Some people are all for using Money Management and others bet their entire bankroll in a particular day. I have seen some on the Forum bet 1 game and some bet the entire card every day. I thought I would share the following Money Management theory that was shared with me several years ago. Perhaps it will help a few players extend and enjoy their football season. I encourage veteran players to add your thoughts and other tips.
1) DEFINE YOUR BANKROLL... It does not matter how small or large the amount is. Bankroll should be defined as a sum of money which, if you were to lose, would not alter your current chosen lifestyle. Each sport you wager on should have a different bankroll. For this information we will assume a bankroll of $1000.
2) BE CONSISTENT... You should wager a constant predetermined percentage of your bankroll on each game in a betting period. (For example purposes we will use 5% or $50 a game). Betting period is usually defined as a day.
3) LIMIT YOUR EXPOSURE... Never wager more than 10 games per betting period. This ensures that never more than 50% of your bankroll is exposed at any given time.
4) STAY THE COURSE... Continue to wager 5% ($50) of your original bankroll per play until your current bankroll either increases 50% (up to $1500) or decreases 50% (down to $500).
5) LOSING... If your bankroll decreases 50% (you lose 10 units or $500), reduce your wager 50% (from $50 a game to $25 a game)until your bankroll returns to its original level. This important safeguard insures that you do not "chase" during a cold streak. "Chasing" is the most common mistake of the average player and the surest way to lose your entire bankroll. By reducing your wager 50% it guarantees you to stay in action until you have either regained your momentum or lost 30 units ("0" bankroll). If you lose 30 units you should probably think about finding another hobby or money making opportunity.
6) WINNING... Let's assume that your handicapping skills have ballooned your bankroll 50% or 10 net wins (up to $1500). Step up a level and begin to wager 50% more per game (up from $50 a game to $75 a game). If your winning ways should continue and your original bankroll doubles ($2000), you would then wager twice your original amount or now $100 a game. Continue to increase your wager 50% with every 50% increase in your bankroll.
7) TAKING PROFITS AFTER A LOSING STREAK... Any time you have more than doubled your original bankroll, then lose back 1/3 of your bankroll, take profits, and return to your original bankroll. (For example: Your original bankroll of $1000 has grown to $2400. But a losing streak decreases back to $1600. The $800 difference from your high point represents a loss of 1/3 your bankroll, but the $1600 in your bankroll still represents $600 of profit. Take the $600 of profit and return to your original bankroll of $1000. You will have cut short a losing streak and taken profits. Congratulations.
8) TAKING PROFITS AFTER A WINNING STREAK... During the course of a season we are all subject to winning streaks which are mostly the result of a number of close pointspread wins. It is at these times when we feel like we will never have another losing day. WRONG, your luck will turn. So here are two more rules to help lock in profits:
8A) Take profits from a current winning streak any time you have won 80% or more of your most recent 20 plays (16-4 or better). You are unconscious if you have done this. Take the profit and return to your bankroll level before the 20 game hot streak.
8B) Take profits any time you have won 75% or more of your last 30 plays (23-7 or better). Again, take profitss and return to your bankroll before the 30 game streak began.
It is all about having action, but more importantly, about winning money. I hope this is helpful to some on the Forum.
As always best of luck. Enjoy the Football Season.
1) DEFINE YOUR BANKROLL... It does not matter how small or large the amount is. Bankroll should be defined as a sum of money which, if you were to lose, would not alter your current chosen lifestyle. Each sport you wager on should have a different bankroll. For this information we will assume a bankroll of $1000.
2) BE CONSISTENT... You should wager a constant predetermined percentage of your bankroll on each game in a betting period. (For example purposes we will use 5% or $50 a game). Betting period is usually defined as a day.
3) LIMIT YOUR EXPOSURE... Never wager more than 10 games per betting period. This ensures that never more than 50% of your bankroll is exposed at any given time.
4) STAY THE COURSE... Continue to wager 5% ($50) of your original bankroll per play until your current bankroll either increases 50% (up to $1500) or decreases 50% (down to $500).
5) LOSING... If your bankroll decreases 50% (you lose 10 units or $500), reduce your wager 50% (from $50 a game to $25 a game)until your bankroll returns to its original level. This important safeguard insures that you do not "chase" during a cold streak. "Chasing" is the most common mistake of the average player and the surest way to lose your entire bankroll. By reducing your wager 50% it guarantees you to stay in action until you have either regained your momentum or lost 30 units ("0" bankroll). If you lose 30 units you should probably think about finding another hobby or money making opportunity.
6) WINNING... Let's assume that your handicapping skills have ballooned your bankroll 50% or 10 net wins (up to $1500). Step up a level and begin to wager 50% more per game (up from $50 a game to $75 a game). If your winning ways should continue and your original bankroll doubles ($2000), you would then wager twice your original amount or now $100 a game. Continue to increase your wager 50% with every 50% increase in your bankroll.
7) TAKING PROFITS AFTER A LOSING STREAK... Any time you have more than doubled your original bankroll, then lose back 1/3 of your bankroll, take profits, and return to your original bankroll. (For example: Your original bankroll of $1000 has grown to $2400. But a losing streak decreases back to $1600. The $800 difference from your high point represents a loss of 1/3 your bankroll, but the $1600 in your bankroll still represents $600 of profit. Take the $600 of profit and return to your original bankroll of $1000. You will have cut short a losing streak and taken profits. Congratulations.
8) TAKING PROFITS AFTER A WINNING STREAK... During the course of a season we are all subject to winning streaks which are mostly the result of a number of close pointspread wins. It is at these times when we feel like we will never have another losing day. WRONG, your luck will turn. So here are two more rules to help lock in profits:
8A) Take profits from a current winning streak any time you have won 80% or more of your most recent 20 plays (16-4 or better). You are unconscious if you have done this. Take the profit and return to your bankroll level before the 20 game hot streak.
8B) Take profits any time you have won 75% or more of your last 30 plays (23-7 or better). Again, take profitss and return to your bankroll before the 30 game streak began.
It is all about having action, but more importantly, about winning money. I hope this is helpful to some on the Forum.
As always best of luck. Enjoy the Football Season.
