5 Ways a Stop Loss Makes You a Better Gambler
You’ve heard us talk about how that a stop loss should be a part of any gambler’s bankroll management plan. Today, we will take the topic a step further and discuss how a stop loss can make you a better gambler. With a little thought and planning, actively instituting a stop loss will improve your gambling as a whole and make you a more profitable gambler.
When you use a stop loss, you’re looking to limit the total amount of money that you’re willing to lose. If you put your loss at $50 for a day, you want to play games that give you plenty of play while staying under that $50 limit.
As such, you will need to be selective on which online casino games you play. Instead of playing $1 per spin pokies, you may choose games allowing you to play .25 or less per spin. Rather than play European Roulette with a $5 minimum, you may opt for American Roulette with a $1 minimum. You’re wagering less per bet, giving you more play, and allowing you to potentially play through small losing streaks.
Budgeting Your Bankroll
Next, a stop loss will help you establish a budget for your gambling. Let’s assume that you only want to spend up to $200 per month gambling online. You can break this down further by setting a stop loss of $30 to $40. This means that, at worst, you will be able to play between 5 to 7 sessions each month.
You could break your budget down further and only deposit based on your stop loss. If you have enough money in your budget for 7 losing sessions, then maybe only deposit enough money to cover 3 to 4 sessions. If you happen to win, roll over your budgeted money to next month or use it somewhere else.
Learn Game Strategy
If you are looking to actively limit your losses using a stop loss, why not take your game to the next level by perfecting your game strategy. Once you decide which games you want to play, actively work on your strategies for those games.
If you’re playing blackjack, learn at least a basic strategy to improve your odds of winning. The same applies to most table games, including games like Roulette and Craps. The better prepared you are with a strategy, the less you will lose over the long-term.
Reduce Your Gambling Expenses
Some players will gamble until they bust their online bankroll. They then reload and start the cycle over again. This adds up and some people either overspend or put themselves into debt gambling. When you set a stop loss, you will limit the amount of money you spend on gambling. Rather, you will reduce the amount of money you lose.
Rather than dropping an entire $100 deposit per losing session, you may only lose $30. At worst, it will take you a bit over three days to lose your deposit. Another gambler not using stop loss may drop $400 or more during the same period.
Reduces Chances of Problem Gambling
Lastly, if you are disciplined enough to stick to a stop loss, then you’re less likely to become a problem gambler. Most problem gamblers are unable to control their spending and cannot walk away, even if their gambling is causing problems in their lives.
A stop loss is an exercise in self-control that can go a long way in helping to determine whether you are a potential problem gambler. If you can stick with this system and keep gambling as entertainment, you will avoid the pitfalls that come with gambling. If you find it difficult to stick to a stop loss or find yourself exhibiting other symptoms related to problem gambling, it is time to seek help.
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