Money Management
To players who like action, the words “money management”(MM) just hamper their style. After all, “real” gamblers don’t manage their money, they just play and play and play — or that’s what some people think.
It’s time to give back to “money management” its good name and reputation. You should understand that proper MM doesn’t mean conservative play or less action at the tables. It really means allowing you the opportunity to find more action and the opportunity not to lose. The simple truth is this: You can’t play if you have no money left. Therefore, don’t knock MM until you’ve given it a good college try.
Proper MM comes down to one simple rule: Have a plan. Follow that plan. Make a promise to yourself that you will not succumb to temptation in the heat of the battle and bet more heavily or more often than your bankroll permits. When you reach a predetermined low point in your bankroll (a “stop loss”), quit playing. The casino will still be there tomorrow. And when you reach a predetermined high point (a “stop win”), don’t foolishly give it all back.
When I think of MM, I think of the fable of the tortoise and the hare. We can all remember the bragging rabbit who quickly outdistanced the much slower tortoise in their race. But the important lesson of the story is that it was the much slower tortoise that crossed the finish line first, not the faster rabbit.
Need I say more? How many times have we seen those undisciplined high rollers winning big at first and then losing it all after a couple more throws of the dice or turns of the cards? And, by contrast, how many times have skilled players following a methodical, proven strategy along with excellent MM techniques walked away from the casino as consistent winners?
True, we don’t pile chips on the table with abandon like some of the high rollers do. But by the end of the session, who crosses the finish line first?
Ask yourself this question: Am I a tortoise or a hare?
