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In the current issue of the 2+2 Magazine, Mark Blade discussed specifically why
Money Management is a bogus concept .
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Haivng read that article, it seems to me that his point is that using a money management system alone is a bad idea.
I don't know about anyone else, but the money management system (really, just a stop-loss limit occasionally) is used as an indication that it'd be in my best interests to evaluate my play closely at that table up to that point. I may come to the conclusion that it's simply bad luck and I've played correctly to that point, and I'm sure I'm not tilting; more often, however, it's pretty easy to me to see that either a) I'm tilting (stand up); b) I'm about to tilt because I'm being too results-oriented (stand up); c) Enough of the other players at the table are better than I am to make this table -EV for me (stand up).
Perhaps the very notion of being aware enough of my results to check whether I've reached my stop-loss lends itself towards (b) being the case. I'd still rather seek out greener pastures than see the tilt coming and rush headlong into my doom.
Now, having said that, I only tend to use the stop-loss as an absolute "stop playing now" when I'm in a B&M casino -- when I'm playing online (mostly 3- or 4-tabling), I'll keep an eye on my stacks, and pick up and find another place to play if I find a particular table faring poorly.