Lose Small – Win Big

Everyone has heard the stock market related expression, "Buy low, sell high." It's common sense, really. Buy something when the price is low, then sell it when the price is high. You keep the profit.

A similar concept applications, and works, for gambling. In any kind of gambling, you sometimes win, you sometimes lose. Well, maybe you sometimes win, and most of the time lose. Either way, if the losing bets are small amounts and the winning bets are large amounts, then you have a much better chance of being on the plus side. This article is about protecting your account balance by timing your bets to match streaks of luck, and by knowing when to quit.

Luck comes in streaks. There are streaks of good luck, and then there are streaks of bad luck. One game where this is particularly noticeable is craps. Although the concept applies to other games as well, the examples given here will relate to the game of craps. When you bet on the pass line in craps, you want that first roll to be a 7 or an 11. You lose if it's a 2, 3, or 12. If it's another number, that number becomes the point, and the dice get roled until the result is the point, which means the pass line wins, or when it's a 7, which means the pass line loses. There are all sorts of other bets in craps, but let's just stick to the pass line for our example.

Start with the minimum bet; let's say it's $ 5. If you lose, go with a $ 5 bet again. Continue with $ 5 bets until you win. Two or more losses in a row is one of those streaks of bad luck, and you're keeping the bet amount low. But when you win, it might be the beginning of a streak of good luck, so bump up the bet to $ 10. If you lose, maybe it's not a streak of good luck, so go back to a $ 5 bet. If it wins, stick with the $ 10 bet one more time (this ensures you keep a bit of profit at this stage). If this $ 10 bet loses, go back to $ 5. If it wins, bump up the bet amount to $ 15. Any time a pass line bet loses, go back to $ 5 because maybe it's the start of a streak of bad luck. If it wins, increase the bet because you want to ride the streak of good luck for as long as it lasts. Increase it by $ 5, $ 10, or some amount that agreements with the level of betting that you're doing. But when it loses, go back to the minimum bet and start looking for the next streak of good luck.

When you go gambling, online or at a live casino, break up your gambling into sessions. Decide ahead of time, how much you're willing to lose. Let's say you're at the casino with $ 300, or you have $ 300 in your online casino account. Maybe break it into three $ 100 sessions. This creates a loss limit for each session of $ 100. Also, especially if you're playing at home online, where you might have some other responsibilities, set a time limit for yourself. With a dollar limit and time limit established, start gambling. Bet carefully, looking for streaks as described in the previous paragraph. But when your $ 100 (in this example) is gone, the session is over. Or if you run out of time, the session is over. Walk away. Take a break, come back later. This approach limits how much you lose, it limits how long you play (because you do have responsibilities, remember), and it gives you a chance to refresh yourself before getting back to the table (or the keyboard). If you're going to gamble, you want your mind to be fresh and alert.

Just like there are streaks of luck with individual bets, there are also streaks of luck with sessions. You'll have sessions that end quickly because the set amount of money disappears fast. That's a bad luck session, and it's best to have it end quickly! You'll have other sessions that go on for an hour or two, longer if your time limit allows. That's a good luck session, and that's the kind you want to last for a while. Does not this make really good sense? This writer typically has one good luck session for every four bad luck sessions. But with the bad luck sessions limited to $ 100 of loss each, the $ 800 good luck session more than makes up for the losses! Lose small, win big!

Adapt these rules to your style of gambling, or come up with something similar that works for you. And then stick to the rules. Discipline, patience, and an awareness for streaks of luck will keep you out of big trouble and increase your chances of being a winner.

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Source by Bob Decker