1st Session Bankroll Inflation as explained to bob by chat
I posted it some time ago at: http://www.rouletteforum.net/cgi-bin/forum/Blah.pl?m-1183374590/s-0/ 1st Session Bankroll Inflation Money Management is embedded in this chat with bob: (11:50 p.m.) Bob: you know what Victor? (11:50 p.m.) Bob: i am getting about 20 units profit every 6-7 mins! (11:51 p.m.) Bob: in one hour, i lose 2 - 3 times (11:51 p.m.) VLS: but can recoup! (11:51 p.m.) Bob: in one hour, i have about 10 sessions (11:51 p.m.) Bob: 7 win 3 loss (11:51 p.m.) Bob: ( loss is not because the number did not hit ) (11:51 p.m.) Bob: ( loss is because I cut loss on the 4th spin and chicken out .. then it came in on the 7th spin) (11:51 p.m.) VLS: because you "let it go" (11:51 p.m.) VLS: I see (11:52 p.m.) VLS: sometimes it is wiser (11:52 p.m.) Bob: but end of the one hour, i am still up by 50 - 80 units! (11:52 p.m.) Bob: amazing! (11:52 p.m.) Bob: 10 hour = 500 units! (11:52 p.m.) VLS: awesone (11:52 p.m.) Bob: that is how i got my 1,000 units now! (11:52 p.m.) Bob: $5 bet.... (11:52 p.m.) VLS: today new $5000? (11:52 p.m.) Bob: once i hit $10,000 bankroll, would like to do $10 per unit (11:53 p.m.) Bob: $5,500 total winnings (11:53 p.m.) Bob: at ladbrokes (11:53 p.m.) VLS: Oh, I see, I see (11:53 p.m.) VLS: careful on those units (11:53 p.m.) VLS: use capitalization (11:53 p.m.) Bob: but Ladbrokes is $50 - $1,000 (11:53 p.m.) VLS: but only wisely (11:53 p.m.) Bob: a bit risky (11:53 p.m.) Bob: yes sir (11:54 p.m.) Bob: BetInternet.com better $500 - $8,000 (11:54 p.m.) VLS: you need to calculate success / failure ratio (11:54 p.m.) Bob: ( from same video feed - CasinoWebCam) (11:54 p.m.) VLS: and always have same amount of units (11:54 p.m.) Bob: ok i will stay prudent (11:54 p.m.) VLS: do you know how to use capitalization bob? (11:54 p.m.) Bob: erm.. not very sure.. (11:54 p.m.) Bob: can you teach me? (11:55 p.m.) VLS: Capitalization is not writing with capital letters for sure. It is $$$. (11:55 p.m.) Bob: you got me on that.. good one (11:55 p.m.) VLS: it is EASY (11:55 p.m.) VLS: the main idea is to ALWAYS HAVE THE SAME UNIT AMOUNT (11:55 p.m.) VLS: remember, unit can mean different value (11:55 p.m.) Bob: $5 stay you mean? (11:55 p.m.) VLS: no, no (11:56 p.m.) VLS: the same NUMBER of units (11:56 p.m.) VLS: not VALUE of unit! (11:56 p.m.) VLS: value changes (11:56 p.m.) VLS: unit amount stays the same (11:56 p.m.) VLS: for instance, if you have a system, which requires 100 units (11:57 p.m.) VLS: you have $500, you use: (11:57 p.m.) VLS: $500 / 100 = $5 (11:57 p.m.) VLS: you use $5 as unit (11:57 p.m.) Bob: oh.. i remember! (11:57 p.m.) VLS: then you win $200 (11:57 p.m.) Bob: you shared with me once! (11:57 p.m.) VLS: yes, (11:57 p.m.) Bob: so to have $5 unit (11:57 p.m.) Bob: i must have $10,000 to be safe (11:57 p.m.) Bob: (2,000 unit VLS guideline ) (11:58 p.m.) VLS: wait, not the same as the bankroll (11:58 p.m.) VLS: please listen (11:58 p.m.) VLS: this can make you good (11:58 p.m.) VLS: it helps you know HOW MUCH to bet (11:58 p.m.) VLS: now like I said, you need to know how many units you need to cover worst case (11:58 p.m.) VLS: say you need to have 100 units ( only example ) (11:59 p.m.) VLS: You start with $500 (11:59 p.m.) VLS: you use: $500 / 100 = $5 (11:59 p.m.) VLS: you win $200 (11:59 p.m.) VLS: take $100 as profit and $100 for the bankroll (11:59 p.m.) Bob: ok listening (grateful) (12:00 a.m.) VLS: $500 + $100 added = $600 bankroll (12:00 a.m.) VLS: since you determined your worst case requires 100 units (12:00 a.m.) VLS: now you make $600 / 100 = $6 (12:01 a.m.) VLS: notice you have the same amount of units, but value increased (12:01 a.m.) Bob: i see! (12:01 a.m.) VLS: now say you lose $200 (12:01 a.m.) VLS: $600 - 200 = $400 (12:01 a.m.) VLS: you use $400 / 100 = $4 (12:01 a.m.) VLS: always keep 100 units, different value (12:02 a.m.) Bob: i see! (12:02 a.m.) VLS: ok, good thing is when you win several times in a row (12:02 a.m.) VLS: say you win $300 (12:02 a.m.) VLS: $400 + $300 = $700 (12:02 a.m.) VLS: You use $700 / 100 = $7 as unit (12:03 a.m.) VLS: With this you win 20 units and add $140 (12:03 a.m.) VLS: now you have $700 + $140 = $840 (12:03 a.m.) Bob: so you use $8 as one unit? (12:04 a.m.) VLS: yes (12:04 a.m.) Bob: powerful stuff yet so simple (12:04 a.m.) VLS: now you made 20 units again (12:04 a.m.) VLS: $8 x 20 (12:04 a.m.) VLS: = $160 (12:04 a.m.) Bob: oh i see! (12:05 a.m.) Bob: very good stuff (12:05 a.m.) VLS: yes, used by professionals (12:05 a.m.) VLS: always have same amunt of units (12:05 a.m.) VLS: win or lose (12:05 a.m.) VLS: when you win, it makes yoiu $$$ skyrocket (12:06 a.m.) VLS: and you always have a guideline for HOW MUCH to rise the unit (12:04 a.m.) Bob: so i have a bankroll now of about $8,000 (12:05 a.m.) Bob: if you were me... how would you use this? $? per unit would be? ( your preference) (12:06 a.m.) VLS: so now you have $8000 (12:06 a.m.) VLS: I must ask, how much is the max. amount of units you need to cover worst case? (12:08 a.m.) Patrick: While we are waiting for Bob, I have a question (12:08 a.m.) Bob: 112 units (12:08 a.m.) Bob: Patrick please go on (12:09 a.m.) Patrick: No... you had the floor first...please continue (12:09 a.m.) Bob: oh.. ok thanks pal (12:09 a.m.) Bob: Victor, 112 units (12:09 a.m.) Bob: 3 step progression (1, 2, 4) for 16 numbers (12:10 a.m.) Bob: and I will chicken out (12:10 a.m.) VLS: I see (12:10 a.m.) Bob: heehee.. (12:10 a.m.) VLS: no problem (12:10 a.m.) VLS: chicken out saves money (12:10 a.m.) VLS: courage risk too much money at times (12:10 a.m.) VLS: then later on it brings regret! (12:10 a.m.) Bob: yes.. i had that too many times in the past (12:10 a.m.) Bob: BIG EGO = BIG LOSS (12:11 a.m.) VLS: no girl to impress! LoL (12:11 a.m.) VLS: so, you need to settle a LIFETIME BANKROLL (12:11 a.m.) VLS: you are familiar with the concept bob? (12:11 a.m.) VLS: about the lifetime bankroll? (12:12 a.m.) VLS: All times you must know how to play like a professional (12:12 a.m.) Bob: erm.. Life Time Bankroll (12:12 a.m.) Bob: i have $8,000 (12:12 a.m.) Bob: i am using $5 per unit (12:12 a.m.) Bob: so i have 1,600 units (12:13 a.m.) Bob: 1,600 units = lifetime bankroll ? (12:13 a.m.) VLS: no... (12:13 a.m.) VLS: lifetime bankroll is your reserve (12:13 a.m.) Bob: ok ( sorry.. ) (12:13 a.m.) VLS: Example: 3 times your max exposure (12:13 a.m.) VLS: ( no problem ) (12:13 a.m.) Bob: thanks for patience (12:13 a.m.) VLS: no problem (12:13 a.m.) VLS: it is really something you must know (12:13 a.m.) Bob: erm.. so in this case is? (12:14 a.m.) Patrick: 336 units (12:14 a.m.) VLS: thanks for it pat, (12:16 a.m.) Bob: i see (12:14 a.m.) VLS: now, well, the question bob is: how many times you "chicken out" per session (12:15 a.m.) VLS: ( i.e. leave those units alone ) (12:16 a.m.) Bob: in one hour i have about 10 sessions (12:17 a.m.) Bob: 7 wins (all hit within 3 spins ) (12:17 a.m.) Bob: 3 loss ( chicken out because they hit between 4th to 7th spin) (12:17 a.m.) VLS: OK (12:17 a.m.) Bob: (too steep to go to 7th spin, i scared ) (12:17 a.m.) VLS: ok, that is good. always protect the bankroll (12:17 a.m.) VLS: only risk wisely (12:17 a.m.) VLS: next step: we must consider worst case (12:18 a.m.) VLS: which you would stand to face for ONE session (12:18 a.m.) VLS: in this case you use 5 sessions (12:18 a.m.) Bob: ok (listening intently ) (12:18 a.m.) VLS: 112 x 5 = 560 (12:19 a.m.) VLS: this is ONE bankroll (12:19 a.m.) VLS: max. loss you should take at a session (12:19 a.m.) VLS: per day (12:19 a.m.) VLS: never lose more than that ok? (12:19 a.m.) Bob: i see (12:19 a.m.) Bob: in one day! (12:19 a.m.) Bob: ok... (12:19 a.m.) VLS: hope you never lose it, but if you happen to do it, do not play for the next 24-hour period (12:19 a.m.) VLS: this is VERY important bob (12:19 a.m.) Bob: why 5 sessions by the way? (12:20 a.m.) Bob: and why don't play in the next 24hour period? (12:20 a.m.) VLS: 5 "chicken out" (12:20 a.m.) Bob: (sorry if i sound very new) hehe.. (12:20 a.m.) VLS: OK, learn from my mistake (12:20 a.m.) VLS: when I started, I used to spend a lot of time at the casino (12:20 a.m.) VLS: one day I won BIG at the casino close to home (12:20 a.m.) VLS: like +650 units (12:20 a.m.) VLS: so I had good money to go to fancy city border casino (12:21 a.m.) VLS: then I went there and lost a big chunk of that (12:21 a.m.) VLS: I learned my lesson (12:21 a.m.) VLS: accouting in gambling must respect a 24-hour period (12:21 a.m.) Bob: oh .. (12:21 a.m.) Bob: is that a psychological reason? (12:21 a.m.) Bob: 24hr? (12:21 a.m.) VLS: no, accounting reason (12:22 a.m.) VLS: even in some more strick cases, if you are playing professionally and make the week goal before 7 days, you DON'T GO ANYMORE FOR THE REST OF THE WEEK (12:22 a.m.) Bob: i see! (12:22 a.m.) Bob: understand fully now! (12:22 a.m.) Patrick: Do you mean 5 sessions in succession? (12:22 a.m.) VLS: this is not phychological, this is professional gambling rules (12:23 a.m.) paul abandonó la conversación. (12:23 a.m.) VLS: if you are eating from your earnings and already reached your goal for the week, the less thing you want if to give the casino the opportunity to distress your already fitting accounting balance (12:24 a.m.) VLS: ok back to the explanation on why 5 (12:24 a.m.) VLS: it is a matter of acceptable risk (12:25 a.m.) VLS: you say 3 times you "chicken out" in a session, -112 units. Then give room for two more (12:25 a.m.) VLS: 10 tries, lose 5 times; hard limit, TIME TO GO! (12:25 a.m.) VLS: this is the MAX RISK for the day (12:26 a.m.) Bob: oh.. (12:26 a.m.) VLS: 112 x 5 = 560 units (12:26 a.m.) VLS: now, here is the tricky part (12:26 a.m.) VLS: you need a lifetime bankroll of at least 3 times that (12:26 a.m.) Bob: ok.. (pulling my ears closer to the monitor ) (12:26 a.m.) VLS: meaning 560 x 3 = 1680 units as lifetime bankroll (12:29 a.m.) VLS: OK, practical use (12:29 a.m.) VLS: you have $8000, you need 1680 units as lifetime bankroll (12:29 a.m.) VLS: $8000 / 1680 = $4,76 (12:30 a.m.) VLS: this should be your unit right now. (12:30 a.m.) Bob: ok! (12:30 a.m.) Bob: i will drop to $4 first (12:30 a.m.) Bob: until i reach $8,400 (12:30 a.m.) Bob: should be done in 2 hours) (12:31 a.m.) Bob: hahaha (12:31 a.m.) Bob: LOL (12:31 a.m.) Bob: (oops.. over confident) (12:31 a.m.) VLS: careful with that my friend (12:31 a.m.) VLS: OK, now you need to make priorities (12:31 a.m.) Bob: yes sir! (12:31 a.m.) VLS: more money or money safety against casino? (12:32 a.m.) Bob: more money or money safety? (12:32 a.m.) VLS: yes (12:32 a.m.) Bob: erm... (12:32 a.m.) Bob: ?? no idea (12:32 a.m.) VLS: well, this means the GOAL (12:32 a.m.) VLS: more money = rising the unit faster (12:33 a.m.) VLS: more safety against RISK OF RUIN = making more bankrolls to add to the lifetime reserve (12:33 a.m.) VLS: what is your priority now? (12:33 a.m.) Bob: more money (12:34 a.m.) VLS: ok, then we forget about building more "cushion" against risk of ruin ( i.e. building more than 3 session bankrolls with casino money )- (12:34 a.m.) VLS: Now we focus in making the unit value grow (12:34 a.m.) Bob: ok! (12:35 a.m.) VLS: You will need to set daily win goal and RESPECT IT (12:35 a.m.) VLS: how much money a day is OK to you? (12:36 a.m.) VLS: ( remember, greed and "overstaying" should be out of the picture. Be sincere in what satisfies you, but also don't be greedy ) (12:36 a.m.) Bob: $1,000 (12:36 a.m.) Bob: is that too greedy? (12:37 a.m.) VLS: now you have $8000 (12:37 a.m.) VLS: 10% = $800. That should be OK. (12:38 a.m.) VLS: Ok bob, now we start what you want to know (12:38 a.m.) VLS: $$$ per unit (12:39 a.m.) Patrick: Did you mean you want to build up to $1000 a day or that's what you want now? (12:39 a.m.) Bob: erm i mean now (12:39 a.m.) Bob: possible? (12:39 a.m.) VLS: yes (12:39 a.m.) VLS: if you had $2000, then $1000 = 50%... HUGE!!!! (12:40 a.m.) Bob: i see ! (12:40 a.m.) VLS: but $8000 to make $1000 is ok, percentually speaking (12:40 a.m.) VLS: later on, you will make more with same risk (12:40 a.m.) Bob: because you taught me (12:40 a.m.) VLS: now bob, lets talk about UNIT (12:40 a.m.) Bob: yes sir (12:40 a.m.) VLS: your sesion is 560 units (12:40 a.m.) Bob: when one starts to think in $ (12:40 a.m.) Patrick: $1000 is only 12 1/2% (12:40 a.m.) Bob: it is dangerous (12:41 a.m.) Bob: ok please go on Victor (12:41 a.m.) VLS: the point is to ALWAYS HAVE SAME AMOUNT OF UNITS (12:41 a.m.) VLS: we will vary the value (12:41 a.m.) VLS: so we split $8000 / 3 lifetime bankrolls (12:42 a.m.) VLS: $2666,66 (12:42 a.m.) VLS: now, $2666,66 / 560 (12:43 a.m.) VLS: $4.76 (12:43 a.m.) VLS: that is your unit value. (12:43 a.m.) VLS: since you are wanting money, we will >not< inflate the other two bankrolls from reserve, but rather focus in only this one (12:44 a.m.) Bob: ok (12:45 a.m.) VLS: won units: (12:46 a.m.) VLS: 210 units (12:46 a.m.) VLS: 210 x $4.76 = $1000 (12:46 a.m.) VLS: can you make 210 units in a day bob? (12:47 a.m.) Bob: yes! (12:47 a.m.) VLS: excellent! (12:47 a.m.) Bob: definitely! (12:47 a.m.) VLS: good (12:47 a.m.) VLS: we better round to 200 units (12:47 a.m.) Bob: ( just a moment Vic ) (12:47 a.m.) Bob: ( how many units do you set to make average in day basis? ) (12:48 a.m.) VLS: 200 units is OK (12:48 a.m.) Bob: ok then i feel safer... because you have walked the path and have rich experience (12:48 a.m.) VLS: since you want money, we use capitalization and focus in inflate 1 of the 3 lifetime bankrolls (12:48 a.m.) Bob: like Anthony Robbins always says, Model the Successful People (12:48 a.m.) VLS: wise words! (12:48 a.m.) VLS: now, this is important. Do not risk the 3 lifetime bankrolls OK (12:49 a.m.) Bob: yes sir! (12:49 a.m.) VLS: raising without knowing what we are doing is risking carelessly, to be avoided. (12:49 a.m.) VLS: just waking up one day and saying: today I'll bet $25 as unit... NOT the way to go (12:50 a.m.) Bob: i have done that (guilty) in the past (12:50 a.m.) VLS: ok, no problem. Forget the past, let's focus in TODAY. Now you have a daily goal. (12:50 a.m.) Bob: great (12:50 a.m.) VLS: 200 units (12:50 a.m.) VLS: you can work $5's, I think it is OK (12:50 a.m.) VLS: we focus in inflating this bankroll (12:51 a.m.) VLS: now, the single bankroll we are working out is $2666.66 (12:51 a.m.) VLS: make the $1000 tomorrow and STOP (12:52 a.m.) Bob: ok (12:52 a.m.) Bob: DISCIPLINE! (12:52 a.m.) VLS: then we use $3666 / 560 = $6.54 as unit (12:53 a.m.) Bob: (might not be typing as i am eating.. but I am reading very intently ) (12:53 a.m.) VLS: next day, make again 200 units @ $6.50 = $1300 net gain (12:54 a.m.) VLS: then $3666 + $1300 = $4966 (12:54 a.m.) VLS: three days later we use $4966 / 560 = $8,86 as unit (12:55 a.m.) VLS: OK? (12:55 a.m.) Bob: steady! (12:55 a.m.) VLS: we use it like that and inflate ONLY ONE BANKROLL (12:55 a.m.) VLS: the first one. Then we make growth, which involves all of the lifetime bankrolls (12:56 a.m.) VLS: it means we have like many glasses together, and we put a lot of water in the first one and "fill up" the rest of the glasses.... (12:57 a.m.) VLS: when we have the first three glasses full, we add another "glass" ( the 4th bankroll ) (12:57 a.m.) VLS: and we inflate only the first glass ALWAYS. (12:57 a.m.) VLS: this is a very good technique... (12:57 a.m.) Bob: oh. so we are further and further from the casino clutches! (12:57 a.m.) Bob: :0 (12:58 a.m.) VLS: the main goal is: we inflate only the first bankroll, then we make more at reserve. We fail with the first one, it doesn't mean the end of the world. We have success with that inflated bankroll and grow lifetime bankroll quickier. (12:59 a.m.) VLS: money management is something paramount (12:58 a.m.) VLS: now dear friend, it is time for me to go to bed
I posted it some time ago at: http://www.rouletteforum.net/cgi-bin/forum/Blah.pl?m-1183374590/s-0/ 1st Session Bankroll Inflation Money Management is embedded in this chat with bob: (11:50 p.m.) Bob: you know what Victor? (11:50 p.m.) Bob: i am getting about 20 units profit every 6-7 mins! (11:51 p.m.) Bob: in one hour, i lose 2 - 3 times (11:51 p.m.) VLS: but can recoup! (11:51 p.m.) Bob: in one hour, i have about 10 sessions (11:51 p.m.) Bob: 7 win 3 loss (11:51 p.m.) Bob: ( loss is not because the number did not hit ) (11:51 p.m.) Bob: ( loss is because I cut loss on the 4th spin and chicken out .. then it came in on the 7th spin) (11:51 p.m.) VLS: because you "let it go" (11:51 p.m.) VLS: I see (11:52 p.m.) VLS: sometimes it is wiser (11:52 p.m.) Bob: but end of the one hour, i am still up by 50 - 80 units! (11:52 p.m.) Bob: amazing! (11:52 p.m.) Bob: 10 hour = 500 units! (11:52 p.m.) VLS: awesone (11:52 p.m.) Bob: that is how i got my 1,000 units now! (11:52 p.m.) Bob: $5 bet.... (11:52 p.m.) VLS: today new $5000? (11:52 p.m.) Bob: once i hit $10,000 bankroll, would like to do $10 per unit (11:53 p.m.) Bob: $5,500 total winnings (11:53 p.m.) Bob: at ladbrokes (11:53 p.m.) VLS: Oh, I see, I see (11:53 p.m.) VLS: careful on those units (11:53 p.m.) VLS: use capitalization (11:53 p.m.) Bob: but Ladbrokes is $50 - $1,000 (11:53 p.m.) VLS: but only wisely (11:53 p.m.) Bob: a bit risky (11:53 p.m.) Bob: yes sir (11:54 p.m.) Bob: BetInternet.com better $500 - $8,000 (11:54 p.m.) VLS: you need to calculate success / failure ratio (11:54 p.m.) Bob: ( from same video feed - CasinoWebCam) (11:54 p.m.) VLS: and always have same amount of units (11:54 p.m.) Bob: ok i will stay prudent (11:54 p.m.) VLS: do you know how to use capitalization bob? (11:54 p.m.) Bob: erm.. not very sure.. (11:54 p.m.) Bob: can you teach me? (11:55 p.m.) VLS: Capitalization is not writing with capital letters for sure. It is $$$. (11:55 p.m.) Bob: you got me on that.. good one (11:55 p.m.) VLS: it is EASY (11:55 p.m.) VLS: the main idea is to ALWAYS HAVE THE SAME UNIT AMOUNT (11:55 p.m.) VLS: remember, unit can mean different value (11:55 p.m.) Bob: $5 stay you mean? (11:55 p.m.) VLS: no, no (11:56 p.m.) VLS: the same NUMBER of units (11:56 p.m.) VLS: not VALUE of unit! (11:56 p.m.) VLS: value changes (11:56 p.m.) VLS: unit amount stays the same (11:56 p.m.) VLS: for instance, if you have a system, which requires 100 units (11:57 p.m.) VLS: you have $500, you use: (11:57 p.m.) VLS: $500 / 100 = $5 (11:57 p.m.) VLS: you use $5 as unit (11:57 p.m.) Bob: oh.. i remember! (11:57 p.m.) VLS: then you win $200 (11:57 p.m.) Bob: you shared with me once! (11:57 p.m.) VLS: yes, (11:57 p.m.) Bob: so to have $5 unit (11:57 p.m.) Bob: i must have $10,000 to be safe (11:57 p.m.) Bob: (2,000 unit VLS guideline ) (11:58 p.m.) VLS: wait, not the same as the bankroll (11:58 p.m.) VLS: please listen (11:58 p.m.) VLS: this can make you good (11:58 p.m.) VLS: it helps you know HOW MUCH to bet (11:58 p.m.) VLS: now like I said, you need to know how many units you need to cover worst case (11:58 p.m.) VLS: say you need to have 100 units ( only example ) (11:59 p.m.) VLS: You start with $500 (11:59 p.m.) VLS: you use: $500 / 100 = $5 (11:59 p.m.) VLS: you win $200 (11:59 p.m.) VLS: take $100 as profit and $100 for the bankroll (11:59 p.m.) Bob: ok listening (grateful) (12:00 a.m.) VLS: $500 + $100 added = $600 bankroll (12:00 a.m.) VLS: since you determined your worst case requires 100 units (12:00 a.m.) VLS: now you make $600 / 100 = $6 (12:01 a.m.) VLS: notice you have the same amount of units, but value increased (12:01 a.m.) Bob: i see! (12:01 a.m.) VLS: now say you lose $200 (12:01 a.m.) VLS: $600 - 200 = $400 (12:01 a.m.) VLS: you use $400 / 100 = $4 (12:01 a.m.) VLS: always keep 100 units, different value (12:02 a.m.) Bob: i see! (12:02 a.m.) VLS: ok, good thing is when you win several times in a row (12:02 a.m.) VLS: say you win $300 (12:02 a.m.) VLS: $400 + $300 = $700 (12:02 a.m.) VLS: You use $700 / 100 = $7 as unit (12:03 a.m.) VLS: With this you win 20 units and add $140 (12:03 a.m.) VLS: now you have $700 + $140 = $840 (12:03 a.m.) Bob: so you use $8 as one unit? (12:04 a.m.) VLS: yes (12:04 a.m.) Bob: powerful stuff yet so simple (12:04 a.m.) VLS: now you made 20 units again (12:04 a.m.) VLS: $8 x 20 (12:04 a.m.) VLS: = $160 (12:04 a.m.) Bob: oh i see! (12:05 a.m.) Bob: very good stuff (12:05 a.m.) VLS: yes, used by professionals (12:05 a.m.) VLS: always have same amunt of units (12:05 a.m.) VLS: win or lose (12:05 a.m.) VLS: when you win, it makes yoiu $$$ skyrocket (12:06 a.m.) VLS: and you always have a guideline for HOW MUCH to rise the unit (12:04 a.m.) Bob: so i have a bankroll now of about $8,000 (12:05 a.m.) Bob: if you were me... how would you use this? $? per unit would be? ( your preference) (12:06 a.m.) VLS: so now you have $8000 (12:06 a.m.) VLS: I must ask, how much is the max. amount of units you need to cover worst case? (12:08 a.m.) Patrick: While we are waiting for Bob, I have a question (12:08 a.m.) Bob: 112 units (12:08 a.m.) Bob: Patrick please go on (12:09 a.m.) Patrick: No... you had the floor first...please continue (12:09 a.m.) Bob: oh.. ok thanks pal (12:09 a.m.) Bob: Victor, 112 units (12:09 a.m.) Bob: 3 step progression (1, 2, 4) for 16 numbers (12:10 a.m.) Bob: and I will chicken out (12:10 a.m.) VLS: I see (12:10 a.m.) Bob: heehee.. (12:10 a.m.) VLS: no problem (12:10 a.m.) VLS: chicken out saves money (12:10 a.m.) VLS: courage risk too much money at times (12:10 a.m.) VLS: then later on it brings regret! (12:10 a.m.) Bob: yes.. i had that too many times in the past (12:10 a.m.) Bob: BIG EGO = BIG LOSS (12:11 a.m.) VLS: no girl to impress! LoL (12:11 a.m.) VLS: so, you need to settle a LIFETIME BANKROLL (12:11 a.m.) VLS: you are familiar with the concept bob? (12:11 a.m.) VLS: about the lifetime bankroll? (12:12 a.m.) VLS: All times you must know how to play like a professional (12:12 a.m.) Bob: erm.. Life Time Bankroll (12:12 a.m.) Bob: i have $8,000 (12:12 a.m.) Bob: i am using $5 per unit (12:12 a.m.) Bob: so i have 1,600 units (12:13 a.m.) Bob: 1,600 units = lifetime bankroll ? (12:13 a.m.) VLS: no... (12:13 a.m.) VLS: lifetime bankroll is your reserve (12:13 a.m.) Bob: ok ( sorry.. ) (12:13 a.m.) VLS: Example: 3 times your max exposure (12:13 a.m.) VLS: ( no problem ) (12:13 a.m.) Bob: thanks for patience (12:13 a.m.) VLS: no problem (12:13 a.m.) VLS: it is really something you must know (12:13 a.m.) Bob: erm.. so in this case is? (12:14 a.m.) Patrick: 336 units (12:14 a.m.) VLS: thanks for it pat, (12:16 a.m.) Bob: i see (12:14 a.m.) VLS: now, well, the question bob is: how many times you "chicken out" per session (12:15 a.m.) VLS: ( i.e. leave those units alone ) (12:16 a.m.) Bob: in one hour i have about 10 sessions (12:17 a.m.) Bob: 7 wins (all hit within 3 spins ) (12:17 a.m.) Bob: 3 loss ( chicken out because they hit between 4th to 7th spin) (12:17 a.m.) VLS: OK (12:17 a.m.) Bob: (too steep to go to 7th spin, i scared ) (12:17 a.m.) VLS: ok, that is good. always protect the bankroll (12:17 a.m.) VLS: only risk wisely (12:17 a.m.) VLS: next step: we must consider worst case (12:18 a.m.) VLS: which you would stand to face for ONE session (12:18 a.m.) VLS: in this case you use 5 sessions (12:18 a.m.) Bob: ok (listening intently ) (12:18 a.m.) VLS: 112 x 5 = 560 (12:19 a.m.) VLS: this is ONE bankroll (12:19 a.m.) VLS: max. loss you should take at a session (12:19 a.m.) VLS: per day (12:19 a.m.) VLS: never lose more than that ok? (12:19 a.m.) Bob: i see (12:19 a.m.) Bob: in one day! (12:19 a.m.) Bob: ok... (12:19 a.m.) VLS: hope you never lose it, but if you happen to do it, do not play for the next 24-hour period (12:19 a.m.) VLS: this is VERY important bob (12:19 a.m.) Bob: why 5 sessions by the way? (12:20 a.m.) Bob: and why don't play in the next 24hour period? (12:20 a.m.) VLS: 5 "chicken out" (12:20 a.m.) Bob: (sorry if i sound very new) hehe.. (12:20 a.m.) VLS: OK, learn from my mistake (12:20 a.m.) VLS: when I started, I used to spend a lot of time at the casino (12:20 a.m.) VLS: one day I won BIG at the casino close to home (12:20 a.m.) VLS: like +650 units (12:20 a.m.) VLS: so I had good money to go to fancy city border casino (12:21 a.m.) VLS: then I went there and lost a big chunk of that (12:21 a.m.) VLS: I learned my lesson (12:21 a.m.) VLS: accouting in gambling must respect a 24-hour period (12:21 a.m.) Bob: oh .. (12:21 a.m.) Bob: is that a psychological reason? (12:21 a.m.) Bob: 24hr? (12:21 a.m.) VLS: no, accounting reason (12:22 a.m.) VLS: even in some more strick cases, if you are playing professionally and make the week goal before 7 days, you DON'T GO ANYMORE FOR THE REST OF THE WEEK (12:22 a.m.) Bob: i see! (12:22 a.m.) Bob: understand fully now! (12:22 a.m.) Patrick: Do you mean 5 sessions in succession? (12:22 a.m.) VLS: this is not phychological, this is professional gambling rules (12:23 a.m.) paul abandonó la conversación. (12:23 a.m.) VLS: if you are eating from your earnings and already reached your goal for the week, the less thing you want if to give the casino the opportunity to distress your already fitting accounting balance (12:24 a.m.) VLS: ok back to the explanation on why 5 (12:24 a.m.) VLS: it is a matter of acceptable risk (12:25 a.m.) VLS: you say 3 times you "chicken out" in a session, -112 units. Then give room for two more (12:25 a.m.) VLS: 10 tries, lose 5 times; hard limit, TIME TO GO! (12:25 a.m.) VLS: this is the MAX RISK for the day (12:26 a.m.) Bob: oh.. (12:26 a.m.) VLS: 112 x 5 = 560 units (12:26 a.m.) VLS: now, here is the tricky part (12:26 a.m.) VLS: you need a lifetime bankroll of at least 3 times that (12:26 a.m.) Bob: ok.. (pulling my ears closer to the monitor ) (12:26 a.m.) VLS: meaning 560 x 3 = 1680 units as lifetime bankroll (12:29 a.m.) VLS: OK, practical use (12:29 a.m.) VLS: you have $8000, you need 1680 units as lifetime bankroll (12:29 a.m.) VLS: $8000 / 1680 = $4,76 (12:30 a.m.) VLS: this should be your unit right now. (12:30 a.m.) Bob: ok! (12:30 a.m.) Bob: i will drop to $4 first (12:30 a.m.) Bob: until i reach $8,400 (12:30 a.m.) Bob: should be done in 2 hours) (12:31 a.m.) Bob: hahaha (12:31 a.m.) Bob: LOL (12:31 a.m.) Bob: (oops.. over confident) (12:31 a.m.) VLS: careful with that my friend (12:31 a.m.) VLS: OK, now you need to make priorities (12:31 a.m.) Bob: yes sir! (12:31 a.m.) VLS: more money or money safety against casino? (12:32 a.m.) Bob: more money or money safety? (12:32 a.m.) VLS: yes (12:32 a.m.) Bob: erm... (12:32 a.m.) Bob: ?? no idea (12:32 a.m.) VLS: well, this means the GOAL (12:32 a.m.) VLS: more money = rising the unit faster (12:33 a.m.) VLS: more safety against RISK OF RUIN = making more bankrolls to add to the lifetime reserve (12:33 a.m.) VLS: what is your priority now? (12:33 a.m.) Bob: more money (12:34 a.m.) VLS: ok, then we forget about building more "cushion" against risk of ruin ( i.e. building more than 3 session bankrolls with casino money )- (12:34 a.m.) VLS: Now we focus in making the unit value grow (12:34 a.m.) Bob: ok! (12:35 a.m.) VLS: You will need to set daily win goal and RESPECT IT (12:35 a.m.) VLS: how much money a day is OK to you? (12:36 a.m.) VLS: ( remember, greed and "overstaying" should be out of the picture. Be sincere in what satisfies you, but also don't be greedy ) (12:36 a.m.) Bob: $1,000 (12:36 a.m.) Bob: is that too greedy? (12:37 a.m.) VLS: now you have $8000 (12:37 a.m.) VLS: 10% = $800. That should be OK. (12:38 a.m.) VLS: Ok bob, now we start what you want to know (12:38 a.m.) VLS: $$$ per unit (12:39 a.m.) Patrick: Did you mean you want to build up to $1000 a day or that's what you want now? (12:39 a.m.) Bob: erm i mean now (12:39 a.m.) Bob: possible? (12:39 a.m.) VLS: yes (12:39 a.m.) VLS: if you had $2000, then $1000 = 50%... HUGE!!!! (12:40 a.m.) Bob: i see ! (12:40 a.m.) VLS: but $8000 to make $1000 is ok, percentually speaking (12:40 a.m.) VLS: later on, you will make more with same risk (12:40 a.m.) Bob: because you taught me (12:40 a.m.) VLS: now bob, lets talk about UNIT (12:40 a.m.) Bob: yes sir (12:40 a.m.) VLS: your sesion is 560 units (12:40 a.m.) Bob: when one starts to think in $ (12:40 a.m.) Patrick: $1000 is only 12 1/2% (12:40 a.m.) Bob: it is dangerous (12:41 a.m.) Bob: ok please go on Victor (12:41 a.m.) VLS: the point is to ALWAYS HAVE SAME AMOUNT OF UNITS (12:41 a.m.) VLS: we will vary the value (12:41 a.m.) VLS: so we split $8000 / 3 lifetime bankrolls (12:42 a.m.) VLS: $2666,66 (12:42 a.m.) VLS: now, $2666,66 / 560 (12:43 a.m.) VLS: $4.76 (12:43 a.m.) VLS: that is your unit value. (12:43 a.m.) VLS: since you are wanting money, we will >not< inflate the other two bankrolls from reserve, but rather focus in only this one (12:44 a.m.) Bob: ok (12:45 a.m.) VLS: won units: (12:46 a.m.) VLS: 210 units (12:46 a.m.) VLS: 210 x $4.76 = $1000 (12:46 a.m.) VLS: can you make 210 units in a day bob? (12:47 a.m.) Bob: yes! (12:47 a.m.) VLS: excellent! (12:47 a.m.) Bob: definitely! (12:47 a.m.) VLS: good (12:47 a.m.) VLS: we better round to 200 units (12:47 a.m.) Bob: ( just a moment Vic ) (12:47 a.m.) Bob: ( how many units do you set to make average in day basis? ) (12:48 a.m.) VLS: 200 units is OK (12:48 a.m.) Bob: ok then i feel safer... because you have walked the path and have rich experience (12:48 a.m.) VLS: since you want money, we use capitalization and focus in inflate 1 of the 3 lifetime bankrolls (12:48 a.m.) Bob: like Anthony Robbins always says, Model the Successful People (12:48 a.m.) VLS: wise words! (12:48 a.m.) VLS: now, this is important. Do not risk the 3 lifetime bankrolls OK (12:49 a.m.) Bob: yes sir! (12:49 a.m.) VLS: raising without knowing what we are doing is risking carelessly, to be avoided. (12:49 a.m.) VLS: just waking up one day and saying: today I'll bet $25 as unit... NOT the way to go (12:50 a.m.) Bob: i have done that (guilty) in the past (12:50 a.m.) VLS: ok, no problem. Forget the past, let's focus in TODAY. Now you have a daily goal. (12:50 a.m.) Bob: great (12:50 a.m.) VLS: 200 units (12:50 a.m.) VLS: you can work $5's, I think it is OK (12:50 a.m.) VLS: we focus in inflating this bankroll (12:51 a.m.) VLS: now, the single bankroll we are working out is $2666.66 (12:51 a.m.) VLS: make the $1000 tomorrow and STOP (12:52 a.m.) Bob: ok (12:52 a.m.) Bob: DISCIPLINE! (12:52 a.m.) VLS: then we use $3666 / 560 = $6.54 as unit (12:53 a.m.) Bob: (might not be typing as i am eating.. but I am reading very intently ) (12:53 a.m.) VLS: next day, make again 200 units @ $6.50 = $1300 net gain (12:54 a.m.) VLS: then $3666 + $1300 = $4966 (12:54 a.m.) VLS: three days later we use $4966 / 560 = $8,86 as unit (12:55 a.m.) VLS: OK? (12:55 a.m.) Bob: steady! (12:55 a.m.) VLS: we use it like that and inflate ONLY ONE BANKROLL (12:55 a.m.) VLS: the first one. Then we make growth, which involves all of the lifetime bankrolls (12:56 a.m.) VLS: it means we have like many glasses together, and we put a lot of water in the first one and "fill up" the rest of the glasses.... (12:57 a.m.) VLS: when we have the first three glasses full, we add another "glass" ( the 4th bankroll ) (12:57 a.m.) VLS: and we inflate only the first glass ALWAYS. (12:57 a.m.) VLS: this is a very good technique... (12:57 a.m.) Bob: oh. so we are further and further from the casino clutches! (12:57 a.m.) Bob: :0 (12:58 a.m.) VLS: the main goal is: we inflate only the first bankroll, then we make more at reserve. We fail with the first one, it doesn't mean the end of the world. We have success with that inflated bankroll and grow lifetime bankroll quickier. (12:59 a.m.) VLS: money management is something paramount (12:58 a.m.) VLS: now dear friend, it is time for me to go to bed