I have a problem blowing through my bankroll. Has anyone had this challenge
And overcame it? How did you overcome it?
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Originally posted by Moneymoe123 View PostMeesterMike,
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.
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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?
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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.
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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...
- 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.
- 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.
- Don't increase your flat bet amount until you double your play money bankroll.
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