I wonder how many others have fallen victim to the same faulty reasoning as myself when they had just won a jackpot and had the opportunity to quit and walk away with a very nice increase in their bankroll and didn't use it? Knowing when to quit is every gambler's greatest challenge and to some it is a consistent Achilles' heel.
I always make the mistake of wanting to round-off my credits to an even number. I knowingly use that as an excuse to play a little longer and hope to turn one jackpot into two big wins. There is nothing wrong with that until you start losing your self-control and before you know it you've whittled down a nice win to an amount that doesn't really justify quitting. There's a second mistake. If anything is justified at this point it is to walk away and come back a while later. Faulty reasoning such as "rounding off" (and then not stopping at the round off point) or the "well I came to gamble" attitude (the second mistake) the player is convincing his/her self that since they hadn't really lost anything that there was no reason to stop gambling.
To say nothing was really lost is both true and false. Since in most cases it is wisest to concentrate on stretching the bankroll thus allowing the player to "stay alive" longer which means extra chances at hitting the big jackpot ... then one should watch where your current "zero" line (where you are at that moment) stands and adjust the win and loss limits accordingly. A loss limit is the amount you are willing to lose and a win limit is an amount you think would be very satisfying to still have when you leave the casino. Example: $100 is what you brought to lose and taking into consideration what it is like to leave the casino with nothing ... $300 sounds like an amount that would be "very satisfying".
To adjust the amounts is easy enough. If you're losing then nothing changes other than you might decide to quit before you lose the whole $100. But lets say you're winning and now your "zero line" (my term btw so don't expect to hear it elsewhere) is at $300 ... because that is the total sum of all you have in your current bankroll. Loss limit should be moved up as well as win limit. Move loss limit to $150 and be guaranteed to go home with a $50 profit.
The win limit is not really a limit at all. It is a reminder so you know when to move your loss limit. The idea at the end of your gambling session is to be able to walk away with some kind of profit to show for a decent day's gambling. By continually moving your loss limit up as your bankroll increases ... you are continually stashing money away that you won't be losing back to the casino on that day.
Oh and the reason the player in the first paragraph should stop gambling even though they hadn't really lost anything? The reason they should stop is they had dumped back into the machine almost all the winnings their luck had earned and the bleeding should have been stopped far sooner than breaking even. It is obvious luck has changed and its time to step away for a while. Determining when its time to stay or go is seldom a problem to those that are truthful with themselves. Listening to that truth is another thing entirely.
I always make the mistake of wanting to round-off my credits to an even number. I knowingly use that as an excuse to play a little longer and hope to turn one jackpot into two big wins. There is nothing wrong with that until you start losing your self-control and before you know it you've whittled down a nice win to an amount that doesn't really justify quitting. There's a second mistake. If anything is justified at this point it is to walk away and come back a while later. Faulty reasoning such as "rounding off" (and then not stopping at the round off point) or the "well I came to gamble" attitude (the second mistake) the player is convincing his/her self that since they hadn't really lost anything that there was no reason to stop gambling.
To say nothing was really lost is both true and false. Since in most cases it is wisest to concentrate on stretching the bankroll thus allowing the player to "stay alive" longer which means extra chances at hitting the big jackpot ... then one should watch where your current "zero" line (where you are at that moment) stands and adjust the win and loss limits accordingly. A loss limit is the amount you are willing to lose and a win limit is an amount you think would be very satisfying to still have when you leave the casino. Example: $100 is what you brought to lose and taking into consideration what it is like to leave the casino with nothing ... $300 sounds like an amount that would be "very satisfying".
To adjust the amounts is easy enough. If you're losing then nothing changes other than you might decide to quit before you lose the whole $100. But lets say you're winning and now your "zero line" (my term btw so don't expect to hear it elsewhere) is at $300 ... because that is the total sum of all you have in your current bankroll. Loss limit should be moved up as well as win limit. Move loss limit to $150 and be guaranteed to go home with a $50 profit.
The win limit is not really a limit at all. It is a reminder so you know when to move your loss limit. The idea at the end of your gambling session is to be able to walk away with some kind of profit to show for a decent day's gambling. By continually moving your loss limit up as your bankroll increases ... you are continually stashing money away that you won't be losing back to the casino on that day.
Oh and the reason the player in the first paragraph should stop gambling even though they hadn't really lost anything? The reason they should stop is they had dumped back into the machine almost all the winnings their luck had earned and the bleeding should have been stopped far sooner than breaking even. It is obvious luck has changed and its time to step away for a while. Determining when its time to stay or go is seldom a problem to those that are truthful with themselves. Listening to that truth is another thing entirely.
About the Author:
Steve Briggs is the author of this article on Jackpot. Find more information about the subject at www.onestopslots.com
