NOTI wrote: This is how I'd approach this situation: Everyone has a stop loss limit, but it shouldn't be zero.
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A few days after my article appeared, I received a private email from someone quoting an old Mike Caro article which I had never seen before. Caro distinguished between losing your entire bankroll when it is big from losing your entire bankroll when it is small --- which was the point I was trying to make in my article.
If you have a small (say $1,000) bankroll and let it go to zero --- you're not much worse off than if you set a stop limit of, say, $300. Whatever damage you could have done with that $300 --- even on double point day or whatever promotion the casino could kick up --- is limited. You're going to need to replenish your bankroll anyway before you can do some real damage.
If the current promotion you are playing is pretty good, it doesn't make sense to stop once you get down to $300 so you can be prepared for this hypothetical great promotion down the road. The good promotion is here NOW. Go for it!
Keep in mind that my definition of bankroll includes the concept of money you can afford to lose without affecting your ability to pay your normal expenses. I'm certainly not advocating taking your bankroll to zero if it affects paying the rent, food bill, child support --- whatever.
The citation for the Caro article is http://www.poker1.com/archives/3467/mike-caro-poker-word-is-bankroll or if you wish the relevant portion is copied below
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Mike Caro poker word is Bankroll | Poker1.com | Mike Caro<http://www.poker1.com/archives/3467/mike-caro-poker-word-is-bankroll>
www.poker1.com
Greetings, poker friends. This is another edition of this series of self-interviews. Today's word is "Bankroll," so it you're ready, let's talk about money.
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Posted by: Bob Dancer <BobDancerVP@hotmail.com>
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