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I received an email letter asking for my definition
of stop loss and bankroll protection. Certainly with any study, understanding
the terms and being able to apply them in practice makes for a more complete
experience.
Stop Loss: A stop loss is a built in limiting
factor. When I reference stop loss, it is not always some automatic device
constructed in a system that will stop you from losing. It is recognizable and
is evident to you the player that it is time for you to put a stop to your
losing and quit playing. It is meant to limit your loss, like a line in the
sand. When you reach that line in the sand, that is when you stop playing and
stop losing.
One sure fire stop loss is going bankrupt. That is
not as bad as it sounds. You engage a game with a specified buy-in and you are
limited to how much you can lose by the buy-in. Thus, your stop loss is limiting
the amount of money you can lose in one session. I like playing a committed
buy-in. I know what the down side is. The worse thing that can happen is to lose
the entire buy-in. Playing conservatively and appropriately, I am in control of
my game knowing my exposure to loss. I am limited to that one buy-in. That is my
stop loss. That is all that I can lose in that session. I like knowing that
there is a limit to what I can lose. It is comforting to know in advance what
the worst case scenario could be.
Another kind of stop loss is limiting play after a
certain number of losing hands. For a blackjack game, I usually will stop
playing after losing18 units. My expected win playing blackjack is 14 to 18
units. So, it does not make sense to me to lose more in one session than I
reasonably expect to win. Accept the loss and preserve the remaining buy-in for
another game.
When playing the Don’t Pass in craps, one kind of
stop loss is to lose three times against the same shooter. If I lose three times
again the same shooter, I stop and wait for the next shooter. First of all,
running into three passes while playing the Don’t indicates that this player may
break a big hand. Second, the reason I am playing the Don’t Pass is because the
table conditions have shown me that no one can hold the dice, no passes. Why get
beat up quick grinding out on the Don’t? I play the Don’t when it is evident
that I have found a cold table. So, after three consecutive losses, I stop and
wait for the next shooter and see if conditions return to a cold game.
Bankroll Protection: This one is a bit more
complicated. To protect your bankroll means to play in such a way as to risk as
little as possible for maximum results. It also means that the method of play
extends your bankroll and provides for more opportunity. As example, I recommend
a minimum 30-unit buy-in for craps or blackjack. By playing perfect basic
strategy, a blackjack player is not always playing to win. Sometimes, I am
playing so as not to lose. By successfully defending the hand, I stretch my
opportunity by playing longer in hopes of running into a plus count or a swing
of winning hands. Knowing how to play defense, I protect my bankroll and make it
last longer.
In a craps game, I play a similar game of defending
to get the most out of bets risked. I want to make bets that have the best
possible return with the least exposure. Risk a little to win a lot. My
“stack’em don’t rack’em” Pass Line strategy is a great example. It is simply
going with the probability of a streak of natural winners on the Come Out.
(22.222%) Parlay the line bet with the first and second natural and pick up a
7-1 shot after the third win. It does not even have to be a natural. You could
end up on a point and have the point roll. Risk one unit to win seven. That is
bankroll protection at it best.
When you can have a play that mathematically
performs well, you can make the play with minimum exposure, minimum risk and
have maximum results. That is Playing 4 Keeps™ at its best! You protect your
bankroll with a system of plays that stretches the number of times you can make
bets. Thus, you extend the time at the table and provide yourself a greater
opportunity of catching a big hand. You make your limited funds go a longer
distance and that protects your bankroll. Getting more plays from your limited
funds is what bankroll protection is all about.
Michael Vernon
Copyright
© 2006
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