Risking 1% in Gambling - page 27. | Bitcointalksearch.org

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Quote from: Mr. Magkaisa on November 30, 2023, 03:25:53 AM

- If you only allocate 1% of your income every week to gambling, I think that's fine if, for example, you earn $100 weekly and that's only $1 every week. And I think this way we can maximize ourselves in crypto gambling, in my opinion.

So, overall, for me, this method is fine in my opinion, and I don't know about other gamblers here, but for sure, for those who bet heavily in casinos, I don't think that will work for them because it is only a very small amount after all.

This idea of risking 1% per bet reminds me so much about trading because in trading, risk management constitute a key component of the learning process. Unfortunately, many gamblers have no risk management in place and even start gambling without planning.

I'm glad that a post like this came up as it reiterates part what I think is necessary habit every gambler must imbibe to succeed in the business. When risk management is in place, gambling becomes less painful because losses must always come and it is risk management that handles it.

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Quote from: Yamifoud on November 30, 2023, 06:55:16 AM

They key here is we should gamble what we can afford to lose. No percentage or a specific amount as it's us who should evaluate how much we can afford to lose only and it could change overtime depending on our income.

I agree to this because this is what I’m doing since gambling is not part of my life which means I don’t need to allocate a certain percentage just to play. Using amount of money which I’m willing to lose is the best measurement to knew what is enough for gambling.

Quote from: Yamifoud on November 30, 2023, 06:55:16 AM

10 usd per week, personally I find it very small and it doesn't excite me at all but I respect there are gambler who stick with conservative approach in gambling, and if that would make them safe and enjoy at the same time, so be it.

This is already huge on 3rd world country like mine. It’s sufficient to feed a small family for a day so an average person here can have an excitement on gambling even with this amount. Although I really doubt if this balance will last longer on the typical casino games except for sportsbet.

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Quote from: Yamifoud on November 30, 2023, 06:55:16 AM

Quote from: DabsPoorVersion on November 30, 2023, 06:43:42 AM

Quote from: ethereumhunter on November 30, 2023, 06:27:39 AM

Maybe some people feel it's okay to use 1% of their income, but not for those who have started gambling frequently. The percentage amount is very small for gambling, but if they feel that's all they can afford, that's okay because we gamble within the limits we can afford. We also cannot exceed the amount of money we can afford. I don't use percentages in gambling but it's probably around $10 every week but it's not spent in one week but that amount of money could probably last up to two weeks if I didn't visit the casino to gamble.

The important thing is that you know how much money you can use in gambling and not exceed the limit. If you can comply with the limits you set, you don't need to worry about existing problems. You will definitely be fine playing gambling and enjoy every gambling game you play.

Yes, because there's nothing wrong if you have a certain amount to spend on gambling each week/month. Especially if you think that 1% is too small to start gambling as it won't last longer. Using 1% of your income is just another strategy to at least provide a reminder for most gamblers that was not able to manage their money in gambling.

Exactly. Knowing the amount of money to spend on gambling only shows that you are a responsible gambler. Aside from this kind of strategy, as I have also said in the past, if you make enough profit using your small capital, go on and withdraw the capital, and continue playing using your earned money if you want to stay playing.

They key here is we should gamble what we can afford to lose. No percentage or a specific amount as it's us who should evaluate how much we can afford to lose only and it could change overtime depending on our income. 10 usd per week, personally I find it very small and it doesn't excite me at all but I respect there are gambler who stick with conservative approach in gambling, and if that would make them safe and enjoy at the same time, so be it.

More like this limit will only make you more aggressive to deposit again. This only applies to some gamblers that are not easy to satisfy their desire to play. 10 USD is indeed too small to gamble and it will only take you around 10+ bets. However, there are really some people who only want to enjoy gambling even now and then. This small amount can make them satisfied and be enough to gamble for some time.

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Quote from: noormcs5 on November 29, 2023, 07:17:28 AM

Quote

Guideline 1: Gamble no more than 1% of household income
Don’t bet more than 1% of your household income before tax per month. For example, someone with a household income of $70,000 before tax should gamble no more than $58 per month.

Recently I decided to risk only 1 percent of my gambling portfolio into each bet. This makes my bet risk free as I know that even if I lose the bet i will lose only 1% of my gambling money.

Do you guys also follow a similar strategy like gambling with 1% or 2% on each game? This way not only we are safe from losing big amounts but at the same time, we never find ourselves in a situation where we go all in, in some bet and then have the fear of losing all of our money.

You must have heard 1% strategy in trading, the same can be applied in gambling too and believe me, you will feel a lot more comfortable using this 1% of your money in every game.
This also gives you a lot of games to play before you end up on your money as on every bet you will use 1% of your money. In case you lose all bets, you will be playing 100 games because your money is exhausted.

The Lower-Risk Gambling Guidelines

Using 1% strategy in gambling is fine as long as your sole purpose is just to entertain yourself, and that you're okay whether its a loss or win. However, from my own experience, betting a very small amount is not challenging at all, maybe because I still have this urge to win decent amount in gambling at some point. I'm actually betting 5% once or twice a month from my monthly salary, and that's never an issue if ever I lose them all.

However, we all have betting preferences in gambling. And what works for me might not work for you, so if you are still starting to explore gambling, using 1% strategy is really fine.

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Quote from: DabsPoorVersion on November 30, 2023, 06:43:42 AM

Quote from: ethereumhunter on November 30, 2023, 06:27:39 AM

Maybe some people feel it's okay to use 1% of their income, but not for those who have started gambling frequently. The percentage amount is very small for gambling, but if they feel that's all they can afford, that's okay because we gamble within the limits we can afford. We also cannot exceed the amount of money we can afford. I don't use percentages in gambling but it's probably around $10 every week but it's not spent in one week but that amount of money could probably last up to two weeks if I didn't visit the casino to gamble.

The important thing is that you know how much money you can use in gambling and not exceed the limit. If you can comply with the limits you set, you don't need to worry about existing problems. You will definitely be fine playing gambling and enjoy every gambling game you play.

Yes, because there's nothing wrong if you have a certain amount to spend on gambling each week/month. Especially if you think that 1% is too small to start gambling as it won't last longer. Using 1% of your income is just another strategy to at least provide a reminder for most gamblers that was not able to manage their money in gambling.

Exactly. Knowing the amount of money to spend on gambling only shows that you are a responsible gambler. Aside from this kind of strategy, as I have also said in the past, if you make enough profit using your small capital, go on and withdraw the capital, and continue playing using your earned money if you want to stay playing.

They key here is we should gamble what we can afford to lose. No percentage or a specific amount as it's us who should evaluate how much we can afford to lose only and it could change overtime depending on our income. 10 usd per week, personally I find it very small and it doesn't excite me at all but I respect there are gambler who stick with conservative approach in gambling, and if that would make them safe and enjoy at the same time, so be it.

piebeyb

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Every gambler always has their own percentage limit, some use around 1%, some use 5% of household income, some also use unused money or unused money, but that's the way every gambler has to do it, because if Gamblers who succeed in setting their budget consistently when gambling will definitely gamble responsibly and of course play more safely than gambling recklessly.

I usually use 2% of the weekly salary income that I get from my job, so I am always consistent with that even though sometimes it can change from that percentage but it will not be far from 2%, because in my opinion there is no need to use a lot of money to gamble because I gamble just to have fun so I won't be too serious about getting money from gambling, use enough money to feel the adrenaline and get entertainment, that's all and if you win, just think of it as a bonus.

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Quote from: ethereumhunter on November 30, 2023, 06:27:39 AM

Maybe some people feel it's okay to use 1% of their income, but not for those who have started gambling frequently. The percentage amount is very small for gambling, but if they feel that's all they can afford, that's okay because we gamble within the limits we can afford.

The important thing is that you know how much money you can use in gambling and not exceed the limit. If you can comply with the limits you set, you don't need to worry about existing problems. You will definitely be fine playing gambling and enjoy every gambling game you play.

The limit sets at 1% of income for gambling is good but practically, how a gambler can keep this rule in action and does not break it. It is important because it is decisive for what they will end with gambling.

Some people can not control themselves and after losing initial 1%, they might deposit more and more and with this uncontrollable gambling style, we can guess the ending.

The point is if they know they are bad with control of their emotion and greed, they should never touch gambling. Because they will definitely not be able to Gambling Responsibly.

DabsPoorVersion

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Quote from: ethereumhunter on November 30, 2023, 06:27:39 AM

Maybe some people feel it's okay to use 1% of their income, but not for those who have started gambling frequently. The percentage amount is very small for gambling, but if they feel that's all they can afford, that's okay because we gamble within the limits we can afford. We also cannot exceed the amount of money we can afford. I don't use percentages in gambling but it's probably around $10 every week but it's not spent in one week but that amount of money could probably last up to two weeks if I didn't visit the casino to gamble.

The important thing is that you know how much money you can use in gambling and not exceed the limit. If you can comply with the limits you set, you don't need to worry about existing problems. You will definitely be fine playing gambling and enjoy every gambling game you play.

Yes, because there's nothing wrong if you have a certain amount to spend on gambling each week/month. Especially if you think that 1% is too small to start gambling as it won't last longer. Using 1% of your income is just another strategy to at least provide a reminder for most gamblers that was not able to manage their money in gambling.

Exactly. Knowing the amount of money to spend on gambling only shows that you are a responsible gambler. Aside from this kind of strategy, as I have also said in the past, if you make enough profit using your small capital, go on and withdraw the capital, and continue playing using your earned money if you want to stay playing.

ethereumhunter

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Maybe some people feel it's okay to use 1% of their income, but not for those who have started gambling frequently. The percentage amount is very small for gambling, but if they feel that's all they can afford, that's okay because we gamble within the limits we can afford. We also cannot exceed the amount of money we can afford. I don't use percentages in gambling but it's probably around $10 every week but it's not spent in one week but that amount of money could probably last up to two weeks if I didn't visit the casino to gamble.

The important thing is that you know how much money you can use in gambling and not exceed the limit. If you can comply with the limits you set, you don't need to worry about existing problems. You will definitely be fine playing gambling and enjoy every gambling game you play.

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Quote from: noormcs5 on November 29, 2023, 07:17:28 AM

Quote

Guideline 1: Gamble no more than 1% of household income
Don’t bet more than 1% of your household income before tax per month. For example, someone with a household income of $70,000 before tax should gamble no more than $58 per month.

Recently I decided to risk only 1 percent of my gambling portfolio into each bet. This makes my bet risk free as I know that even if I lose the bet i will lose only 1% of my gambling money.

Do you guys also follow a similar strategy like gambling with 1% or 2% on each game? This way not only we are safe from losing big amounts but at the same time, we never find ourselves in a situation where we go all in, in some bet and then have the fear of losing all of our money.

You must have heard 1% strategy in trading, the same can be applied in gambling too and believe me, you will feel a lot more comfortable using this 1% of your money in every game.
This also gives you a lot of games to play before you end up on your money as on every bet you will use 1% of your money. In case you lose all bets, you will be playing 100 games because your money is exhausted.

The Lower-Risk Gambling Guidelines

The 1% gambling strategy is a good technique and method of managing risk and avoiding gambling addiction, because you don't get to spend more than your gambling limit or have fear of loosing money you've probably planned on using for something else.

But what about those who are not on a steady income? I mean those who don't receive a specific amount of money monthly, and maybe what they do actually earn isn't enough and 1% wouldn't even be enough to gamble with. People that fall under this category, do they also have to deploy the 1% technique or is there another kinda technique that'll be more suitable for them?

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Quote from: noormcs5 on November 29, 2023, 07:17:28 AM

Quote

Guideline 1: Gamble no more than 1% of household income
Don’t bet more than 1% of your household income before tax per month. For example, someone with a household income of $70,000 before tax should gamble no more than $58 per month.

Recently I decided to risk only 1 percent of my gambling portfolio into each bet. This makes my bet risk free as I know that even if I lose the bet i will lose only 1% of my gambling money.

Do you guys also follow a similar strategy like gambling with 1% or 2% on each game? This way not only we are safe from losing big amounts but at the same time, we never find ourselves in a situation where we go all in, in some bet and then have the fear of losing all of our money.

You must have heard 1% strategy in trading, the same can be applied in gambling too and believe me, you will feel a lot more comfortable using this 1% of your money in every game.
This also gives you a lot of games to play before you end up on your money as on every bet you will use 1% of your money. In case you lose all bets, you will be playing 100 games because your money is exhausted.

The Lower-Risk Gambling Guidelines

Yeah we think about that but unfortunately not all the time we can follow that percentage plan since we are been caught up sometimes when we are at climax playing. But even though I exceed I also make sure that I will not exceed up to 5% of allocated on gambling since anything above with that is a different story and I consider myself sick. Anyways each people have different take regarding on this but I'm sure they also have their own discipline and strategy use so that they will not encounter any financial difficulties.

But I guess its different in trading especially on spot since I can hold if there's no good to be happen on my trades that's why I don't have fix budget regarding on how much I use on it since I always treat it as part of my investment.

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Since I have a limited income and only play a maximum of 5 times a month it seems that betting 1% of my income is very little and not fun at all. Usually I set aside 15-20% of my income just for gambling and I don't set a limit on how much I have to spend in one game. If I feel it's time to stop, then I just stop, especially when I experience a losing streak. Playing with a system like this is more fun for me because I'm not fixated on what percentage of money I have to spend in one game.

Mr. Magkaisa

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- If you only allocate 1% of your income every week to gambling, I think that's fine if, for example, you earn $100 weekly and that's only $1 every week. And I think this way we can maximize ourselves in crypto gambling, in my opinion.

So, overall, for me, this method is fine in my opinion, and I don't know about other gamblers here, but for sure, for those who bet heavily in casinos, I don't think that will work for them because it is only a very small amount after all.

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1% is only a peanut and I believe anyone can afford to lose such amount.

Some gamblers are consider to risk 5%-20% of their monthly incomes, which is still not wrong as long as it's not affect to their monthly needs. If every people read about money management before they jump to gamble, no one will suffer gambling addiction.

Crypt0Gore

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Using one percent of your income is very good, but I do use more at times because I can still afford more than one percent on gambling, I will say I am between 2 percent most times and if I make unexpected gains from trading I always use a bit more money on gambling.

I don't do the math I just know how much I can risk that won't hurt my feelings if I lose it, very easy to be honest, but the problem is on gamblers side, they instead have a target of what they plan to win, whereas it's better to have a target of what you are willing to Lose.

Some gamblers don't have anything that's bringing profits for them, such people shouldn't be gambling, because they can't afford to lose anything, if you are not working to make money you can't afford to risk anything.

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Quote from: noormcs5 on November 29, 2023, 07:17:28 AM

Do you guys also follow a similar strategy like gambling with 1% or 2% on each game? This way not only we are safe from losing big amounts but at the same time, we never find ourselves in a situation where we go all in, in some bet and then have the fear of losing all of our money.

Every gambler must have gambling management like this, at least so that he is more organized in spending money on gambling. Personally we may not be able to be completely consistent with a 1% gambling allocation but there is no harm in continuing to implement it and certainly reducing the number of bets means reducing our targets at the casino. In my opinion it's not a problem because until now aggressive betting has often been done now it's just a little more economical than usual.

Litzki1990

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I am not willing to risk even one percent of my portfolio for gambling. I always have some money set aside for gambling and I prefer to gamble with that set aside. The investment I have made is for my future and I am not willing to spend it at all. Since I have separate money, I don't need to spend money from my investment portfolio and risk investing that money. I want to keep my investments separate and my gambling separate. I want to continue investing as well as gambling separately by keeping two different places. The reason for thinking this way is so that gambling does not adversely affect my investment.

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Usually, I allocate 10%-15% but that can change according to my financial condition. I haven't gambled for several months because I have needs that must be met and I can still stop myself from gambling.
I still prioritize daily needs rather than gambling because gambling, for me is entertainment that I can use not too often.
Within a month, I also didn't gamble very often, maybe only a few times a week, so up to now, I haven't had any problems playing gambling.
We have to regulate gambling activities so that there are no problems with our daily needs. But whatever allocation of funds for gambling must be adjusted to all the needs you have.
Don't interfere with each other's use of money.

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Well, 1% is big enough especially for those who only have a small income but for rich people, that was just a penny amount for them. But no matter if it is small or big, at least we are certain of how much we are willing to gamble. At least we have measurements from when I stopped gambling because it is very important in gambling otherwise, we probably use all the money we have.
A responsible gambler knows about their limitations as we can't urge ourselves to gamble like there is no tomorrow. In fact, it is just having fun.

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It is a very smart idea to decide to play small portions of your betting portfolio but in general decide to allocate only part of your budget to this activity.
the important thing is to always be able to maintain this form of discipline...

Topic: Risking 1% in Gambling - page 27. (Read 4427 times)