I took a few minuets and wrote this because I feel the greatest tragedy we inflict upon ourselves is winning and then giving it all back plus our BR's and then some to the darn casino in the hopes to get back what we won in the beginning. PLEASE, take note---learn and believe what a 35 year long player has developed. You can alter anyway you desire, just do something rather than sitting there with all those win chips, your bankroll and forging ahead, you will suffer.
Been in many conversations at the casino and on here as well. "I Won, Now What". Been there, done that many times, sometimes sat back down or changed casinos if I was in Atlantic City or Vegas or even Southern California. Figured I could go elsewhere and win more. Sometimes worked and most of the times did not. Anyways, I have done extremely well the past several years when I implemented the following rather than just blindly forging ahead. And yes, I took this from another post on this board I wrote.
IF YOU WIN:
1/3, 1/3, 1/3. And 1-3-2-6 on the progressions.
Again, not touching the B.S. process. VooDoo, Magic, rub the stuffed animal in your wife's purse, hold your lucky rabbit's foot key chain, whatever. Dragon's trail belief and all that. If you are winning.
Set an amount like double your bankroll, triple, quadruple it, whatever. Doesn't matter, but set something reasonable and stick to it.
Then do the 1/3rd of your total chips in front of you, for your new bankroll, take 1/3 lock it up and have the will power not to use it, take the other 1/3rd and use it as a reserve bankroll if you go bust-----AND----still try once again.
You will be a winner and walk a winner if you have the willpower. If you don't have the willpower, nothing will help you no matter what you employ. You have to find the willpower--learn what it is and how to actually implement it, seriously you do. Not easy for most of us but with trial and error you can actually find it.
And, if you straight lose from the beginning of your buy in, no matter what your bankroll, chances are you will not get up and walk and call it a day. So, best to stop trying to figure what the magic numbers are for walking away a loser from the beginning. If you lost enough times after winning (I said after winning) then you can understand my system above, if you have not, you will not understand it. Lose more and then re-read it.
Regression.
Thank you for posting arelax. Any thoughts on your approach and how 'Brett Morton's Money Management - Baccarat Edition' might ties into it?
I don't know if I am familiar with it. Mine works excellent without being overwhelmed with numbers, adapts to any amounts without complicated figuring.
Sputnik posted it elsewhere on here and I just added it here with some sample modifications.
Brett Morton's Money Management - Baccarat Edition
http://betselection.cc/baccarat-forum/brett-money-management-baccarat-edition/
At first glance, too small 'loss limits' for me and probably to really give a session a chance. Of course, I am a firm believer in something more along the lines of 'no pain--no gain'. Again, I personally can not walk away losing a couple/few hundred on BR.
Personally, right or wrong, I am a little bit more cowboy with trying for a win and much more refined once I do win, if I do win, etc.
The numbers I posted as samples for Brett Morton's Money Management are based on unit size so a $100 unit player would have 10x the limits, etc. This would translate into proposed bank roll of $10,000 and a session loss limit of $1,500.
As you mentioned, I often see strong players hit a point that they have determined, stop play, head directly to the cashier and cash out. Many times it's a partial cash out which most likely is in line with the strategy you are describing. Play continues and if things are going well repeat again. These are defining aspects of a session. Levels and locking it in.
There is a reason why Brett Mortons MM is superior.
You have loss limit and win targets with saftey nets and bottom line target - this means if you once reach your first win goal you can never go home as a loser with empty wallet or lose it all back.
And if you win once you have saftey nets and still have the option to puch for more.
The Brett Morton MM overcome the 20/100 Flaw.
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Math Professor Posted 03/20/06
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Someone quoted John Patrick as saying I don't win much but I don't lose much either.
Now he was critical of this statement but there is a reason for it.
We who have lived with gambling all our lives understand the relationship between what we win and what we lose.
The Equation is simple enough .
Magnitude of profit is usually a function of magnitude of wagering.
One of the most common failures in gambling is progressive betting.
Several small wins are satisfying but when the next small win does not happen and it turns into a progression which often recovers the day but sometimes results in ruination.
Giving up on a progression is hard because losing can mean the erosion of several days work.
The gambling flaw is inherent in this.
Christopher Pawlicki highlighted this fact.
The equation for winning small returns often calls for a progression .
The progression ultimately however snatches away the prevous wins.
For example 20 + 20 +20 +20 +20 has been achieved with 50 + 100 + 80 + 120 + 100 The final destructive act is a 100 that does not recover .
Even without a progression 100 absorbs the 5 sets of 20 + wins.
I call this the 20/100 flaw.
20 is therefore 20% of 100.
A good result by any standards.
In order to control the erosion of previous wins the ratio of win to wager
needs to be as close to parity as possible.
Say 80 + 80 +80 +80 + 80 with 100 + 100 + 100 + 100 + 100
If the 100 goes then we still have nearly 4 days work intact.
We can walk away and get them again another day.
Not many gamblers can achieve 80%.
This is the flaw.
There must be plenty of gamblers here who understand this but any replies should be better than 3 and out .
The math does not work.