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Optimal money management strategy?

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Posted: #1
Started off with $500, ran it to $5000 and blew it all.
Deposited $1000, ran it to $4200, lost it all the way down to $50 and hit 2 team parlay for $120, took the $170 and hit 3 team parlay...I'm at $1141 right now in my account but I've never practiced good money management.  With the bankroll I have how many plays should I play in a day? I'm a very streaky bettor. 15% max of the bankroll in play at one time? 3-5% per play? I want to do it the right way so I don't have to deposit again.

I'd love to hear some thoughts on this as I've read so many different things.  Thanks
 
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Posted: #2
First of start explaining how you got it from 500 to 5000 
 
Prospect
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Posted: #3
Sorry about you luck..  Parlay bets are the devil and can drain you in no time unless you are chasing and that too has a lot of risk.
 
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Posted: #4
how do you make your picks:
Do you follow someone? 
Cap your own games? 
Follow a system? 
Chase? 
 
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Posted: #5
Quote Originally Posted by GhostNL:

First of start explaining how you got it from 500 to 5000 

insane run of wins once I hit like $1500 betting $100 a game...then bumped them to like $300 each and went 9-1 at once point
 
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Posted: #6
Quote Originally Posted by cheez4:

Sorry about you luck..  Parlay bets are the devil and can drain you in no time unless you are chasing and that too has a lot of risk.

yea i keep them to a small amount if I play them at all
 
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Posted: #7
Quote Originally Posted by Bart_:

how do you make your picks:
Do you follow someone? 
Cap your own games? 
Follow a system? 
Chase? 

I follow some people and some times I do my own capping...I'm not much  of a system guy. I try not to chase losses but sometimes do. I've realzed I can grind out small winners more consistently then when I hammer away.  When I have losing days they're real bad bc I chase.
 
Prospect
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Posted: #8
Stick to what your good at! and practice good money management. I would never bet more then 1% of my bankroll on straight betting if you bet on a lot of games per week.  $1500 bankroll with $100 bets is way to much IMO. You only have 15 bets to start. Bring that down to  1%-2% ($15-$30 per bet) Now you have 50-100 bets. Betting 1% of your bankroll till you have increased your bank 25% ($375) and recalculate that 1% ($18.75 will be your new 1%) and stay there til you have reached $2343. I know your not gonna get rich off this but you shouldn't go broke either overtime your bankroll will increase and so will you bets and you will have a better ROI then going broke an making another deposit every week.
 
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Posted: #9
Quote Originally Posted by cheez4:

Stick to what your good at! and practice good money management. I would never bet more then 1% of my bankroll on straight betting if you bet on a lot of games per week.  $1500 bankroll with $100 bets is way to much IMO. You only have 15 bets to start. Bring that down to  1%-2% ($15-$30 per bet) Now you have 50-100 bets. Betting 1% of your bankroll till you have increased your bank 25% ($375) and recalculate that 1% ($18.75 will be your new 1%) and stay there til you have reached $2343. I know your not gonna get rich off this but you shouldn't go broke either overtime your bankroll will increase and so will you bets and you will have a better ROI then going broke an making another deposit every week.

Agreed. 1-2% per bet. That's it. 
 
Prospect
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Posted: #10
Quote Originally Posted by Bart_:


Agreed. 1-2% per bet. That's it. 

Agree 100%, but not only that, set a profit level.  If you reach it, take that money to the bank and start over again at your original bankroll.  There's absolutely no sense in turning a $500 bankroll into $5000, and then having nothing to show for it.

 
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Posted: #11
as it was said before, the right bankroll management is about 1% per bet and it refers to all the casino games imo. The only exception could be a cash game NL Hold'em poker. I heard 20-25 buy-ins is enough there.
 
 
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Posted: #12
So if you have 4 losing poker sessions in a row, you're done?
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