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Here's s Money Management System i found at another forum posted by a GREAT hockey capper (too bad i been playing against him lately). I read it, i think i understand it, and i might try it.
I am quoting the following:
"I've been asked a couple of time lately about what kind of money management system i use, so i thought i would try to outline it in detail. Even for me, it's still a work in progress because i've only been using it for a couple of seasons now. It was given to me by Eric(Firefly) so it comes from very good hands.
Let's start with the percentage of bankroll that you have in play at any one time. This will vary from 20-35%. To the higher end of 35% on a good recent performance(ie. a couple winning days in a row), or near 20% on a lower recent performance such as a couple losing days in a row. If i've made money 2 days in a row, i'll most likely up my % of bankroll on that 3rd day, likewise the other way as well. I use 30% as my starting point and fluctuate off that number.
Now, to compute my unit size, i use 7 plays per session. I define a session for example the 7pm est games on a Saturday nite as one session, and the 10pm est games later that nite as a different session. The goal here is to never have more than 7 plays going at the same time. The 7 plays is a number that i use, but anywhere between 6-8 plays may be appropriate. So, to compute my unit size, let's look at an example. My bankroll is say $1000, my percentage of bankroll in play is 30%, and i have 7 plays per session.
$1000 * .30 = $300.00, the $300.00/7 = $42.00 per unit. So my unit size for that day would be $42.00
Now, let's assume i've had a couple good days in a row, and my bankroll is up to $1150.00. Iam going to up my percentage of bankroll in play to 35%. My new unit size would be:
$1150 * .35 = $402, the $402/7 = $57.00 per unit. So my unit size for that day would be $57.00
So you can see the affect, when you are going good, you look to increase your bets but keeping yourself at a safe percentage of bankroll in play. The same thing applies when your struggling, your unit size will come down and thus bring your losses to a minimal point until things turn around.
Now an equally important point are DIVIDENDS. If say with my $1000 starting bankroll, and i increase that bankroll to $1700 over a number of weeks or months, i would take out a $500 dividend. In other words, i pull out $500 in winnings from the book, and i know i have that if at some point in the season things go bad and i need that dividend for my bankroll. Taking out a dividend will also keep your unit sizes at a comfortable level that you are use to playing with, since in my example, i would be lowering my bankroll from $1700 back to $1200. It is very important that if you have the opportunity to take that dividend when you can.
None of these numbers are set in stone, all can be worked with and tweaked until you have a system that you feel comfortable with. But this system worked very well for me last year and iam using it again this year. I think i covered everything, but if anyone has a question, feel free to ask.
No bad luck!"
I am quoting the following:
"I've been asked a couple of time lately about what kind of money management system i use, so i thought i would try to outline it in detail. Even for me, it's still a work in progress because i've only been using it for a couple of seasons now. It was given to me by Eric(Firefly) so it comes from very good hands.
Let's start with the percentage of bankroll that you have in play at any one time. This will vary from 20-35%. To the higher end of 35% on a good recent performance(ie. a couple winning days in a row), or near 20% on a lower recent performance such as a couple losing days in a row. If i've made money 2 days in a row, i'll most likely up my % of bankroll on that 3rd day, likewise the other way as well. I use 30% as my starting point and fluctuate off that number.
Now, to compute my unit size, i use 7 plays per session. I define a session for example the 7pm est games on a Saturday nite as one session, and the 10pm est games later that nite as a different session. The goal here is to never have more than 7 plays going at the same time. The 7 plays is a number that i use, but anywhere between 6-8 plays may be appropriate. So, to compute my unit size, let's look at an example. My bankroll is say $1000, my percentage of bankroll in play is 30%, and i have 7 plays per session.
$1000 * .30 = $300.00, the $300.00/7 = $42.00 per unit. So my unit size for that day would be $42.00
Now, let's assume i've had a couple good days in a row, and my bankroll is up to $1150.00. Iam going to up my percentage of bankroll in play to 35%. My new unit size would be:
$1150 * .35 = $402, the $402/7 = $57.00 per unit. So my unit size for that day would be $57.00
So you can see the affect, when you are going good, you look to increase your bets but keeping yourself at a safe percentage of bankroll in play. The same thing applies when your struggling, your unit size will come down and thus bring your losses to a minimal point until things turn around.
Now an equally important point are DIVIDENDS. If say with my $1000 starting bankroll, and i increase that bankroll to $1700 over a number of weeks or months, i would take out a $500 dividend. In other words, i pull out $500 in winnings from the book, and i know i have that if at some point in the season things go bad and i need that dividend for my bankroll. Taking out a dividend will also keep your unit sizes at a comfortable level that you are use to playing with, since in my example, i would be lowering my bankroll from $1700 back to $1200. It is very important that if you have the opportunity to take that dividend when you can.
None of these numbers are set in stone, all can be worked with and tweaked until you have a system that you feel comfortable with. But this system worked very well for me last year and iam using it again this year. I think i covered everything, but if anyone has a question, feel free to ask.
No bad luck!"