Money Management

Money management in any form of gambling is just as important as the results of the events themselves. I say this because even the best strategies have downward swings from time to time and if you haven't planned ahead and given yourself a reasonable chance of weathering the storm through hard times, then you'll never last long enough to find out whether what you were doing was truly the road to success.

In the early 90's I was completely absorbed by horse racing. So much so in fact that I rarely met anyone in comparison when it came to making a judgement on a horse from a very early stage. This gave me a huge edge. I found that I was regularly ahead of my competitors, and as a result I found that I was regularly ahead of the market. Now with sound judgement behind me, and the mathematics behind my strategies screaming large profits, I would have to say that my financial gain was at best sporadic. I truly did not have a clue when it came to money management. I was never consistent in my wagering, bankroll or profits and it wasn't until the mid 90's that I sharpened up my game and improved my income to such a level that the day job was very quickly dropped.

The change in my profits were dramatic, yet what prompted the change was ever so subtle. I made things simple and far less emotionally driven than I had been previously. After a large win, I set aside a bankroll of 100 times my minimum stake and simply told myself that I was merely a player in a game. Now I think I'm pretty good at this game, so if I play the game exactly the same way every day, then I won't be held to ransom and swayed by results.

Money is merely a way of keeping score.

Now I had heard this quoted at some point in my gambling life, but it wasn't until I accepted it and actually embraced it, that I actually started to profit from all those hours in the form book.

So what lessons can be gleaned from my story in relation to roulette? Well the one that I hope is most prevalent, is the fact that money must be set aside in order for you to divorce yourself from the pressures of emotional wagering. You need to be able to play the game and implement your strategies, not worry about winning the next bet in order to pay an overdue bill. I also hope that realistic bankrolling is at the forefront of your mind. When I look back, even the 100 times my minimum stake was too small a bankroll, but fortunately I managed to enlarge it before the safety net that I had set myself came into play. Had results of been slightly different or come in a different order, then I could well be talking about how I was never any good gambling on horses, as I would never have given myself the chance to perform long term. If you wager on only one number at a time, then naturally your bankroll will have to be many times larger than if you only wager on even money chances.

Give yourself the best fighting chance of beating the game by fine-tuning your money management to perfection.

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