Establishing a Goal

Since money management is so important, it stands to reason that it is hard to follow. There are so many restrictions placed on the player that the temptation to deviate is always present. There are plenty of reasons why guys want to chuck money management, and all of them enter each player's mind at various times.

I teach money management at my school, and this is the primary tool that most of the students lack. I lay out the rules and expect the students to adhere to them. Most people who gamble have a tremendously difficult time adhering to any type of control.

As I said before, money management puts lids on every player, regardless of his bankroll. The temptation is always to take the shot at going for the big kill. The $100 player goes for it, and so does the $3 bettor. Their goals are the same, but obstacles leap out at both types.

The high roller starts with a $5,000 bankroll, and when he wins $3,000, it is never enough. Even $5,000 winnings aren't satisfying. He wants the $10,000 and $15,000 payday. And many times when that comes, he still isn't happy. In fact, this guy has plenty of money to play with, and actually never will be satisfied. He has absolutely no idea how to win.

The $3 bettor has a $300 bankroll and dreams of the $3,000 score. But with such a small bankroll, it is very; very rare indeed that he can even come close to those figures.

In reality, both of these types should be content with a percentage return on their starting bankroll, and quit when they reach it.

At my school, I insist that the students set a win limit of 20% of their starting figure. Realistically, this is a high return, but tries and tells a nonprofessional that. They think doubling their money, in one day, is almost considered a losing proposition.

A professional gambler is content to win 10% of his starting cache, but the novice gambler merely scoffs at that figure. For that reason, I make the 20% return the goal, and in all honesty, this is a high figure to expect to extract from the casinos on a regular basis. But the novice cannot condition himself to lower returns, and since there absolutely has to be a set goal, this figure allows us to at least set an amount to shoot for.

PART II

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