Here are a couple of random thoughts that didn’t 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.
It’s 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 don’t 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…I’m 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. It’s 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 it’s own set of dangers is fraught with similar threats to your bankroll. You don’t 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 let’s 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 aren’t aligned in your Precision-Shooting universe, and you will have a losing session.
Here’s 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, we’ll 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
