quitting when ahead ????

[big frank]

does anyone here have a daily goal and quit as soon as you have hit your target ???? it is easier said than done ,, but i have been trying it with decent results........

[thaskalos]

Originally Posted by big frank

does anyone here have a daily goal and quit as soon as you have hit your target ???? it is easier said than done ,, but i have been trying it with decent results........

IMO...daily goals only work when you balance them by setting a daily maximum loss for the day. And that's something that's even harder to stick to.

[Overlay]

Originally Posted by big frank

does anyone here have a daily goal and quit as soon as you have hit your target ???? it is easier said than done ,, but i have been trying it with decent results........

To me, that puts a cap on your winnings when you're hot, while placing no limit on your possible losses when you're not. In my opinion, if you're confident that you're betting with a consistent advantage or edge on the odds, then the more that you play, the greater the opportunity there will be for that advantage to assert itself.

[Clocker]

Like they say in poker, it's all one long session.

[Appy]

When I'm on a roll I'll keep rolling til I'm not. But I will only tolerate a certain allowance from my betting bank, or number of consecutive losses, before I quit.

[horses4courses]

Originally Posted by Overlay

To me, that puts a cap on your winnings when you're hot, while placing no limit on your possible losses when you're not. In my opinion, if you're confident that you're betting with a consistent advantage or edge on the odds, then the more that you play, the greater the opportunity there will be for that advantage to assert itself.

Yes, but some opportunities are better than others.
Of course, only hindsight lets you know for sure what will work.

However, I find it works best for me to have different categories
of play - usually up to five at any one time. Records are kept
on these types of play separately. A normal weekday might give me
1-3 plays, sometimes none. Weekend days, or holidays,
might give me up to 5 plays - occasionally more.

Bankroll gets divided between the separate categories, and it's
not always split evenly. What I consider the strongest categories
may get slightly more to play with.
Often, though, they are weighted equally.

I know many players structure similar to this.
It works best for me. When I get away from this
method, the most losing situations occur.

[Grits]

Nothing disappoints more than throwing good money after bad. Seriously. Lose up to "said amount" then cut it off. .... Having won comfortably, I can cut it off then, too. Otherwise, my earnings are subject to becoming short term borrowed money. Don't like that either, gentlemen.

[horses4courses]

Originally Posted by Grits

Nothing disappoints more than throwing good money after bad. Seriously. Lose up to "said amount" then cut it off. .... Having won comfortably, I can cut it off then, too. Otherwise, my earnings are subject to becoming short term borrowed money. Don't like that either, gentlemen.

I watch a lot of gamblers on a daily basis, Grits.
They're not playing horses, but the same principles apply.

You need to start playing with a limit that you're prepared to lose.
In additition to this, knowing a $ limit when to call it a night (or day)
is crucial.

I've seen so many blackjack players buy-in for just a hundred, or two.
Their luck is good, and all of a sudden they have a thousand, or more,
in front of them. For many players, that's not enough.

There are even those players who want to win so much that
they can see their name over the casino door as the new owner.
Yes - I've seen those players. Five, ten thousand - it's never enough.
Their bets increase, the drinks take effect, and they wind up broke.

The smart players?
They hit the door with a nice four figure win.
Sooner or later, your luck will change.
They were savvy enough to know that.

[Elliott Sidewater]

If I'm fortunate enough to be well ahead for the card I'm playing, I try to leave with at least 2/3 of the profits and have fun playing with the other third. This idea came directly from Doc Sartin and it struck me as both practical and smart.

[Tom]

Check out Lonnie's new series at DRF.com - What Was I thinking?

Some very good stuff in a recent article where he has a $200 bankroll and outlines his plan of attack with goals and limits.

[Grits]

H4C, I don't frequent Tahoe or Vegas but I spent last night at the Holiday Inn. Does that count?

I learned how to manage assets a good while back. The ones that, today, keep a roof over my head, keep me going back to NY to watch horses run and keep my bankroll fixed. Hopefully for a good while longer. Your quote is exactly what I've always done.

Originally Posted by horses4courses

You need to start playing with a limit that you're prepared to lose. In additition to this, knowing a $ limit when to call it a night (or day)is crucial.

[horses4courses]

Originally Posted by Grits

H4C, I don't frequent Tahoe or Vegas but I spent last night at the Holiday Inn. Does that count?

I learned how to manage assets a good while back. The ones that, today, keep a roof over my head, keep me going back to NY to watch horses run and keep my bankroll fixed. Hopefully for a good while longer. Your quote is exactly what I've always done.

Holiday Inns are a great deal and, apparently, give people super powers.

What I wrote wasn't directed to you specifically.
You obviously have things figured out very well.

It just amazes me how different people approach gambling.
Some can handle it, and others, well.........

[Grits]

I have to finish with a straight up admission though. If I lose three days in a row, I'll pout for six.

[Dave Schwartz]

I learned how to manage assets a good while back. The ones that, today, keep a roof over my head, keep me going back to NY to watch horses run and keep my bankroll fixed. Hopefully for a good while longer. Your quote is exactly what I've always done.

Gritsy,

As an old Las Vegas crap dealer, I can tell you that I have seen veritable tycoons in the business world play like complete idiots at the tables.

I am sure Horses4C will concur.

My point is that the reason you did as well as you did in life was not just because you managed well, but also because your system of play (in life) had a positive ROI.

"Good management" is, by far, the easiest to come by.

[Grits]

Dave, you da one!!!