You can have the best strategy in the world, but without bankroll management you'll go broke. Here's the system I use.
The Rules
1. Never gamble with money you need. Your gambling bankroll is separate from your life money. Period. 2. 1-3% rule. Never bet more than 1-3% of your bankroll on a single bet. 3. Session limits. Set both loss limits and win targets before each session. 4. Track everything. Write down every bet, every win, every loss.
My Bankroll System
Starting bankroll: $200 (what I started with when I began betting)
- Per bet max: $6 (3%) - Daily loss limit: $20 (10%) - Daily win target: $30 (15%) - Weekly loss limit: $40 (20%)
If I hit any limit, I stop. No exceptions.
Why This Works
The 3% rule means I can lose 33 bets in a row before going broke. That's basically impossible with any decent strategy. It gives me the longevity to survive bad streaks.
The Withdrawal Rule
Every time my bankroll grows by 50%, I withdraw 25%. So if I start with $200 and grow to $300, I withdraw $50. My bankroll is now $250 but I've locked in real profit.
Where I Am Now
Started with $200, current bankroll is around $2,500 after about a year. I've withdrawn over $800 along the way. The compound growth is slow at first but it adds up.
Common Mistakes
- Betting 10%+ of bankroll per bet (one bad day = broke) - No loss limits (chasing losses until zero) - Never withdrawing profits (the casino always wins eventually if you never take money out) - Mixing gambling money with life money