. You do that because you re hoping to get more in return and sometimes you do, sometimes you don't. You risk $1, if you win, you'll get $2. If you lose, you'll lose $1.
The big question is, are you ready to lose that $1.
That's called risk management. If you are not ready to lose something, then you shouldn't be taking any risks on it.
Are you with it if you lose 1% of your total wealth on gambling? Raise the number till you say no and you'll find the right spot eventually.
By gambling, you are risking some of your money. You do that because you re hoping to get more in return and sometimes you do, sometimes you don't. You risk $1, if you win, you'll get $2. If you lose, you'll lose $1.
The big question is, are you ready to lose that $1.
That's called risk management. If you are not ready to lose something, then you shouldn't be taking any risks on it.
Are you with it if you lose 1% of your total wealth on gambling? Raise the number till you say no and you'll find the right spot eventually.
You’ve probably heard the saying in gambling, "bet what you can afford to lose," which is all about managing your bankroll.
To start with, the day you fail to subsidize and create a management plan on how to be successful is when your failure begins; the day you allow greed to control your actions is the day you lose everything. The ideology of "the more you wager the more chances you have to win" is a trick.Quote
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.
You see, the point is -- these principles don't help anyone to curtail their habits; the only thing responsible for a person's control over how extravagant they spend is the PERSON himself.The principles can only work if the person is a core-determinant to their actions otherwise, you can toil all you want and still fall for the same trick.
Discipline is a key factor and, to the best of my knowledge, that's the first thing a person should always look out for.
It is never been easy to manage bankroll because the temptation to place more and more will be there. But I tried so hard to back to casino and place a bet or playing the other gambling games. I tried to allocate some money like $10-$20 in a month to playing gambling and so far that is enough for me. When placing my bet, I never use $1 but I use for smaller amount less than $1 so I can place a bet for multi or for some days. I am trying to strict to myself since I know that can make me forget to control the use of my money.
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