Every gambler knows in his heart that his world is ruled by the probability of the Iron Gods. The wheel and rolls of the infinite spins in the dice will all be leveled. And if you were on the edge of the wrong side, then your doom is as inevitable as possible. Yet, there is a little demi-god in our wild pantheon that ignores most gamblers, that is, standard deviation. This god goes by other names, swing, volatility but perhaps better known by his disguise, luck. This is the God that brings the chaos to the order that the probability is trying to lay down. When he is kind, he is the one who gives the gambler the hot rush of cards at the poker table or the hands to make the dice burn, for that one night where the casino trembles under the weight of being the loser. But more often, he is a jealous god who tramples on those mere mortals whose ambition is too fast and too strong.
If you fear this god, you should know that his wrath can be avoided. : P Right enough of the mad priest speaker. Translated, gambling is a volatile activity and your gambling strategy needs to be able to accommodate your bankroll in swings. This is important because gambling is just about winning strategies. Your gambling strategy needs to be a survival strategy. It requires going to the bust of winning and minimizing the chances of striking that balance. Because losing your bankroll is a gambler to death. The solution is printing money. But another good strategy is to employer bankroll management slot online.
A good gambling bankroll management strategy takes into account that you will have face swings up and down. At the simplest level, it is just a matter of sizing your betting according to your bankroll. For the gambler, his bankroll is his life points. It keeps him in action.
If you have managed to find a gambling strategy where do you have an edge, with a positive expected value. The worst thing you can do is kill a bankroll management system. Because even though a strategy may have a positive edge, there will always be both up and down volatility. If you can’t handle the short term down, then you will never be able to survive the long-run. Even if your choice of game is a negative expected value game, good bankroll management will ensure that you get the longest possible session out of your bankroll.
The specific game you are playing for volatility or standard deviation depends on how big your bet size is. But if the math is a bit bothersome, just follow the golden rule, your bet size should be 2% of your session bankroll. This is the first cold streak from any casino beating you. So if you have $ 500, then you should keep your bets at $ 10. This ensures that you will have a long gambling session and hopefully be able to catch the swing in your favor. Lucky gamblers put themselves in a situation where they give themselves the most chances to get lucky!
For more in depth guides on gambling strategies visit the Gamblers Handbook.