OK, we’ve settled on a win goal of 70 percent. The next page tells you what to do with your profit, so right now we’ll touch on the reason you set a goal in the first place.
How the deuce can you determine when it’s time to leave a table if you don’t preset an amount of money you should get ahead based on your session money?
It all goes back to the reason you’re gambling in the first place – money.
My friend E.Z. Lyer is an out-and-out liar. He tells his wife he’s gonna play until he has enough to take her to a nice restaurant for dinner. E.Z. Lyer gets ahead $600 with a $100 buy-in and starts chasing every pot as if he is destined to go undefeated for the afternoon.
His win goal is reached, passed, and ignored as this goof thinks he’s the first person to hit a scorching hot streak. He originally wanted to get ahead $60 but now he’s closing in on $600. He’ll see $60 profit again, but on his way back to zero as he runs into a string of bad cards.
Does he stop at the $60 profit the second time around? No way, now he wants to get back to $600. This guy hasn’t got a goal in his head; he has a hole in his head. E.Z. Lyer lies when he says he’ll quit when he gets ahead $60. He doesn’t have the guts to quit.
Do you see yourself somewhere in that story?
Here’s what he SHOULD have done!
The Misconception People Have About Discipline
That dope E.Z. Lyer should have set his win goal and when he reached it, jumped into the discipline move of guarantee and excess.
Let’s say he agrees with my thinking and sets 70 percent as his goal. I ain’t telling him to leave the game, which would be stupid.
Look at how easy it is:
- Rat-hole your starting session money, in this case $100
- Put aside 50 percent of the profit of $70 ($35), called your guarantee
- Continue to play with the other ($35) called the Excess
What’s so hard about that move? You’ve made sure your starting bankroll of $100 is intact, plus you’ve guaranteed that even if you lose the excess, you’ve got $35 to bring home.
Notice I did not take you out of the game. That is the misconception people have about discipline. Setting win goals is merely putting up a point at which you set aside the guarantee that surely goes home with you because it absolutely cannot be touched again.
Once you decide on your win goal you can’t deviate. The amount you set is up to you. Maybe 70 percent is too high or too low, that’s your decision. But what a great feeling to know your starting session money is intact along with a guaranteed profit.
Go back and dwell on the best sentence in this book and how it applies to all gamblers. Do you remember it? Of course you don’t!
“Seventy Percent of all the people who enter a casino get ahead yet 90 percent of that 70 percent give the profit back.”
Memorize it. You may be one of the people starting m that percentage.
Never Leave a Winning Session
Once you hit your win goal and put the guarantee away, I didn’t tell you to leave the table. Never leave a winning session! Stay in action with the other half of that win goal, called the excess.
This money stays on the table as your session amount and since the casinos usually offer table stakes, you cannot dip into that guarantee to put additional money at risk.
If you reach a pot where your excess is down to Zippo, you merely play all in. If you lose, that session is over. You should quit for the day with that guarantee or at least move to another table. The one you’re at is drying up as far as you are concerned, so it’s time to leave.
However, let’s say you are playing with your excess and win a $36 pot. When you pull that profit to you, divide it in half. Put 50 percent ($18) with your guarantee and keep 50 percent with the excess.
Every subsequent winning pot is divided in half. This way you are increasing your guarantee while at the same time increasing your excess. You stay at the table until the excess is gone.
Since you cannot remove a chip or add money or chips to your session amount during a hand, you must rat-hole 50 percent of that winning pot to the guarantee in between deals. Definitely get that money off the table or else it will have to be used during a subsequent hand and I DO NOT want you touching your guarantee again at that session.
Handling the excess is merely the act or art, if you will, of increasing the amount of money you’ll leave that session with. Will you do this?