Simply put, money management is a set of rules and guidelines that keep your risk at a level at which you are comfortable with. It includes the rules you set for yourself every time you play telling you when to stop. Common sense should and must prevail throughout. Good money management starts with planning. Money management takes discipline and planning.
A few points on money management. Remember, that the house always has the edge and that it is always constant. If you think you can beat the house on a consistent basis, then my advice to you is quit before its too late.
They will take everything you have and then MEGAGAME some believe it. People think that if they use a certain betting method they can swing the odds in their favor. In the case of playing slots, that way of thinking is ridiculous.
Some will argue with that the concept of Money Management is nothing more then a facade, false ideal. They use the premise that if you play with a defeatist attitude you will always lose in the long run. I personally believe if you set a win loss limit and stick to it you will and can survive. Remember, discipline is the key to managing your money.
One of the toughest things for any slot player is to walk away from a machine that they are winning on. Why, human nature I guess. Paranoida sets in, stupidity, and greed take over.
You may not believe it, but gambling is probably the second most frequented activity in the world. We are continually faced with the opportunity to take a chance on a gamble of one sort or another. It seems that gambling is every where today in one way shape or form.