Money
Management
BY:
Shylo
One
of the biggest issues in poker is money
management! I think one who looks to playing
poker for the long term must have several
skills to maintain their bankroll.
1)
Have a sufficient buy-in... but don't
put all your eggs in one basket! I see
this occasionally where an individual
either comes to the table with such a
small buy-in they can't bet, and really
play, nor are they given much time to
play with limited funds (end up just losing
a little bit of money fast). I've seen
the other end of the spectrum too.. where
someone moves up to a limit that's beyond
which a bankroll could support a few dozen
losing sessions.
2)
Fast playing at the table... regardless
of the buy-in, or the limits. I see this
all the time. Individuals that are in
way too many hands. Or they don't think
of the possibility that someone other
than themselves may have a hand and keep
raising into a limper. In any event, I
call these people "flash in the pan poker
players". They seem to be at the table,
and an hour later it's someone new filling
their spot.
3)
The biggest cardinal sin I have seen some
of my poker buddies do is use their poker
bankrolls for other means aside from poker.
You gotta pay rent, food, entertainment,
gas whatever fine but have money already
set aside for that. Buying your girlfriend/wife/partner
that ring she/he (have to be politically
correct ya know!) has been nagging about
with your bankroll only hurts you.
I
believe in a 300 big bet bankroll.. meaning
if you want to play a certain limit, you
really should have a bankroll that supports
300 big bets...(10/20=6,000).
Having
said that you should never be taking money
out of your bankroll except on your way
to play poker, or use it for poker related
material. Yes I will buy books and software
with my bankroll (personally I aim to
buy everything one day with my bankroll
but I'll be realistic and state that I
can afford buying the odd $40 book occasionally).
I
have read that up to 80% of all poker
players are losing in the long run..(none
of us really want to think of that nasty
thought) [aside: and the fact that up
to 30% of all players cheat.]. You really
want the money you set aside/win in poker
to be meant to play the game because eventually
for the majority of us, we're going to
lose it eventually. Mite as well have
fun doing it no?
Personally,
I keep my bankroll in one box. If I decide
to play that night I go to the box. If
I win that night I put the money back
in the box. If I gotta pay rent I go to
another source of $$ but that box is the
holy poker box. And if you open that you
must have already prayed to the poker
gods to look over your play in the upcoming
hours (hehe). For real though, I also
manage my finances around my poker bankroll.
I automatically put 10% of any pay cheque
into a mutual fund account for retirement
(I'm only 24 but would suggest everyone
do this at any age). Secondly, I put aside
all the money I will need to cover expenses
(rent food etc etc). Finally, I make sure
I have about 20-50 bucks to put into the
box. Not much but 40-100 a month sure
adds up. This allows me to sustain longer
ruts in play, as well it provides the
opportunity to advance to larger limits
if I have been playing well for a long
duration.
Well
that's my opinion.... what you think?
Keep
floping Aces and Faces
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