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Cant
Win For Losing Here
are a couple of random thoughts that didnt originate with me:
§
99%
of lawyers give the rest a bad name.
§
A
clear conscience is usually the sign of a bad memory.
§
A
conscience does not prevent sin; it only prevents you from enjoying it.
§
A
bartender is just a pharmacist with a limited inventory.
§
A
diplomat thinks twice before saying nothing.
§
A
pessimist is never disappointed.
§
Always
remember you are unique, just like everyone else.
§
Beauty
is in the eye of the BEER-holder.
§
Better
to understand a little than to misunderstand a lot. Its
that last item which caught my eye, because it relates to Loss Limits. In
Part One
of this of this article we learned the following: If
you can limit your losses, it minimizes the hole that you have to dig yourself out of. It makes it easier to stay on the profit side of
the gaming ledger, because you always have LESS money to recapture in your next session at
the tables. Simply
put, you dont have to win as much money if you keep your losses to a minimum. This
concept is not unique, but why is it so hard to do well? First,
understanding the concept does not mean that you are going to follow it. The
highway speed-limit in some states is still 55mph. In
some places, it is 60, 65, 70 or even 75 mph., but most people drive significantly over
whatever the posted limit is. Is
it illegal? Yes. Do
we still speed knowing that it is illegal? Yes. Since
we knowingly continue to break those laws, are we criminals? Hello
Im
still waiting for your answer. I
have a fondness for speed. Done under safe
conditions, I LOVE driving fast. But I am
also a very careful driver. Its
usually safer on the race-course with other like-minded 200mph. drivers, than it is on
some Interstates at 80 mph. I understand
that, and I understand the limitations of not only road-conditions, but more importantly,
the limitations of other drivers. Focus,
concentration, skill, maturity, road conditions, weather and common distractions are
limiting factors which can make our highways as dangerous as crossing the Khyber Pass in
Afghanistan on the back of a Taliban camel. Driving
can be dangerous. High-speed driving can be
even more dangerous. Playing in a casino,
with its own set of dangers is fraught with similar threats to your bankroll. You dont want to crash and burn on the
highway any more than you want it to happen to you and your bankroll in a casino. You have to be very careful in both circumstances. Both of them are risky situations. You
know, we all hear about the House Edge, and Standard Deviation, and how it will grind us
into casino dust. And we hear about Negative
Expectation games that are unbeatable, and how a casino uses free beer and liquor as
chip-remover. Then we hear about
Trends and Charting, which tell us what has happened in the past, and what is happening
now, as an indicator of what we should be doing in the immediate future. We hear about betting more when we are winning,
and betting less when we are losing. Okay,
those are things that we should be fully aware of, but lets put it all into
perspective. If
you are missing even one element from your gaming toolbox; then you will never be able to
cobble together consistent wins. So what is
the single most important element in that toolbox? Limiting Your Losses ! Let
us first realize that no matter how successful you become at Precision-Shooting, you will
still have some losing sessions. Sometimes
the sun, moon and stars just arent aligned in your Precision-Shooting universe, and
you will have a losing session. Heres
what will separate you from 99% of ALL THE OTHER PLAYERS.
You have to limit your losses, so that your winnings always outpace your
losses. It is easier said than done; but it
is very do-able. In
Part III, well figure out how to come up with a Loss Limit that is realistic for
your: (i)
Bankroll (ii)
Style
of play (iii)
Betting
Methods (iv)
Win
goals Good Luck & Good Skill at the Tables
and in
Life. The Mad Professor
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