The Basics of Money Management

Felipe Gonzales January 11, 2013 0

The Basics

The Basics In any gambling pursuit where luck plays a role, fluctuations in ones fortunes are common. It is your ability to successfully deal with the ups and downs common to gambling, that will ultimately determine how well or poorly you do at the tables.

Here are the three most important principles of money management:

  1. Never gamble with money you can’t afford to lose – either financially or emotionally. Do not gamble with needed funds no matter how “sure” any bet seems. The possibilities of losing are real, and if that loss will hurt, you’re playing the fool.
  2. Bankroll yourself properly. Undercapitalization leaves you vulnerable in two ways. First, a normal downward trend can wipe out a limited money supply. Second, and more important, you may feel pressured by the shortage of capital and play less powerfully than smart play dictates. If the amount staked on a bet is above your head, you’re playing in the wrong game. Play only at levels of betting you feel comfortable with.
  3. Know when to quit. What often separates the winners from the losers is that the winners, when winning, leave the table a winner, and when losing, restrict their losses to affordable amounts. Smart gamblers never allow themselves to get destroyed at the gamble. Minimizing losses is the key. You can’t always win. If you’re losing, keep the losses affordable – take a break. You only want to play with a clear head.
  4. When you’re winning big, put a good chunk of these winnings in a “don’t touch” pile, and play with the rest. You never want to hand all your winnings back to the casino. Should a losing streak occur, get out of there a winner!!!

To read more about Money management and other tips buy Easy Money by Avery Cardoza available at the Gamblers Book Club

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