Money management is the only way to get ahead in gambling – almost as much as in forex trading. Having good money management rules is only the first step, however: real success can only come from following those rules to the letter. Anything less is the equivalent of not having any rules in the first place.
There are essentially two money management approaches for baccarat players: one is based on a specific budget, while the other is tied in to the amount of money you are willing to lose on any given gambling day.
The Budget Method
In this method, the player must allocate a fixed budget for the entire time spent at the tables. This could be 3 days, for example, in which case the total budget should be apportioned into three sets of chips, each set being the maximum outer limit to play with. On a good day, after you have reconciled your winnings during your first break, take all the excess and put it aside, labeling it: “winnings”. Your budget doesn’t change throughout the three days but you get to play for much longer. At the end of those three days you will still have your winnings and will have enjoyed losing the rest of your money in the bargain!
The Loss Limit Method
In this method, figure out exactly how much you can afford to lose from your total cash balance and only gamble with that. If you have a winning streak, simply add the winnings to the limit for the day and then count your chips at the end. Even if you have lost all your money at the end of the day, you’ll still have played much longer; if the day wasn’t so good, then at least you haven’t dipped into your savings or other fund sources.
The rule of thumb for money management in baccarat or any other game of chance is to make sure that you go home with money in your pocket – it’s no fun going home broke after a wild weekend in Las Vegas.