Money management - Horse Racing Forum - PaceAdvantage.Com

iwpt · 08-10-2018, 07:45 AM

When to withdraw versus size of bankroll? Certain daily, weekly percentage of profit?

thaskalos · 08-10-2018, 01:27 PM

They don't charge us by the word here...you could go into a little more detail so we could better understand what you mean.

jay68802 · 08-10-2018, 01:31 PM

Why are you playing the game? Are you in it for the long haul? If you are growing the bankroll is priority, if not, take the money and run.

iwpt · 08-10-2018, 05:19 PM

Quote:

Originally Posted by thaskalos

They don't charge us by the word here...you could go into a little more detail so we could better understand what you mean.

Its cool. Not everyone wins.

iwpt · 08-10-2018, 05:21 PM

Quote:

Originally Posted by jay68802

Why are you playing the game? Are you in it for the long haul? If you are growing the bankroll is priority, if not, take the money and run.

http://www.youtube.com/watch?v=-WCFUGCOLLU

Long haul. But I would like to collect some of my profits as I win. Dont want to piss it all away. Perhaps I should set some kind of daily/weekly goal.

jay68802 · 08-10-2018, 07:53 PM

Quote:

Originally Posted by iwpt

Long haul. But I would like to collect some of my profits as I win. Dont want to piss it all away. Perhaps I should set some kind of daily/weekly goal.

Set a %, we will say 50%. Put that % back into your bank roll and have fun with the rest.

As far as daily or weekly goals, they are fine. But in this game, you will hit some bad streaks. A longer term goal is a little easier to achieve, but will keep your head in the future, not, say today or this week.

Dan Montilion · 08-10-2018, 08:17 PM

Look into what Dave Schwartz has to say about the subject. I have found a few of Dave's money handling approach very helpful. On a personal not I rat hole 10% of any winning days over $300. I pull from that fund 4 times a year. You will be very surprised how fast this adds up and really does not have a negative effect on your bankroll. Thank you George S. Clason.

Robert Fischer · 08-10-2018, 09:05 PM

Withdrawal 35% of the winnings to save for taxes

Robert Fischer · 08-11-2018, 11:40 AM

If you are recreational player that wins your share and has some big days= try to be open to help like Thaskalos was offering, and don't be so defensive.-He was correct. Your question requires a lot of variables on your racing and your life(probably too personal, but needs to be allowed for in your own calculations).

If you've won a big score upwards of $5,000, and you benefited from the improved W2-G rules by not having to sign/withhold , make sure you understand what a CTR and an SAR is.

Know your style. How much bankroll does your current comfort-zone require? Are you trying to grow your game to pick-6 and tournament play or do you have a good thing going in your current style.

Dave Schwartz's method sounds like good information.

Dave Schwartz · 08-11-2018, 12:00 PM

IMHO, the approach taken varies greatly depending upon whether or not you are an honest-to-goodness winning player; Also, if your long-term expectation is to be a winning player.

If you are a winning player (or have reason to believe that you will be), then your primary goal should be bankroll growth with withdrawals as a secondary goal. That changes when you reach your maximum bet and enough bankroll to cover it.

If you are not a long-term winner, then I suggest something like the following:

1. Create a fund for your betting. Let's say $300. Decide how many of these mini-funds you'd like to have set aside, let's say 5, which would be $1,500.

2. Create a plan to be continually adding to that on a weekly, bi-weekly, monthly, per-paycheck, etc. basis. If you figure you can afford to lose $50 per week, then allot that. This helps you get past fears of blowing the bankroll that will hamper your play.

3. When you have a big positive swing. Here's what you do:

A. Replenish your betting fund up to its max. (I suggested $1,500 above.
B. Everything above that is a withdrawal. Have a good time with it because you earned it.

Hope this helps.

Dave

Poindexter · 08-11-2018, 01:01 PM

One problem is that for most of us this is a theoretical question. Also unless you are really limited in your approach, like win betting only or win/exacta betting only, you will need bankroll for other areas. So win $5000 on win bets, chances are you are down a sigfinicant portion in other areas such as pick 5's and trifectas...Also winning $50,000 by hitting a Rainbow Six is not the same as winning $50,000 by grinding out win bets. Anyone can get lucky, but unless you start have these major exotic scores with regularity, to assume that history will repeat itself can get you into a lot of trouble.

Back to the original question, assuming you have the good fortune seriously growing your bankroll, I think you want to begin very conservatively and become more aggressive the more often it happens. So let's say that you begin with a $10,000 bankroll(win betting). I would grow it as follows. For every $3000 in profit I would increase it $1000. I also suggest you keep the profits around in case you need them in the future. By the same token, if you lose back $3000, reduce your bankroll $1000. (I believe in keeping the original br in tact, but if you want to lower it with losses I have no argument other than you are increasing the uphill climb should you finally evolve to the point you can make money).

So maybe you begin with $10,000 win $3000 and raise to $11,000, win another $3000 and raise to $12,000, lose $3000 back and you lower br back down to $11,000 again etc.

I you are able to bring your br up to $20,000 in a reasonable amount of time, you have proven yourself a very capable winning player and will want to increase your br more aggressively (maybe half of profits or $1000 for every $2000 you make). Win another $10,000 and you might want to increase br 60% of profits, then 65%, then 70%...

Also assuming you are getting rebates you can and probably should count them as part of your profits as well.

thaskalos · 08-11-2018, 02:23 PM

Assuming that the player is unsure about his long-term performance in the game...I think ratholing a healthy percentage of the day's profit is a good idea. Just make sure to keep it in a safe place...away from the reach of other gambling endeavors.

If the player is confident about his long-term prospects in the game, and is mainly interested in growing a modest bankroll into something that will lead to sizable profits down the road...then I would advise keeping the bankroll intact. But added safety provisions should be applied as the bankroll gets larger and larger...to ensure against the psychological turmoil associated with the loss of larger wagers. For example: If the player starts off with a $2,000 bankroll and $30 betting unit(1.5%)...then I would reduce the betting unit to a 1% increment($50) should the bankroll reach the $5,000 level. And I would further reduce the betting unit down to .75%($75) if the bankroll should double to $10,000. The point being that large bankrolls are very hard to replace...and they should be treated with more respect than we treat the smaller, more "replaceable" bankrolls.

zerosky · 08-11-2018, 05:48 PM

A roulette player once observed that you cannot consider yourself a winner until you are at least a mile away from the casino.

With today's advanced deposit wagering the sports books earn interest on the player's deposits so regular withdrawals is a must leaving just enough in the account to fund current wages. When playing I settle accounts at the end of each month.