i am new here and would appreciate any assistance with establishing a $value per unit.i see anything from 1 to 100 unit reccommendations per play on this sight.i have $3ooo at pinnacle. i am fairly conservative in my play but am not confident that i am risking proper $. is there an easy formula to refer to? thanks to anyone who can help.
thanks for the advice j--when should i redetermine the 2%? how much should i win (or lose) before determining new wager ammount? if i am boring you i appologise-- i just think this is important in the long haul and i dont want to screw it up and cost myself $$. thanks alot for yyour help.
i really appreciate you guys. so as far as you both are concerned if i agree with someones 1000* loy,play whatever i want to win game i risk the same 2% of bank. i assume you believe it is costing a player $ over time if he varies his $per play instead of flat betting 1 or no more than 2% of bankroll? there is great information on this forum as far as which team to play and why, but i feel what you just taught me is just as important, maybe even more. thanks again so much.do you know where i may find more on this money management philosophy with numbers that support this betting strategy? it would be great if the pros at this sight could post the reasons for playing this way. thanks for your time. it sucks being a rookie!
William...
You've definitely come to the right place to ask for help...you'll find some very sharp players and advice in these forums.
Its hard to respond to your post cuz you didn't say if $3k is all you have. If it is, you might want to spread it around to more sportsbooks instead of leaving it all at pinnacle; you don't want your lines to be at the mercy of only one source.
My total bankroll has grown to around $12k and I now tend to place anywhere from $200-$500 on each play (depending on how well I'm doing, how strongly I feel about a game, etc). That kind of intuition will only come with experience...and once you think you've got it all mastered, you'll go on a horrendous losing streak which will make you question every method you use. Basically, just be sure to treat this as a hobby and don't take losses personally (even though you sometimes might inevitably feel that the whole world is against you).
Welcome aboard and good luck!
You've definitely come to the right place to ask for help...you'll find some very sharp players and advice in these forums.
Its hard to respond to your post cuz you didn't say if $3k is all you have. If it is, you might want to spread it around to more sportsbooks instead of leaving it all at pinnacle; you don't want your lines to be at the mercy of only one source.
My total bankroll has grown to around $12k and I now tend to place anywhere from $200-$500 on each play (depending on how well I'm doing, how strongly I feel about a game, etc). That kind of intuition will only come with experience...and once you think you've got it all mastered, you'll go on a horrendous losing streak which will make you question every method you use. Basically, just be sure to treat this as a hobby and don't take losses personally (even though you sometimes might inevitably feel that the whole world is against you).
Welcome aboard and good luck!
William Money:
First, I'd like to welcome you to the RX. Hope that you will find your experience here enjoyable and profitable.
That being said, since you have asked for some guidance on money management and it sounds like you may be relatively new to this business, may I offer the following thoughts. Since you have a $3000 bankroll, consider making all your wagers a flat bet of 1% of your bankroll, i.e. $33/30, not accounting for the reduced vig. Assuming this is new to you, do not use a varying method. Since many book's minimum wagers are in units of $10 increments, do not increase your wager nor decrease your wager until your bankroll has either risen $1000 or dropped a $1000. If it reaches $4000, maintain the 1% of your bankroll and make your wagers $44/40. If it decreases to $2000, maintain the 1% of your bankroll and make your wagers $22/20. This is a simplified method that will allow you to make your plays without concern for the amount of the wager and will put your bankroll at less risk yet allow it to grow if you are successfully handicapping.
I'd like to wish you well as you undertake your money mangement approach. Best of luck to you in the future.
First, I'd like to welcome you to the RX. Hope that you will find your experience here enjoyable and profitable.
That being said, since you have asked for some guidance on money management and it sounds like you may be relatively new to this business, may I offer the following thoughts. Since you have a $3000 bankroll, consider making all your wagers a flat bet of 1% of your bankroll, i.e. $33/30, not accounting for the reduced vig. Assuming this is new to you, do not use a varying method. Since many book's minimum wagers are in units of $10 increments, do not increase your wager nor decrease your wager until your bankroll has either risen $1000 or dropped a $1000. If it reaches $4000, maintain the 1% of your bankroll and make your wagers $44/40. If it decreases to $2000, maintain the 1% of your bankroll and make your wagers $22/20. This is a simplified method that will allow you to make your plays without concern for the amount of the wager and will put your bankroll at less risk yet allow it to grow if you are successfully handicapping.
I'd like to wish you well as you undertake your money mangement approach. Best of luck to you in the future.
thanks a lot fellas. it is pretty clear to me now why it is so difficult to make money wagering on sports. i gather from the much appreciated advice that you guys have given me that winning over time is an extremely slow, not so steady ride that if you're very fortunate you can grind out an eventual profit if done correctly--and you still have the ability to pick more winners than losers! 1-2% ha? well if thats what the correct strategy calls for thats what i got to do.i mean i gotta hit the 16 when the dealer is showing 7 or better right? thats the right play. man this is going to take a while!
William Money:
It's important that you understand that it takes a long time to be successful in this business over time. You may get lucky and make a few quick dollars at times but over the long haul, you must be prepared to grind to show a long term profit. Being successful in anything takes time and experience, so be prepared for the ups and downs of this business and don't get too high when you win or too low when you lose. You will experience streaks in both directions. Just continue to do your work and your experiences will teach you many lessons as you travel the roads of this very difficult business. Once again, good luck to you in the future.
It's important that you understand that it takes a long time to be successful in this business over time. You may get lucky and make a few quick dollars at times but over the long haul, you must be prepared to grind to show a long term profit. Being successful in anything takes time and experience, so be prepared for the ups and downs of this business and don't get too high when you win or too low when you lose. You will experience streaks in both directions. Just continue to do your work and your experiences will teach you many lessons as you travel the roads of this very difficult business. Once again, good luck to you in the future.
This may be a little more aggressive than most but try 2 1/2 - 5% of your total bankroll on any play. When you increase your bankroll by $2,000, you'll remain at the same percentage but obviously you'll increase your bet size. This method insures that you'll be playing no more than 5% of your BR on any play. What's more important however is never fall into the trap of thinking one play is better than another and betting more on that play. You can go 4-1 that day and lose money if the loss was your "big" play.
<BLOCKQUOTE class="ip-ubbcode-quote"><font size="-1">quote:</font><HR>Originally posted by dogdoug:
This may be a little more aggressive than most but try 2 1/2 - 5% of your total bankroll on any play. When you increase your bankroll by $2,000, you'll remain at the same percentage but obviously you'll increase your bet size. This method insures that you'll be playing no more than 5% of your BR on any play. What's more important however is never fall into the trap of thinking one play is better than another and betting more on that play. You can go 4-1 that day and lose money if the loss was your "big" play.<HR></BLOCKQUOTE>
This advice fails on so many levels that it's completely useless (no offense). That is, assuming you are in this for the long haul. How many people that do this can honestly say that they have never hit a cold streak in which they have lost 20+ units, over a period of time (irregardless of whether that period of time is one week or two months). And, betting 5% of your bankroll would make you bankrupt if you lost 20 units.
If your intention is to stay in the game over the long haul, and you wish to be ultra agressive, no more than 2%. If you want the soundest money management plan, and are willing to be patient, 1%. Period. It's exactly what I said above, and, it's exactly what Ted said above as well.
JP
This may be a little more aggressive than most but try 2 1/2 - 5% of your total bankroll on any play. When you increase your bankroll by $2,000, you'll remain at the same percentage but obviously you'll increase your bet size. This method insures that you'll be playing no more than 5% of your BR on any play. What's more important however is never fall into the trap of thinking one play is better than another and betting more on that play. You can go 4-1 that day and lose money if the loss was your "big" play.<HR></BLOCKQUOTE>
This advice fails on so many levels that it's completely useless (no offense). That is, assuming you are in this for the long haul. How many people that do this can honestly say that they have never hit a cold streak in which they have lost 20+ units, over a period of time (irregardless of whether that period of time is one week or two months). And, betting 5% of your bankroll would make you bankrupt if you lost 20 units.
If your intention is to stay in the game over the long haul, and you wish to be ultra agressive, no more than 2%. If you want the soundest money management plan, and are willing to be patient, 1%. Period. It's exactly what I said above, and, it's exactly what Ted said above as well.
JP
