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Any money management help?

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  • Any money management help?

    I have a problem blowing through my bankroll. Has anyone had this challenge
    And overcame it? How did you overcome it?

  • #2
    Money management involves discipline, objectives and goals.
    Set a goal of what amount you wish to attain each month. Use the tips below as objectives to get to that goal and don't vary (stray) away... be disciplined.:thumbs:

    Here's a few tips...
    1. Have a set amount of money that you are prepared to play with which is separate from all other monies you have.(Call it play money bankroll)
    2. Play with no more than 2% of that total of play money bankroll on any single wager. Calculate this by finding what 2% is of your total bankroll.
    3. Do not use (put at risk) any more than 10% of your play money bankroll total.
    4. Flat bet each play; make your wagers with the same amount on each wager. Don't put more on one wager because there are no sure things in this business.
    5. Don't increase your flat bet amount until you double your play money bankroll.
    Make a $1.00 more today than you made or lost yesterday

    Comment


    • #3
      MeesterMike,
      Thank you for the reply. The tips you provided
      Are simple but definitely not easy. I must cultivate these
      Habits to have long term success.

      Comment


      • #4
        MeesterMike,
        Can you give me an example of this with a dollar amount of how this strategy plays out. You know I've won alot but this area is a killer as I'm constantly every month replenishing my bankroll. Do you think getting a coach will help? Is it common for people to lose their bankroll this often and someday have success?

        Comment


        • #5
          Originally posted by Moneymoe123 View Post
          MeesterMike,
          Can you give me an example of this with a dollar amount of how this strategy plays out. You know I've won alot but this area is a killer as I'm constantly every month replenishing my bankroll. Do you think getting a coach will help? Is it common for people to lose their bankroll this often and someday have success?
          • Have a set amount of money that you are prepared to play with which is separate from all other monies you have.(Call it play money bankroll)
          • Play with no more than 2% of that total of play money bankroll on any single wager. Calculate this by finding what 2% is of your total bankroll.
          • Do not use (put at risk) any more than 10% of your play money bankroll total.


          Know exactly what your vigorish (Juice) is at the place you play. Industry standard is 10%. Some places have down to 5% but others are upwards of 10% and those you should avoid playing with at all times.

          Remember it's a hobby > not a job !!!

          Budget
          You begin with $1,000.00 & only if you are able.
          Each play that you make is a grand total of $20.00 each play. (2%) You make 5 plays.
          Each play costs you $2.00 to make (at the standard 10% vigorish).
          Play with a total of no more than $100.00 from your bankroll on any day. (10%)
          You are actually risking $110.00

          If you win 0 of 5 games you are down $-110.00 on the day playing at the standard 10% vigorish.
          If you win 1 of 5 games you are down $-68.00 on the day playing at the standard 10% vigorish.
          If you win 2 of 5 games you are down $-26.00 on the day playing at the standard 10% vigorish.


          If you win 3 of 5 games you are up $16.00 on the day playing at the standard 10% vigorish.
          If you win 4 of 5 games you are up $58.00 on the day playing at the standard 10% vigorish.
          If you win 5 of 5 games you are up $100.00 on the day playing at the standard 10% vigorish.

          No bad luck to you.
          Last edited by Meestermike; 06-22-2013, 09:25 AM.
          Make a $1.00 more today than you made or lost yesterday

          Comment

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