Simply put, money management is a set of rules and guidelines that keep your risk at a level at which you are comfortable with. It includes the rules you set for yourself every time you play telling you when to stop. Common sense should and must prevail throughout. Good money management starts with planning. Money management takes discipline and planning.
A few points on money management. Remember, that the house always has the edge and that it is always constant. If you think you can beat the house on a consistent basis, then my advice to you is quit before its too late.
They will take everything you have and then some believe it. People think that if they use a certain betting method they can swing the odds in their favor. In the case of playing slots, that way of thinking is ridiculous.
Some will argue with that the concept of Money Management is nothing more then a facade, false ideal. They use the premise that if you play with a defeatist attitude you will always lose in the long run. I personally believe if you set a win loss limit and stick to it you will and can survive. Remember, discipline is the key to managing your money.
One of the toughest things for any slot player is to walk away from a machine that they are winning on. Why, human nature I guess. Paranoida sets in, stupidity, and greed take over.
You may not believe it, but gambling is probably the second most frequented activity in the world. We are continually faced with the opportunity to take a chance on a gamble of one sort or another. It seems that gambling is every where today in one way shape or form.
No way, you may say! Well, think about this…how many people do you know who place a friendly wager on a football, baseball, or basketball game? Or play a little game of poker once a month. We all know people who appear to live just to go out and play bingo or studying the racing form and betting on the horses.
Try to think of a state that does not offer people a chance to scratch and win on a lottery ticket. People bet millions and millions each and every week on some sort of lottery game sponsored by the government, Pick 3, Pick 4, Power Ball, Mega Millions, there are so many.
A win is perceived as easy money that can be duplicated time after time after time, but this is for dreamers. Lady Luck becomes their constant companion, friend or foe; they talk to her, curse at her, beg for her help, and even silently pray to her. We are indeed sickos!
Remember, the odds are stacked against all who gamble. The house always wins; even when they lose they win. Why do so many people lose? Because they do not know what they are doing and for the most part don’t care.
People lose because they don’t know how to win. Slot I actually believe they honestly don’t care one way or the other. People determine their minimum losses even before they step foot into a casino or Racino. Sad, but true.
Gamblers are a diversified and varied group.
Mathematically speaking, gambling is an art at which most people must lose. The odds are against all who gamble. This is ensured by the house taking a house edge. Or in the cases of government run gambling, you cannot get the correct odds on any given bet. The amateur gambler’s most notorious downfall is greed. Next comes, stupidity.
The professional gambler has eliminated greed from there game and replaced it with the knowledge, patience and discipline, and they has eliminated stupidity by learning the rules, and odds.