Another “what were you thinking moment”

Well, like everyone else here, I've certainly done it too...but not for many years.
I have a few 'self-discipline' steps in place to keep me out of (too much) trouble.

1. Inflexible trip-bankroll limits - I use the ATM as my governor - I cannot lose more than my ATM daily limit.

2. I set session limits, both upper and lower. The upper-limit works just like a trailing stop on a stock sell order. Once I get up to a point of say +15 units, my stop loss is 5 units. When I get up 20 units, it's 10. Up 30+? Doesn't matter - it stays at 10, however, by then I've usually upped my basic unit. My basic unit never goes over 20% of my available gambling money for each day (or $10 - whichever is higher)...but wins do carry-over to the next day.

3. Tucking (rat-holing). I am red/green color blind. Long ago, I discovered the hard way that I need to tuck greens in my pocket. So, unless I'm playing craps, or my betting unit has risen to $25+, every green chip payout goes into my front pocket. This has allowed me many a nice surprise when I head to the cage.

4. I play blackjack. I also enjoy many other games. For those, I set buy-in limits - typically $200 max. These include $5 craps, 3-card & UTH/THB. Once I'm up $100, I protect that win... and that protection limit goes up at $100 increments.

Playing blackjack, I can honestly say that it is rare for me to not be up at some point during a session... maybe 10% of the time. So, for the other 90%, I just have to decide when/if to leave. If a table is a real struggle, I may very well leave when I'm only up (or down) 2 or 3 betting units. I've left tables up $80 or $90 (8-9 units), or down $10 or $20 too many times to count. I've learned to not chase that last $10 in either direction.

$100-level trailing stop-losses are easy to set and follow. You're up $100? Get a black chip (or 4-green) & tuck it. When first-timers ask me about this kind of stuff, that's what I advise them to do.

 

Not necessarily. Of course one would have to be completely delusional and lack the ability to think rationally and critically to believe such a thing. But I’m guessing the poster was just using hyperbole to make a point.

 

TMML

 

My brother-in-law would do that, and it blew my mind...at least if I'm reading this correctly. He would buy in for $100. If/when he got noticably up, he would put $100 in his pocket and say "this is all I'm playing with" to guarentee at least a break-even.
With you reinforcing that idea, it really seems like the way to go. Thanks buddy