The Importance Of Bankroll
Many players have read articles on money management but some have not been able to successfully apply them in real life. Some may find the techniques or methods hard to understand or hard to apply.
In essence, there are four parts to be a successful gambler. These parts are knowledge, bankroll management, money management, and discipline.
Discipline is the most important of the four elements. Discipline enables player to walk away as a winner or with minimal losses. However, discipline is dependent on the other three elements for it to succeed.
Many people think that playing with whatever money is available on hand will determine a sure win. Gambling does not work that way. A player must have set amount to work with else one cannot bet to the fullest extend or play the time needed. A small bankroll may make players to play very conservative or make them afraid of making a bet for fear of losing what precious money is left. A small bankroll is a disadvantage for it forces the player to make limited choices in the game as compared to a large bankroll. Many players with a small bankroll find themselves making moves just to stay in the game and will not allow players to take advantage of a good situation if the situation has presented itself.
There is one main reason why many gamblers lose big time. It is due to the lack of a limit loss. A limit loss is directly determined by the bankroll one has.
A loss limit is a limit that is set up for losses for a certain day. It does not matter what game was played, as long as the amount falls within the limit. Many players are advised never to bet on the last remaining chip but to leave a small portion behind.
A gaming session should last until a win goal is accomplished or when the loss limit is reached. When a player loses a predetermined amount, the play is finished.
Establishing loss limits would eliminate the possibility of a player ever going broke at the tables. A suggested 50% loss limit is an ideal set limit but if the player can keep it to a higher amount like 60%, then it is in the players benefit.
The reason why many players bring extra money with them when gambling is to assure them that they are 'covered' in case something bad happens like running out of money in the middle of a good game or hand. When one lowers the loss limit to 30% or lower, one is left without the ability to recover from a loss and try to regain the lost amount of money. A lower loss limit means the less chance for recovery for the player.
Players should realize that although brining a large amount of cash in a game is ideal, when no loss limits are set the player has a very large chance of losing it all.