This week, The Professor shares his tactics when in comes to managing your bankroll under “hot” or “cold” streaks.
Money Management – Hot streaks
The term “money management” can refer to many things in wagering. I am going to focus on how to manage your bankroll when going through a hot streak, or in the reverse, a cold period. Anyone who has ever gambled will tell you that hot streaks and cold streaks are very real things. Whether it is luck, or just being mentally sharper at certain times, I will leave to smarter people than me to decipher, but these streaks are a reality. My theory on how to manage these streaks are that when you are on a hot streak, increase the size of your wagers and when you are on a cold streak decrease the size of your wagers, or better yet, stop wagering for a few races, to get your mind right. Many people I know do just the opposite. They chase their losses when going poorly by increasing the size of their wagers and decrease their wagers when going well, in fear of losing what they have won. This practice is a sure way to bankruptcy. It is a hard tendency to overcome, but it is important to do it in order to maximize your winnings when hot, and minimize your losses when going cold.
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