Taking risk does not mean you should bet big or go all in or play on unfavourable odds on high payouts. Taking risk means taking acceptable risk.
How to properly manage risk while crypto gambling?
To properly manage risk while crypto gambling here are some of the tips you must follow:
TIP 1: Have a Proper Bankroll Management System.
Never rush in and start gambling blindly. Use only the money that you can afford to lose and have a strict bankroll management system. Always have a portion of your bankroll set aside for worst case scenario.
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TIP 2: Protect Your Bankroll At All Cost.
You only risk money you can afford to lose that does not mean you must be careless. Do everything to protect your bankroll at all cost. Play only on those games that you have proper knowledge and you have a better chance of winning.
Long losing streaks or sessions are part of the challenge. It's OK to lose sometimes - just make sure that your losing does not drain down a large portion of your bankroll. 10-20% is manageable and you must try to keep you losses within that range.
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TIP 3: Set Goals.
Goal setting is very important in risk management. If you are new to the game, you might not have the necessary skills to win like others that have been doing it for quite some time. While you are in the learning mode try to keep your initial bankroll as safe as possible and do not let it drain too much. As you become better you can set more bigger goals.
Setting realistic goals is very important, unrealistic goals are same as setting no goals at all. Do not let your goals overwhelm you. Set smaller goals and always try your best to avoid making risky bets during unlucky streaks or sessions.
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TIP 4: Create a Gambling System.
When it comes to managing risk in gambling, you simply can't rely on random luck. To win from gambling you must have a good and a reliable gambling system which you must stick too at all cost.
Every successful gambling system creation require a lot of hard work and proper understanding of the games. So take your time to come up with your perfect gambling system and keep perfecting it.
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TIP 5: Grow Your Bankroll Steadily.
Like all other forms of business or investments, you must try to grow your bankroll steadily too. The secret to doubling your money is to realise that small winnings do add up and to utilise the power of compound interest to your advantage.
By simply making a profit of 1% daily on an amount of $100 at the end of 100 Days you will have nearly $300 but after 300 Days you will have nearly $2000. Learning to properly raise your bets as your bankroll grows, while protecting your bankroll with proper bankroll management will help you to properly manage the risk involved.
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TIP 6: Be Mindful.
Being mindful means that you are able to take control of your emotions and calmly accept thoughts and feeling without having fight-or-flight reactions ( liking going all in with a reckless recovery bet). Meditation, workouts and controlled breathing can help you to remain mindful.
The key is to build your self-confidence and be fully confident in your own abilities, so that your emotional intelligence defeats the "inner devil" ( greed and fear ) that ruins your success.
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TIP 7: Be Patient and Humble.
It takes time to become a successful gambler. But it's essential to enjoy the process too, so be honest with yourself and work out a proper plan to proceed to the next step. When the fun ends do not hesitate to stop. Be patient and humble do not play just to satisfy your ego.
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Always remember every successful person was once a beginner.
If you have any post idea suggestions or need any help e-mail me: cryptoamar@gmail.com
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How to Properly Manage Risk While Gambling?
Reviewed by Amar Singh
on
October 08, 2018
Rating:
Reviewed by Amar Singh
on
October 08, 2018
Rating:
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