Lucky Number: 4912
Being successful at gambling, you must learn how from someone who has done it. Before you can use knowledge of the game, you must begin with bankroll. Many of people will fix up whatever money they can find and think that luck, law of averages or some other theory will make them a winner. A small bankroll causes you to play scared and you will make decisions that correspond with your shortage of money.
A small bankroll is disadvantage that you will make bad moves just to stay in the game instead of beating the house when you encounter a good hot or cold streak. A loss limit is a limit you set on what your losses. It’s the limit of what you can easily afford to lose. A session should last until your win goal is reached or your loss limit is reached.
When you lose that fixed amount your play is over. Loss limits totally eliminate the possibility that you will ever go broke. A loss limit of at least 50% of your bankroll should be checked. This means I can lose anywhere up to 60% but never more. The reason you take more money with you than you put at risk is to eliminate playing with scared money. Just as important as a loss limit is the win goal. This is the total of money you set as the goal you want to reach. This win goal must be set before your first bet, not after you get ahead.
It must be set on your starting bankroll, the same as the loss limit. You must accept the fact that gambling is a hard business and that winning small amounts regularly is better than always going for that big hit. You’ll have your big days when you least, but the main thing is to minimize losses. Money management is one of the four key ingredients to winning at gambling.
Every bet you make must be automatic and predetermined. Every bet must be logical and calculated, whether you are progressing or regressing. Your ability to properly manage your money must always focus on minimizing losses. Money management should be practiced at all times.
Many gamblers practice good money management until they get ahead. That is when greed takes over, after people get ahead. Greed replaces good money management and causes the player to make dumb bets. Greed erodes the small profits that had been accumulated and leads to disaster. It has happened to all of us.
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