5 Strategies for Using a Stop Loss at Online Casinos
One of the ways that you can help preserve your online casino bankroll is through the use of a stop loss. A stop loss is a pre-determined amount that you use to decide when to call it quits. There are multiple different strategies that players use for stop losses. Today, we will take a look at those strategies to help you decide what works best for you.
The first type of stop loss that some online casino players use is a session stop loss. Whenever you log into your favorite real money online casinos, you set how much you are willing to lose in a session. Once you hit this limit, you quit playing for a while. The amount you use will depend on your tolerance for loss.
This type of stop loss is good for those that have the discipline to log off and stay away from the casino for a while. If you’re someone that will log off and then come back and play within 30 minutes or an hour, this form of stop loss will not be effective. It’s best used by someone that will only play a couple of times a day on average.
Daily Stop Loss
The most common form of stop loss at online casinos is the daily stop loss. When you reach this amount, you log off the casinos and do not return for the rest of the day. This is best for players that want to limit their overall losses.
It doesn’t matter whether you hit your stop loss in 5 minutes or 5 hours. Once you hit the limit, you will log off of your computer. Generally, players that use this form of stop loss will set the stop loss at no more than 25% of their total bankroll. For example, if you have a $100 bankroll, the daily stop loss is $25.
Weekly Stop Loss
Similar to the daily stop loss, some players opt to set a weekly stop loss. Players that opt for this stop loss are generally higher volume players or high rolling players. For example, if you have a bankroll of $1,000, you may set a weekly stop loss at $500.
Generally, this form of stop loss has a higher limit. It isn’t ideal for lower stakes players as their bankrolls will not handle the variance that can come with high volume or high stakes play.
Fixed Number of Bets
An alternative to the daily stop loss is a fixed number of bets stop loss. This is one that’s used by table game players and online poker players. For example, if you play online blackjack at $1 per hand, you may set a stop loss at 50 bets. Online poker players generally use a stop loss of around 30 big bets for limit poker and 3 to 5 buy-ins for NL Hold’em games.
When using this type of stop loss, you have to look at your bankroll based on the stakes you play. If you have a $500 bankroll and play $1 roulette, then your bankroll is 500 bets. If you play $5 a hand baccarat, your bankroll is 100 bets. Some players find this an easier way to track their bankroll, especially if their focus is table games instead of online slots.
Sliding Scale Stop Loss
The final stop loss we will talk about is more of a variable stop loss that’s based on playing your profits. It is commonly used in video poker games. For example, you put $25 onto a video poker machine and after about 20 hands, you hit four of a kind for $31.25. You had $12 left in your stack when you hit, and your current stack is $43.25.
At this point, you have $18.25 in profits. You can either cash out or try and run it up. Players using a sliding scale stop loss may opt to only continue playing their profits. They can cash out and log back in with just a stack of $18.25 or continue playing their $43.25 stack until they get back to their initial $25 stack.
This particular stop loss requires that you have the discipline to log out if you do get back to break even. It’s best used by lower stakes players or recreational players. If you use this, you probably want to use it in conjunction with a daily or fixed bet stop loss.