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STRICT MONEY MANAGEMENT

Allow me to present this idea to you immediately. When I experience a financial loss, the feelings associated with that loss are more severe compared to the emotions I feel when I gain the same amount of money. If we assume, hypothetically, that I lost $1000 last night, what would be my emotional state? Indeed, I am experiencing profound distress, feeling utterly wretched and questioning the cause of my current state. If I were to win $1000, what would happen? Indeed, I am content, but I will not engage in exuberant singing and dancing during the entirety of the following day.

Simply said, defeats have a greater impact on us than victories. The emotional impact babu-88.net of losing is more significant than the emotional impact of winning, even when the amount of money involved is the same.

Initially, when this concept initially came to me, I pondered whether I was the only one who shared these sentiments. I am not. I conducted a small study with 15 individuals, including both acquaintances and strangers. Out of these, 12 individuals concurred with my belief that losses have a more profound influence on them compared to an identical winning event. The other three individuals perceived both emotional states as being roughly equivalent.

From my perspective, I really believe that losses have a profound impact on us, but successes are more fleeting. Perhaps that is the reason why the daily “news” predominantly focuses on negative experiences rather than positive ones. The headline “Man loves his wife” cannot surpass “Man hates his wife” in terms of impact.

The objective of gambling should be to minimize one’s losses or, at the at least, the emotional impact of those losses, in order to derive greater satisfaction from one’s winnings. There are two methods to do this, through the implementation of effective plans and equally significant, through the utilization of appropriate money management procedures.

[Please be aware that money management does not serve as a strategy to overcome the inherent advantage held by the house.] Money management cannot alter the negative expectation of a game to benefit either amateur or professional gamblers. The gamer can employ effective financial management techniques to limit his losses.

Significant financial resources / Minimal wager amounts
According to my tutor, the Captain of craps, successful gambling can only happen if one’s gambling balance is not depleted by losses. He posited that a large bankroll must back a casino player’s individual wagers.

If an individual is wagering $10, then possessing a bankroll of $20 is inadequate to maintain a state of relaxation in the event of a loss. In fact, a consecutive sequence of two losses terminates the player’s prospects. His financial resources have been completely depleted. An occurrence of such magnitude would have catastrophic consequences.

The 401G
First and foremost, it is essential for gamers to possess gambling bankrolls. No player should six6s attempt to play casino games with money necessary for food, housing, medicine and one’s daughter’s college tuition. Avoid stretching genuine currency.

It is advisable to maintain a distinct gaming bankroll, which should be held in a dedicated account that earns interest, such as a checking or savings account. I call this the 401G account with the “G” standing for gambling.

There are basically two ways to create such an account. If you are fairly well off, you can simply take money from other accounts and create the 401G. Yes, that money was originally intended as an excess cushion for real life but if you know you can harvest it for gambling then do so. But that is it. You will not after this first dip touch your real-life accounts. Instead on a regular basis you will take a small percentage of your income to place in the 401G.

The second method, which will probably be used by most players, is to set aside a small percentage of one’s ongoing income into the 401G. Many people have a 401K or equivalent account where regular deposits are made from their paychecks and the 401G should also have regular deposits. Such deposits will build and maintain the account.

[Please Note: Players want enough money in their 401G so that they never have to worry about losing it all. A bankroll should be constant or go up at any given time. This can be accomplished through patience and discipline.]

HOW MUCH MONEY SHOULD BE IN A 401G BANKROLL?
Here is my personal horror story: I once lost my entire gambling bankroll. It was almost 30 years ago and I was playing with a small amount put aside to gamble. I lost my head, I bet too much, I went on a complete losing streak and was wiped out.

My wife the Beautiful AP and I stopped by the Captain’s house on our way back from Atlantic City. The moment he saw us he said, “There they are with empty pockets.”

He then told me in no uncertain terms what I had done wrong. It was simple really, I bet way too much for a way too small bankroll in total. Then we worked out what my bankroll should be to bet what I wanted. It took me a year of regular deposits to get the bankroll up to where it needed to be to assure me of never being wiped out again.

In my case (okay, hold your breath) it was five hundred to one. For every dollar I wagered I had to have five hundred dollars in my 401G. If I wanted to be a $10 bettor that would mean I was backed by five thousand dollars sitting comfortably in the account. I was teaching and running a theatre company at the time and I slowly built up the 401G.

Over the years, I have built my 401G to the point where I can be a high roller without fear of winding up on the street should I experience a truly awful negative streak.

Now I think a five hundred to one distance between a single bet and a total bankroll is not farfetched and is reachable by just about anyone interested in being a “safe” gambler. A five-dollar player just needs $2500 to get in the game.

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