Staying disciplined/Money Management - Tips Please

[Jalba]

making picks isn't the hard part sometimes, its always trying to chase losses that kills me. i'm a small time bettor, but it's still nice to win some money instead of losing it.

whats your methods or staying on a strict money management system ? what works for you ?

i'm going to start trying to stay discipline starting today. stick to the same unit on each pick and bet it and forget it type deal.

i guess its best to just bet and then not have access to a computer so i can't put in anymore "for the hell of it" type bets.

how do you guys do it ?

[vividjohn45]

diversification. poker and casino games. of course this takes years to get good. but how long u planning on gambling?

today i won about $65 on and slots and table games. i had one sport bet small on miami fla under.

and i multi tabled 2 games of fixed cash. got pushed to my limits several times today.

but i owed my sister 45 bux leftover for rent. and gave her that.

[vividjohn45]

so spend some of your winnings. less to chase with.

but yah. u will have to chase sometimes. but if i lose my bet. i mite make it back in poker that day. or hit a nice slot hit.

[Jalba]

i'm trying to be disciplined. good method in achieving self control. not a way to broaden my gambling horizon. i just find it hard to not want to chase etc. was wondering how the more veteran gamblers do it.

[fatnickels]

This is what I have learned. You have to decide,how serious of a gambler you want to be. I don't know your finances. The general rule is no more than 2% of your bank roll. NEVER chase a loss,that's how most of us get deeper in the hole. If you are playing for fun, set aside a set amount for this type of entertainment and when its gone. Thats it.so it wouldnt be wise to bet it all on one game.

[Romanowski]

this is a topic that someone could go rather deep into

it isnt so much a formula, recipe of sorts to follow

if it were just that, than it would be simple and you might say to yourself, ive heard all that before

the reality is you can have a solid plan, yet can easily be taken off that path

depending on your self discipline, so its much more of a psychological battle

there are a ton of behaviors that at some point served humanity and dont today

yet those same behaviors are triggered by brilliant advertising etc

So maybe understanding those triggers that lead to self destructive behavior...

..used against us in clever marketing etc

can help you note what causes you to chase bets and use less than basic common sense in management etc

[SwagBunny]

There are three things that many betters seem to have a problem with.
1) They lose some money and right away they want to get it back so they do something stupid like make a stupid bet or go on poker and lose it all so the best thing to do after a loss is to take a break and cool off. Wait for a day when there's a really good bet that will most likely guarantee you a win.

2) Don't let the winning get to your head. When people start to win it can be just as bad as chasing a loss, they go into a different mind set, they think "wow that was easy, lets see if I can make even more" even though there is that possibility of winning more I find it better to quit when your ahead have a good sleep and try to make some more the next day.

3) Set a limit each month that you will gamble with and don't go over. Picture yourself starving to death and you only have so much food, you're goal is to make that food last as long as possible so you survive. Gambling is the same, make a limit of say $100.00 a month but make it your goal to come out ahead instead of losing it all. If you do lose it all before the end of the month wait till the next month.

Good luck!

[steaknife]

Originally Posted by Jalba

making picks isn't the hard part sometimes, its always trying to chase losses that kills me. i'm a small time bettor, but it's still nice to win some money instead of losing it.

whats your methods or staying on a strict money management system ? what works for you ?

i'm going to start trying to stay discipline starting today. stick to the same unit on each pick and bet it and forget it type deal.

i guess its best to just bet and then not have access to a computer so i can't put in anymore "for the hell of it" type bets.

how do you guys do it ?

What I started doing a few months ago was making a per week goal and once I hit that goal I stopped for the week so I could collect from the man. Before I did this I would be up big early in the week then lose it all over the weekend. So now if I hit my goal on Thursday, I shut it down for the rest of the week.

Hope this helps.

[AllIDOisWINwinWIN]

Never chase a lost.
Place bets early and ride them out vs. placing one bet at a time (trying to see if you gonna win then placing a larger bet)
Dep one set dollar amount in account per month/week. Never redeposit until new month or week have arrived.
Never gamble what you can't afford to lose
Don't bet alot of games, bet games you are familiar with (good games).
Find a good sports book.

Those are my rules

[LesProfit]

Originally Posted by vividjohn45

diversification. poker and casino games. of course this takes years to get good. but how long u planning on gambling?

today i won about $65 on and slots and table games. i had one sport bet small on miami fla under.

and i multi tabled 2 games of fixed cash. got pushed to my limits several times today.

but i owed my sister 45 bux leftover for rent. and gave her that.

I have no idea how to play poker, but my take on other casino games (and this is shared by a ton of people) is that all online casinos' software are rigged big time. Practically all of them are scam establishments compared to land casinos.

It's possible to win some smaller amounts of moneys in online casinos.
But if you plan to make it on a consistent basis, and not only pocket change, and of course you have some kind of system (at roulette for ex, but not only...) which would be a winner in the long run at a land casino, that will be a loser online, because the software catches up with your system, and then busts your bankroll.

So what's your take on this problem?

[BILLYZEKE]

OK JALBA from an old experinced Gambler the rule laid down by wiseguys who win all the time for decades they keep winning so if they can do it you can too !

#1 Rule Never bet more than 5% of YOUR Bankroll in any play ! Slots , poker, craps, Sports.
#2 Rule Never gamble when your hungry , tired, drunk or high.
#3 Never gamble just for the sake of having action.
#4 If YOU cannot go a day or two with gambling YOU have a Problem a huge problem !
#5 Rule never chase your Losses NEVER i did it for years and always lost more $ than i had !
#6 DO your home work when betting sports study each side of the game keeping it simple like this Bad Teams find ways to lose GOOD teams find ways to win !
#7 IN Betting sports no more than 2 or 4 games per day remember the DOG is there to win also !
# 8 THE Public money outweighs sharps money by millions and joe square can hurt you both ways in lined games by biting the dog too hard and hammering the favorite too much !


IF you are considering this to make money then you better treat it as YOUR own business.
TRacking costs , money won money lost and why you won or lost !
OLD saying that is BS Winnerrs never Quit and Quitter Never WIN is wrong.
Know when to walk away when you lost 50% of your money GET out of there !

When you won half your money leave man the ones who walk away live to play another day!

YOU also need a large Bank roll and it's never touched for lavishing or buying things you want !

IT's your Business now that money is strictly used for making money and set a goal of what you want to make weekly ! $500 a week - $1000 a week and 30% of that money is saved for real life emergencies !

Also learn to live within your income if you make $500 and spend $500 a week you will never achieve wealth or retirement funds !

This is what millionaires do they make thier money work for them it's invested in something to make more money.

OF course they are a secret society who meet and talk about the next investment .

SO to get rich become friendly with the ones who made it.
DO what they do but use that technique in your gambling business.
If you are always with the same people you grew up with YOU will still be the smae way 25 years from now !

[joshef]

Discipline is must in every field as in the case of betting. If we will follow some rule and strategies so it increases the chances of winning the betting.

[justdonating]

Just remember..........its a marathon not a sprint!

[dave nz]

Havn't chased since my early days of betting about 17 years ago. Alot of it is routine and habit forming. Once you get into a routine of decent money management, it becomes 2nd nature and chasing doesn't exist.