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As in every aspect of life, not managing your money properly may be the path to a home that is a refrigerator box under a highway overpass. Money management is especially important when it comes to gambling. You go into a gaming knowing the house has an instant edge over you, and perhaps the difference between a profit and losing your shirt will be how you manage your money.
The Consistent Wager System is the most popular money management system used by players today. The nuts and bolts of this system is that a player establishes an amount that he will be risking on every hand. No outside factors can influence this amount, and whatever happened in previous hands is meaningless. If your set bet amount is $10 per hand, no matter what, that is the bet on every hand you play. By setting an unchangeable bet amount you ensure that your losses can be no more than the house advantage over you. If you play sound, basic strategy, this advantage should be no more than 1%. If you play like a twit, the house advantage is considerably more, so be sure you know the basics before employing this money management system.
This money management strategy is built for the long haul, not the short sprint. So if after three hands you have lost thirty dollars, do not abandon it. Just keep playing and things will turn around. You will run into losing streaks and winning streaks. Obviously, this means there will be times you are down as well as up. The key to this strategy is knowing when to quit at those points in time when you are in positive territory. |
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