Comment regarding Stop-loss percentage

[VLS]

Let's follow Brett to a casino for a session of play.

We're going to the Bellagio.

All 0/00 tables with $10 minimum bets.

He buys in for $1,500 (showoff)
His loss limit is $400 = 27%
BLT is $100 = 7%
Happy Point is $250 = 17% (That'd make me happy too)
Gold Top is $500 = 33%

I want to make a friendly, non-disruptive comment about this post by GLC, specifically regarding the % stop-loss point.

When he says:

His loss limit is $400 = 27%

I would consider this: His SESSION BANKROLL is $400. (your actual bankroll is what you are willing to risk when at the roulette table).

BLT is $100 = 25%

Happy Point is $250 = 62,5%

Gold Top is $500  = 125%



When you sit at the table, you better go with exactly what you are willing to risk IN FULL.

If you don't buy-in for more units, you benefit from the fact that you cannot lose what you don't risk.

Having more units than your absolute stop-loss point is opening them to be eroded by adrenaline-fueled psychological play, namely betting more than you predetermined stop-loss, precisely when you are mad at having lost and want the gratification of having it back. Preferably fast!

The worst human-based mistakes are made after losing. Pumping more money aiming at a "quick comeback" on the bank.

The proper thing to do is to take a breath, get up the table, accept the setback and relax.... "I will recoup later", says the positive mentality guy..

"The only thing you know you shouldn't make when in a well is to keep digging..."

This is just a little food for though in the roulette & gambling section.

Many thanks to GLC for his kind book review efforts. Kudos for that!

[XXVV]

Thank you Victor

I love the quote from Tim Ferriss.

To paraphrase from his best seller, if you lose $1000 at the blackjack table you get up and walk away. You know you can make that up rapidly by a change of context. You dont have to chase the loss. You make it back by doing a new deal, or tweaking existing deals in your various business activities. It is not a problem. If you stayed at the table and kept digging that might be a problem. Hope that helps XX V V

[albalaha]

Dear Victor,
            There is nothing like absolute stop loss point below than what you can afford to lose in a day. It is not necessary that you have to lose your entire buy-ins, if you are at loss. Similarly an unprofessional player may buy another set of chips by cash or card after losing his buy-ins. If you have a concrete strategy and strong will power then only you can return with your targeted profit/loss. Normally, a player doesn't stop playing till he loses all. This happens even in online playing. Only  a professional system player who tracks his earning and losses and play with systematic progressions and without any emotions can Lose Less and Earn More.

[VLS]

Thank you Victor

I'm glad you like it 

Dear Victor,
            There is nothing like absolute stop-loss point below than what you can afford to lose in a day. It is not necessary that you have to lose your entire buy-ins[...]

Of course not!

But you need to be prepared to RISK what you buy-in, as in your predetermined maximum stop-loss.

I agree you shouldn't lose it all if you have won units in your session. This is the maximum accepted drawdown approach.

i.e. You max. drawdown may be 100 units. If you win +45 units, then you pocket them and keep your maximum drawdown (loss from highest point) to -100.

100 - 45 = 55

In that session, the most you can lose is -55 units.

Unit won, unit pocketed. It helps with the averages.



The point of this being that it may not be in the best interest of the player to buy-in for 1000 if s/he's only willing to risk $400.

Why?

If a you are a truly disciplined player, then you don't need the other $600 on the table for psychological comfort. You bet your system, accept your drawdowns like albalaha mentioned ("with systematic progressions and without any emotions ") and if next bet requires more than your stop-loss, then you cut the session and leave.

If you are not that disciplined, then the worst thing to do may be to have more money at the table when you reach your stop-loss point. It may be risked further by desperate psychological decisions.

Just my opinions

Cheers!

[GLC]

Dear Victor,

I wish to clarify that when I stated "He buys in for $1500".  That isn't exactly what he said.  He may or may not have converted more than $400 into chips.  He said his fighting fund was $1500.  As a matter of fact at another point he indicates that he has his more money in the cashier's cage if he loses his loss limit.  He does indicate that he takes all $1500 to the casino with him, but indicates that he probably only cashes for chips one stop limit at a time.

I know this doesn't really matter as far as the point you are making which is extremely valid.  I just didn't want to put words in Mr. Morton's mouth.

As a matter of fact, the point you're making about losing control and chasing a losing session with money beyond your loss limit, is made by him also when talking about discipline and being professional.

Regards my friend,

George

[F_LAT_INO]

I, when in casino, always bay 200 chips/maximun/but play as
if I had in front of me last 4 chips.Discipline,patience and full
concetration of happenings,loaded up with several methods
which am tracking its correlations.And when opportunity arises
am starting betting,but more sitting and watching throughout
a night.Those days but it was different when younger.

[ADulay]

Just to add my 2 cents,

I usually buy in for $1000.   Do I need that bankroll to play?  No, not even close.

Why buy in for a larger amount than needed?

I get a much better comped dinner with a $1000 buy in instead of only the $100 I would even use if need be.

The buy in goes to $2500 on the $25 table when that's the only one open but then the "actual" money at risk is the $250 I'm actually using.

As the food at my casino is very good, it's always nice to take some of "their" money away from the table AND get a meal for me and the wife!

However, you MUST have the control to not use that extra money sitting in front of you should you get down that far.

AD