Here’s the thing about playing casino games: The most dangerous thing you can do is gamble when you are angry. It’s in all the literature and responsible gambling advertisements set out by bodies like the UK Gambling commission. In short, if you are flustered, angry or, let’s face it, slightly inebriated, your decision-making goes down the pan. And, as a consequence, lose a lot more than is intended.
As most are aware, you are supposed to have the same type of levelheadedness when trading and investing. There is a bit more of planning and organising going into trading a financial asset than the spin of a roulette wheel, of course, but some of the fundamentals remain the same. For instance, many traders will execute sell-stop orders with their trades. This method of protecting long positions will trigger a market sell if the asset falls below a certain price. In a sense, if you are entering into a casino you are taking a long position, but you also want some protection if the evening at the tables goes wrong.
Know when to cut your losses
How do you create a sell-stop-order at a casino? Well, it comes down to willpower and organisation, i.e. having an amount you are willing to lose and sticking to it. Sounds easy? But every trader and casino player will attest to the idea of chasing a loss, and it can soon get out of hand. Of course, a lot of online trading accounts have negative balance protection – something of a godsend if you are trading CFDs or spread bets. Online casinos have similar protection with deposit limits, meaning if you join a poker table with the action streamed live from a studio you won’t be able to add extra money should the cards not fall your way. Indeed, many online casinos now have time-out limits and reminders to ensure you don’t lose track of yourself.
Anyway, that’s all about cutting your losses. So, what about using trading strategy to get ahead? A more difficult prospect, you’ll agree. But there are some things you can do to at least narrow the odds to some extent. For instance, most traders to a little research before they invest. If you take something like slots, which run on RNGs (random number generators), there is nothing you can do to affect the outcome. However, you can research the game before you play. Consider that some slots have higher RTPs (return to player) than others, meaning they pay back more over time. This information is readily available as it is legally obliged to be published by gaming companies.
Research every game before you play
Obviously, you should not be making stupid mistakes in the choice of games. For instance, American roulette has a higher house-edge than European roulette (because of the extra double zero pocket), and the choosing of European swings the advantage in your favour by a few percentage points. Similarly, even a basic card-counting strategy in blackjack – it’s not illegal, and never has been – is enough to even the odds.
Finally, as all traders know, getting every discernible advantage can count. So, plunder every offer and bonus the casino has to offer. If you are going to a real casino, check the loyalty programmes; if online check everything on bonuses based on your deposit method to birthday loyalty bonuses. It all adds up and can be the difference between profit and loss.