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.
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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 try and tell 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.
I love it when a person comes in and readily admits he will accept a 10% return on his money as long as we can show him how he can do it consistently. These types make excellent students and are a joy to work with. They are so obsessed at trying to break their losing habits, that any type of winning is a bonus to them.
I have said this before, and it bears repeating.
You have absolutely, positively, no right to decide on your win goal. Your bankroll makes that decision. Did you digest that last sentence? I'll repeat it. It is the first, and maybe the second most important part of money management (after the ability to walk). Your bankroll makes the decision as to your win goal.
As long as I have indicated that I will condone 20% winnings for my students, that is the figure I use in this book.
You know how much you are bringing to the casinos, and that figure is your bankroll. If you bankroll is $1,000, your goal for the day is $200. Not a bad day's pay, for doing something you enjoy. If you bring down $600, then your goal is $120. If you bring down $300 then $60 is the goal, and don't go getting hyper, that is too low a return. You want to win more? Bring more! You haven't got more? Then you have a simple choice. (1) Don't go, or (2) Go with the $300, and accept $60 profit, and be happy when it comes.
I've actually had people openly decry this 20% goal. They ridicule it, and claim it is not worth the effort. What a ridiculous analogy. These people have simply not learned how to win.
You want to set higher win goals? Go ahead. Personally, I think you're crazy, as a win goal is not a win limit, and you do have options, which we will cover.
But, if you want to set higher win percentages, that is your option, or theory. And remember what I said about theory? All good players are entitled to their own theory, and who is to say who is right or wrong? It is my theory that a 20% return is an excellent goal to shoot for.
You make your own figure, but at least make a figure, don't make it a ridiculously high one, and stick to it.
If I were to go out on a limb and give you a higher percent to shoot for, and if you twisted my arm real hard, and held a gun to my head, and promised me Raquel Welch's phone number, I could be persuaded to radically increase my expected win percentage to 21%!
There, I said it, and already I'm sorry. I think it is just too high.
I think you get the point. Twenty percent, period.
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