The Lock Talk - Newsletter #50

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TLT SPORTS BETTING SCHOOL
BANKROLL MANAGEMENT 101 - WHAT IS YOUR RISK TOLERANCE?

Prior Bank Roll Mgmt. Lesson Emails:
- Part I - What is Bankroll Mgmt.?
- Part II - What is a Unit?
- Part III - Different Betting Styles
- Part IV - Dealing with W’s & L’s
- Part V - Record Keeping
- Part VI - Emotions in Check
- Part VII - Grow Your Bankroll
- Part VIII - Using a Stop Loss Method
- Part IX - Maintaining A Strong Mentality

Keep track of your bets & get better at our lesson from above by clicking the link HERE 

• Evaluate Your Financial Comfort Zone:

  • Take a comprehensive look at your finances to decide how much money you're willing to risk without affecting your essential expenses or savings.

    • Example: If your disposable income is $500 a month, you might decide that risking up to 10% of this ($50) on betting feels comfortable, aligning with a conservative risk tolerance.

• Identify Your Betting Goals:

  • Clearly define what you aim to achieve through betting. Is it entertainment, profit, or a combination of both?

    • Example: For someone betting primarily for entertainment, a lower risk tolerance with a tighter stop-loss limit, such as 5% of their bankroll, might be appropriate to extend the fun without significant financial impact.

• Acknowledge Your Emotional Response to Loss:

  • Understanding how you emotionally react to losses will help in setting a stop-loss limit that prevents stress and regret.

    • Example: If losing $100 in a day would cause you significant stress, setting a daily stop-loss limit at a lower amount, like $50, might help maintain a positive betting experience.

• Adjust for Betting Frequency and Volume:

  • Consider how often you place bets and the volume of bets you make. Frequent bettors with a high volume of bets might prefer a tighter stop-loss to mitigate rapid bankroll depletion.

    • Example: A bettor who places multiple bets daily might set a daily stop-loss limit of 3% of their bankroll to prevent a quick drain of funds.

• Periodically Reassess Your Strategy:

  • As you gain more experience, your risk tolerance might change. Regularly reassess your financial situation, betting goals, and emotional comfort to adjust your risk management strategy accordingly.

    • Example: After a year of successful betting and growing your bankroll, you might feel comfortable increasing your stop-loss limit from 5% to 8%, allowing for larger bets while still managing risk effectively.

By customizing your betting strategy to align with your risk tolerance, you ensure that your betting habits complement your financial situation, personal goals, and emotional well-being, leading to a more enjoyable and responsible betting experience.