Money Management Advice

What is​ perhaps the​ single most factor that separates long-term winners from eventual losers? if​ you gave one of​ the​ common answers,​ like luck or​ game knowledge,​ you are incorrect. the​ answer is​ money management. Sure,​ luck helps and knowledge of​ the​ game you are playing is​ a​ must. However,​ unless you learn to​ manage your money properly,​ you are destined to​ fail. Money management is​ not simply playing within your limits. it​ goes way beyond that. Today we​ talk about one aspect of​ money management-the daily bankroll.

A simple way for most people to​ get started is​ to​ create a​ bankroll for your night out or​ whatever. For instance,​ let's say you will play Blackjack today. Decide what is​ the​ most money you are willing to​ lose. For our example,​ let's say we​ are setting our daily bankroll at​ £100. Now we​ could rush off to​ the​ £25 table and try to​ stake our claim to​ fame,​ but that would be foolish. to​ win over the​ long run it's important to​ be able to​ withstand losing streaks.

One good way to​ do this is​ to​ divide your daily bankroll by 20. This will give you 20 bets to​ start with. it​ also helps those new to​ money management figure out how much to​ wager. in​ our example,​ we​ have a​ £100 bankroll. After we​ divide it​ by 20,​ we​ end up with £5 units. the​ ideal situation is​ to​ find a​ table where we​ can bet £5 hands. it​ might be tempting to​ run off to​ a​ £5 table,​ but £1-£2 would be much better. This will allow you to​ fluctuate your bet downward if​ desired.

Keeping a​ general idea of​ what your current bankroll divided by 20 will allow you to​ raise your bets. For example,​ if​ your bankroll grows to​ £200,​ you can now start laying out those £10 wagers. if​ you hate math,​ just stick around your original figure and have fun.

Jason Martin

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