Win goals - loss limits - and the price of gas

[heavy]

Well, this is pretty straight forward. When I go to the casino I have a specific loss limit per session - a win objective per session - and a cost of doing business to allow for. For years I ignored the cost of doing business - by that I'm talking primarily about travel expenses. These days, with higher gas prices, etc. I count everything I spend getting to and from the casino against my wins. Typically we're talkling less than $50 - but no matter how you look at it, $50 is two green chips.

My win objective is basically 55% of my buy in. We're talking $165 on a $300 buy in - $275 on a $500 buy in - $550 on a $1000 buy in.

My loss limit is typically 50% of my buy in. You may notice that my win objective is larger than my loss limit. Again, it wasn't always that way. I used to set a 50% win objective and a 50% loss limit. What's wrong with that picture? In what is essesntially a 50/50 game to begin with I was pretty much setting myself to break even.

Our old buddy Wolfbyte mentioned a 20% win objective - which has long been the John Patrick approach. Clearly conservative is better - particularly if you're working off a short bankroll. Then again - if it's costing you $50 to get to ghe casino and back (gas, wear and tear on your car, road food, etc.) then a 20% win on a $300 buy in isn't going to pay the rent.

What's your plan, gents? And please don't tell me that your win objective is to break the casino. You and I both know that ain't happening.

[Roller123]

Upon thinking about your question I have a win goal of 33% I look for $100 on a $300 buy in or $150 on a $500 buy in. I never really considered the percentage side just the dollar amount. My loss limit is $200. No matter what my buy in I have determined that if I bet my normal way and I am down $200 I won't make it back. Physically tired, mentally tired, sometimes I can't put a finger on it but that $200 loss is my eject signal. I don't know that I have ever come back after losing $200 to get ahead.

In reference to the cost of getting to the casino I definitely consider it. I view gambling as a business not so much pleasure. Sometimes when I leave with only a $10 profit I look at it as I broke even after paying for gas.

Roller

[traveler]

Roller

consider yourself lucky. The absolute closest table to me is near a 200 mile round trip, so my cost of gas
is $35 or more. (I get 20 miles to the gallon) And that's the closest table. Generally more like 250 to 300 miles roundtrip.

traveler

[Diceberg]

Heavy,

Can you explain your win goal for me?
So let's say you have a pass line bet with odds and inside place action, 4 numbers in play.
Just got paid on the 9 to get you to +165. Shooter, not you, has rolled 12 times, made 1 point,
is on his second, and has paid each of your place bets at least once.

Does the 165 signal you to become more conservative - want to only go up from there?
or more aggressive - at 165, press all the time to maximize the potential win?
Stay thru the end of the shooter to hopefully be part of the 30 rolls?
I'm guessing on the plus side, mental note to walk away after the shooter finishes,
but just want to clarify. I'm trying to improve my mental side of things and just looking for
a firm definition, if there is one.

Thanks,

Diceberg

[Diceberg]

Heavy,

Saw a reply from you covering this topic in the trip report section - How much is enough - from a trip report posted by wild child.

Still would like to hear your thoughts about being up and the win goal. When to walk away ahead - it is a tough thing for me to do.
I've had many sessions where I didn't get to a win goal, stayed and lost what I was up and more. Reading about the discipline to
walk away while on the plus side would be a good thing in my book.

Thanks,

Diceberg