Good Morning my fellow Steemians!!! My topic for today is all about money management. Be it in life, business or whatever your fancy today like gambling, trading in cryptocurrency, or just playing cards in your neighborhood, you need to know what is your plan with your money and where it is going in order to end up as a WINNER!
For this blog, I will use gambling to better illustrate how you can WIN using a very simple strategy that I have developed.
<A little disclaimer first, I am not telling you to get all your money and spend it in casinos. Do not use your food money, money for bills payment, money for health care and insurances, and money for child's tuitions etc. Remember, use only your spare money and money that you can afford to lose.>
Money management is very important when it comes to playing any game. You have to have a betting system in order for you to quit the game as a winner. You have to know how much you can afford to lose, how to bet, how much to bet and when to bet.
No matter how good a player you are, you have to know where your money is going and why. You don't want to be like some good players that always win in every game but ends up losing all their money. They mismanage their winnings where they should have quit winners. What I am trying to say is, don't chase the money.
I have developed a betting system that you can adapt it or not, it is up to you. Now here are a few requirements that you must do before you seat on a casino table.
See how much money you can afford to lose. For example, if you only have $100 in your pocket then stick to it. If you happen to lose $100 then stop and leave the table. Play the game another day. Remember: Don't chase the money.
Set a goal in your mind how much you will win. For example, you want to double your money ($100) to $200 and if you happen to reach that amount. Stop and walk away. Don't let the casino take your money by staying and playing longer than you should have. Remember: Don't chase the money.
Set your minimum bet (e.g. $2) and maximum bet (e.g. $15) and stick to it. This way when you seat on a casino (e.g. blackjack) table you have a pretty good idea how much to bet and not guess around on every deal.
With these parameters in mind, here is my simple system and how it works: Let's say you are playing blackjack...
TIPS ON BETTING
- Bet your min. $2 on your 1st deal. If you win, you will have $4.
- Betting your $4 and still win, you will have $8. Bet $6 on your next deal and keep the $2.
- Betting your $6 and still win, you will have $12. Bet $8 on your next deal and keep the $4.
- Betting your $8 and still win, you will have $16. Bet $10 on your next deal and keep the $6.
- Betting your $10 and still win, you will have $20. Bet $12 on your next deal and keep the $8.
- Betting your $12 and still win, you will have $24. Bet $14 on your next deal and keep the $10.
- Betting your $14 and still win, you will have $28. Bet $15 (your max. limit) on your next deal and keep the $13.
- Betting your $15 and still win, you will have $30. Bet $15 again and keep the $15.
NOTE: When you lose, just revert back to the original min. bet of $2 and repeat the process about.
Can you see the pattern now? You progress your bet when you are winning and I also hope that you notice that you are leaving and taking a little money for safe keep. By keeping some of the money, you are already securing your earnings and when you have reached your $200 goal. STOP right away and leave the table. Don't give the casino a chance to take back that money they lost. Play again another day.
The strength of gambling is to bet more when winning, not when you are losing. That is the secret of gambling. Only an idiot keeps betting more when he/she is losing. Remember, don't chase the money.
You must progress your bet when you win - not keep on doubling your bet. You must take a little and leave a little as you win. This is how you will leave the casino table as a WINNER!