Money Management Strategy
Dear Jim,
I know you always say to set your win and loss limits, and that makes perfect sense. But, how about when you get on a great winning streak at blackjack and it seems that you can do no wrong... do you still walk? I play $100 hand blackjack and increase like a crazy man when I'm winning, sometimes even table max (2K) when it's "one of those nights" I just never know when to leave when I'm doing so good. Mike B.
The two hardest times to leave a casino are when you are ahead or when you are behind. That, Mike, is why I recommend that all gamblers set loss limits and win goals. As for when to bid your farewells, setting a specific win goal (such as doubling your money), then sticking to it, is the correct money management strategy when it comes to saying "cheerio" to the dealer.
The biggest (and usually only) advantage you have over the casino is the ability to quit while ahead. So, if you want to show a profit, Mike, you've got to get up and leave the blackjack table while you've still got it.
That said, I am not saying you need quit a hand when you are on a winning streak. Why tempt fate? Magical gambling moments do happen. Your hand-to-hand encounter with Kismet could be today. Fifteen, 18, even 20 winning hands in a row is possible. When your date with the Goddess ends, however, signalled by possibly one, two, no more than three losing hands, you flaunt your famous mad dash to the cashier's cage.
As Amarillo Slim was quoted in last week's column, "... be able to quit a loser, but for goodness' sake, keep playing when you're winning."
And there is this wise old Jewish Proverb: When Fortune calls, quick! -- offer her a chair.
I just don't want readers to catch a mild-to-moderate case of the greed virus, where their fevered fantasy looks far beyond a possible 100% profit, escalates it to 1000%, and wakes up with a real-life hangover at minus 300.
The Wow-Jee-whiz-Yippee cancellation of probability just ain't going to happen in most cases.
