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7 - Setting Limits 
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This is really a continuation of our discussion on bankrolling, but then again, when the discussion concerns some aspect of money management, everything is interrelated. You always want to set a limit on losses so that one bad session doesn't devastate you, and at the same time, a stop-loss on winnings as well, so that once you have a good win going, you never give the casino a chance to get it back.
Before sitting at the table and making your bets, you must decide and on the amount of money you'll put at stake, and should luck turn against you, restrict your losses to that amount only. Do not go against this rule and you can never take a big beating. If things go poorly at first, take a break - simple as that.
And when you're winning big, put a good chunk of these winnings in a "don't touch" pile, and play with the rest. You never want to hand all your winnings back to the casino. Should a losing streak occur, you're out of there - a winner!
Never risk needed money at the machines no matter how lucky you feel. Just as many "lucky" players contributed to the phenomenal growth of casinos as did the unlucky players. Well, perhaps there's lots more of the latter, but you get the point. The reality of gambling is that money can be lost, and if that money is earmarked for rent or food, or any other necessity in your life, you're making a whopping mistake.
This is all common sense, but it bears repeating because so many players go against this basic rule. There's an old Las Vegas saying about a guy who rides into town in a $20,000 Cadillac and leaves in a $100,000 Greyhound bus. Unfortunately, that saying bears a lot of truth. The list of sad stories from out of control gamblers can stack a pile of papers up to the thin air of the cerulean sky.
Let's say you're a quarter player and are on a winning streak that has expanded your starting machine bankroll for the day from $100 to $350, a nice $250 win. Should you go up to the $1 machine to really go for the kill? Absolutely not. You're hot and I you're winning. The action is good. But raising your stake to the $1 machines now magnifies all the bets. Sure you can win a lot all easy right now. But don't let greed lead you astray. Greed nabs most gamblers and the end result every time is an unhappy player who got buried by that greed.
The psychology on all this is complex, but the empirical evidence is always the same. The greedy players lose it all back and more. There is almost no way that these gamblers can come out ahead because no matter how lucky they get, they raise the stakes again so that all it takes is a small losing streak to wipe it all out, their winnings, their original stake, and then in desperation, even more. Tthen these players wonder, "what happened?"
Greed happened baby, and a loss of control. But we can make this all easy right now. Stick to the level you started at, so that when you do win, you stay a winner. It's okay to reach for the stars, but don't be jumping off the bridge to catch them. Whether you win or lose at slots, always keep to the level of betting that you originally decided to play at.
<> (Submitted on: Fri June 14, 2002) 93
6 - Emotional Control Rate It [ 0.00 / 0 Votes ]
Astute gamblers have one thing in common - they know how to manage their money and keep cool in the thick of the casino, whether they're up and riding high, or struggling against a cold machine with the worst of luck. Superior playing skills alone does not make one a winning player. The concept here is self-control, the ability of a player to keep the game in check and never lose sight of the winning strategies.
Winning and losing streaks are a very real part of playing the slots. It is how you deal with the inherent ups and downs at the machines that determines just how well you will fare at your sessions.
We're all going to lose sometimes. We're also going to win sometimes as well. But it is the smart gambler, the one keeping it all under control, that will win when he's winning, and minimize losses when he's losing. It's all about emotional control. We can't change the spins on the reel. We can however, change our reactions to them.
Let's show a simple example of how loss of emotional control can quickly change a big winning session into a disaster. Let's say a bettor starts out with a bankroll of $200 and has been playing $0.25 machines. After two hours of tough play, he has ridden a surge of luck to $225 in winnings. Now he has $425 in front of him.
Getting greedy and caught up in the excitement of the game, the gambler now really wants to put the squeeze on and fast, so he goes against his pre-planned strategy, if he even has one, and now goes for the $1 machines. With a little luck and a few big wins in a row, he's on easy street.
However, after a bunch of losses, he gets frantic, and goes for two machines at a time, pushing all his money out there. And now, more bad luck. Suddenly, a careful strategy that netted $225 got metamorphosed into "if I can get lucky on this play, please" strategy. No surprise, the player loses all the original stake. Madness. Here was an example of a player losing control, betting over his head, and taking what by all rights was a winning session and finishing just a short time later, with nothing!
That's one side of the equation. Thankfully, there are other tales, ones we can also learn from.
A couple, Maryanne and her husband Bob were playing slots machines. While Maryanne was mostly holding her own that day, Bob was really on a roll, and had already won $600 at the $1 slots. He was hoping to get up to $750, and then $1,000, if things went well. The machine had been kind, and with a cold beer in his hand and two comp tickets to the dinner buffet stuffed into his back pocket, life was good. Bob's luck went up and down, and his bankroll slipped about a hundred as time went by.
This was to be their last day before they flew back to their home in Louisiana, and they were hoping to ride out of town feeling extra good. Bob almost caught the big one. The first two reels lined up like a dream, and the third, barely missing, made the spin a loser. Had it lined up for Bob, he would have won the big jackpot. He got a kick out of that and said, "I've seen more of them than you can shake a stick at. Well that's it. $500 is a good day. See you around." With that, Bob and Maryanne cashed out. And that's what people should do - playing to win, and playing to have fun. Bob and Maryanne knew when to walk with the winnings.
<> (Submitted on: Fri June 14, 2002) 100
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