Last updated on February 13th, 2017 at 01:47 am
Most, if not all gambling games can benefit from sound money management. The main problem in gambling is not that gamblers never win or win enough at that. The problem is that most gamblers don’t secure what they win when they are up. They get all excited and greed sets in. Before long they have lost all their profits and are leaving the casino with an anorexic bank roll. Some gamblers have devised elaborate methods and techniques for managing their bankroll. These sensible gamblers understand the importance of bank roll and stake management.
There are many methods of money management; we will only cover a few simple ones here. This is because the amount of money management techniques you know doesn’t necessarily guarantee you success in gambling. It is the application of a money management strategy that guarantees some level of gambling success.
Knowing what to do but not doing it is even worse than not knowing what to do. Therefore, don’t just know your money management system inside out, use it exhaustively too.
The Limited Exit
This money management technique requires self discipline and will power. The process of applying it is as follows:
Decide on the profit level you want to achieve before you begin gambling (preferably before you leave to go to the casino, or log on to the online casino). 25% to 100% is a good guide. This may seem a small amount. It is meant to seam so. An easily achievable goal means you will finish your gambling sessions earlier and thus be less inclined to let old habits disrupt and distract you from applying your money management strategy.
Play baccarat until you achieve your predetermined objective, then quit. Play safely; stick to your gambling strategy/ technique or system. Aim for many small wins rather than one large one.
Once you reach your target, immediately transfer all funds out of your gambling account to avoid temptation.
Physically leave the area you gamble from and do something totally different–go for a walk, watch TV, cook a meal–anything to avoid returning to gamble some more.
The Gradual Siphon
You can also use a money management system that does not require you to stop gambling. The Gradual Siphon is one such system. It works as follows:
Decide on a small multiple of your smallest bet (i.e. $5 or $10).
Ship your bank roll into your casino account for the day. After that transfer, funds should only be withdrawn from your casino account.
Set your short term focus on making only the small profit ($5 or $10) goal; you decided on. Take no extra risks to make more. Stick to your gambling strategy/plan/technique or system until you reach your target each time.
Every time you reach your target, ship the profit out of your casino account, back to your credit card or bank account.
Repeat the process from step 3.
This is a slow and gradual balance building technique. It is imperative that you only ship funds in once, and then from there only allow yourself to withdraw profits. If you lose your entire bank roll at the baccarat table, you must end your session for the day. You must not gamble again until the next day.
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