Learning the correct casino game strategies is only half the battle. You are doomed to lose if you are not prepared with a sound money management plan. The following guidelines will maximize your profits and minimize your chances of going broke.
1. Don’t play with scared money. Set a maximum amount that you can afford to lose and if you lose that amount, quit playing.
2. Never increase the bet size on consecutive losses. On consecutive wins, increase your bets in a manner that suits your style of play. We would recommend a simple 50% progression or a 1, 2, 3, 5 progression. For a 50% progression, after you win a bet, make your next bet the same plus 50% more. The progression would look like this for a $5 bet: $5, $8, $12, $18, $27, $40, $60, etc. You keep increasing your bet until you lose, then you start again at $5. For the 1,2, 3, 5 win progression, you increase your bet from 1 unit to 3 then to a maximum of 5 units following consecutive wins. For example, the progression for a $5 basic bet is $5, $10, $15, $25 then back to $5. After you make the maximum 5-unit bet, win or lose, make your next bet 1 unit. This progression, therefore, is more conservative than the 50% progression.
3. Your playing bankroll for the above win progressions should be 100 units. If your minimum bet is $5, you need a $500 playing bankroll.
4. Do not bring your entire bankroll with you; bring enough for 2 or 3 playing sessions 40 or 60 units). Use 20 units per playing session and quit the session if you lose the 20 units or win 10 units. Hence, a $5 player with a $500 dollar playing bankroll would use $100 per playing session and quit if the $100 was lost or $50 won.
5. Don’t ever quit a session in the middle of a winning streak. If you managed to win 10 units, keep playing with the goal of winning another 10 units. As long as you keep winning, keep setting 10 unit winning goals. However, when the tide turns and you begin to lose, quit the session with your profit. Remember, a small profit is better than no profit!
6. As your playing bankroll increases as you win, increase your bet size. Likewise, decrease the bet size if your playing bankroll decreases. Always make your minimum wager equal to 1/100th of your playing bankroll using the win progression.
The cardinal sin in casino gambling is to chase your losses, which means increasing your bets when you are losing hoping your next bet will win it all back. Everyone who gambles in a casino sooner or later will experience losses and how you handle yourself in this situation will determine in the long run whether or not you will be a winner. If you’ve lost one or two of your playing session bankrolls, the best you can do is limit your losses. The casino will always be there for your next visit and if you follow the proper playing strategies you will soon be back on the road to winning.
Knowing Your Limits
Knowing Your Limits of money management is almost if not as important as knowing your table. Without having money to buy chips you won’t be playing much poker. Without playing poker, all the guides in the world would be useless to you. Be wise on how much you put in especially if you are a newbie. Putting too much money in can result in a real big loss. I have noticed if I lose a moderate amount of money, the next game I use double the amount I spend in order to win bigger, therefore, to win back my original loss. This can keep escalating forever, or at least until all your money is gone.
If you are addicted or think you are addicted to gambling, it is really important to get help quick. You can do this by going and looking for treatment and recovery methods. A list of places you can get help is listed at on our addiction page. If you can not find a solution there, do not give up. There are many agencies willing to help you out with your problems.
Using your money wisely can give you an extra edge on the poker table. By not needed to be over aggressive trying to win your money back, you can play the hands that are worth playing. Setting limits can help this. Every day, before you start playing online, set limits for yourself. Say you woke up and felt really lucky. You decided you to play online. A good limit would be about $50.00 if it was in your budget. Using a $50.00 budget allows you not to lose anything more than $50.00. This limit will be movable upon the player’s overall bankroll. Either way, it is really important to stick by this limit.
In order to actually know when you should stop playing online, you should create yourself a winning limit. The winning limit is the limit when you stop playing. If you were playing with a $50 overall day limit, I would say a $200 winning limit is suitable. Knowing when to quit is really important in making you a smart gambler. By setting a limit for yourself you should have no problem knowing when to quit. Make sure you stick by this too, no matter what kind of lucky streak you are on because your luck may be about to drop.
Using these money limiting techniques are a sure way to save the majority of your bankroll if you are on a losing streak, or add on a chunk to that winning streak of yours. Using these techniques can and will help out your poker play. As always Good Luck!