If anything I've ignored your thread as I've been quite busy but I think its HONEST threads like this that make MJ's so unique.
Before qualifying your bank roll, I think it's important, no, mandatory, to qualify your reasoning for wagering.
STEP ONE. Qualifying to Play.
1. Do you currently live pay check to pay check?
2. Does gambling frequently bring negative confrontations to and your spouse, significant other, or family?
3. Are you out of debt?
4. Is there something you can do for your family or friends BEFORE you gamble your money away? This question is ignored more times than confronted. I personally believe I fight more with this one question than all others. How many times has a close friend/family spoke of hardened times and you listen and empathize but don't act? I still struggle with this. It's philosophical and will be not be emphasized in this text, but I lost a grand last week and the first thing I thought of is how I could have helped someone in need that I care about... and that I hate the Yankees but I digress.
5. Is there an increased sweat factor if you lose for an extended period of time?
STEP TWO: Defining yourself as a Player
1. Are you an action guy who plays primarily for entertainment? A lot of guys just scoffed that read this but trust me, many play for action and follow up it with self denial.
2. Are you actually trying to make money, even supplement your income to pay bills, live more extravagantly?
3. Are you selective in plays?
4. Are you going to use a grading system for unit amount?
5. Have you set goals on the year? I break it down into four week stretches but to each their own.
STEP THREE: Your Bankroll
1. How much can you designate for gambling? I think this should be included in your monthly budget if this is money coming out of your paycheck and your families mouth. It goes back to being true to ones self. If you're spending more than 10% of your salary on gambling and not including it in your entertainment budget then you're stealing from yourself and family.
2. Will you replenish if and when you lose 100% of your bank roll? Sounds stupid but people do it or you wouldn't have reload bonuses flashing in your face every time you go to a sports book online. If yes, 5% of previous bank roll (Notice your now at 15% of your salary if this is coming out of your paycheck) OUCH. You have to have a stop loss point or it's self destruction.
3. What will each play be worth as a percentage of your bank roll. Its dynamic to the individual but for the average gambler, let's say $1000. Right away, if you're thinking you are a hundred dollar player, you're kidding yourself. If you're in it for entertainment and said $50 with selective play I would agree as it's just entertainment. But if you're gambling goal is to build your bankroll this year only to use it going forward, then I would say 2.5% - 4% of your bank roll not including juice vig of .10%/bet.
4. Are you going to pay yourself back your initial investment as your bankroll climbs? Why wouldn't you if it's entertainment. If it's for extra income, I say yes and your $ should not fluctuate until you've paid back your loan. It's up to the individual really.
STEP FOUR: Wagers
1. Is there a max or minimum on the amount of wagers placed?
2. Are you placing only wagers you handicapped or wagers that you coattail? Hey, some guys can't pick their nose. I'm one of them in several sports.
3. Is there a % of your bankroll you play per day or week? I think this is debatable as there may be ten games that fit perfectly into a qualifying play one week and just two the next two weeks. It's debatable.
4. Are you keeping track of your weaknesses? Have you identified any gaps, leaks, or have a blind sides to any one type of bet? Prop bets, totals, half time wagers, prime time plays, etc. They are there and you will play longer if you identify them and discipline yourself to avoid them.
STEP FIVE Monitoring and Controlling
1. Have you kept a detail log of teams, games, betting styles throughout the season and adapted your play based off your strengths. For instance, I lost 4 Penn State games last year before I realized my rankings were flawed. I had no insight to Penn State and even worse a false confidence in my knowledge of that team. Ultimately my bank roll increased when I removed them as a qualifying wager.
2. Have you SUCCESSFULLY adjusted your bankroll each day or week (depending on the individ) as the season progresses. This is the most common mistake.
3. Have you put the proper checks and balances in place to know if should increase wagers and decrease wagers.
I have a group of friends that gamble as well as a group of friends that don't. We all coexist, some better than others. But interestingly enough, the non-gamblers or "Sales Guys" we'll call them made an interesting point. Just as you would negotiate a salary, you should negotiate ahead of time what you are wanting to get out of gambling.
If it's a 100% return. Then make certain your formula for success equals that and lay out your plan and check it along the way. But understand there is greater risk with higher yields and a greater, much greater chance of complete failure.
Thanks for reading, hope it helps. I would appreciate any comments about the question related to helping others and if anyone has taken 10%+ of their bankroll and done so.
I'd be interested to know your thoughts.
This is my plan for this football season.
:toast:
