Since most casino games have a negative expectation, players are advised to set a win goal and stop loss. This ensures than that they will not go broke during any given session and will hopefully not give back all the profits if they do win. Some argue that the concept of money management is nothing more than smoke and mirrors because if you play a game with a negative expectation you will lose in the long run.
I'll admit that in my weekly gaming column and magazine articles that I do recommend setting loss limits and win goals for casino players. The win goal is on a sliding scale and increases as the winning continues. This way players can continue to win without having to stop at predetermined figure. The stop loss is to ensure that they do not go broke too quickly and is also on a sliding scale if they have been winning. This is to ensure that they walk away with some of the money they have won. Again you can argue the merits of such a system but the main reason why I advocate money management is discipline. It takes discipline to be a winner at any casino game. This is especially true in poker where you have to wait for the right starting hands.
Poker has a positive expectation for good players and most of the pros and experts will tell you that any money management system is worthless. Poker is one big game with a few interruptions to eat, sleep, and work between hands. It doesn't matter if you quit when you are ahead or losing, as you will be coming back to the game eventually. They say that if the game is good it doesn't matter if you are down because you will win money back in the long run if you are a good player. I agree with this up to a point. I still think that you should have some sort of stop loss for each session.
I advocate a stop loss for psychological reasons. If you are losing and suffering bad beats or just being dealt rag hand after rag hand, there will come a point where this will start affecting your mental game. When this happens, you are no longer able to play your best game. You may find yourself making poor decisions or playing hands that are below your standards. When this happens its time to quit.
I suggest that you buy in for a reasonable amount of money. In a $3/$6 game I will buy in for a minimum of $100 which is equal to 16 big bets. If I lose this, I will usually call it a night. If the majority of the loss came from losing only one big hand then I will evaluate the game and my own state of mind. I might take a break if I am going to continue playing.
Another factor I consider when deciding to quit is the length of time that I have been playing. When I first started playing, I found that I could not keep total concentration on the game for more than a couple hours. I then would limit my sessions to a certain time period and then quit whether I won, lost, or drew. Each of us has our own endurance level. Some people can play at peak performance for hours on end. Others might lose concentration after an hour. You have to decide what is best for you. One way to determine your performance level is to look at your logbook. Compare your win/loss record with your playing time and see if the amount of time you spend at the table is having an effect on the outcome of your play.
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