Money Management and Poker Players
Poker Anorak
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20 February 2008 /
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Anorak considers how to avoid being the 'Northern Rock' of Texas Hold'Em...
Chillindude wonders: "Do you do it the bad beat way - i.e. starting with 2k every day and withdrawing any winnings over that at end of night?
"If you have a losing day though you would then have to deposit, so is this what you do? Or do you just randomly take some out when running good?"
He concludes: "Just general ideas basically because I'm pretty sure I play better poker when I don't have a massive amount of money in my account as I know that I can't just donk off and rebuild the rest of the day."
Dests offers: "Always leave a set amount in account, if go over withdraw, only had to deposit once in two years."
To which Lord Highstack responds: "Always spend it all. Only had to deposit once per week for two years."
Says dibble: "Keep a set amount in the account that you think will cover variance at your leves, skim once a month. Pay yourself a wage from the profit, anything over bank for when you run bad. Don't rely on winning month on month to live. You won't win every month. Make sure you have enough "buffer cash" available to live."
It was ever so.
As Betfair's Ben Grundy says on his blog: "Between January and June I definitely got close to going busto. I had losing day after losing day, and I never thought it was possible to run so bad, for so long. Of course a lot of it was my fault. Playing games that were too big when out of form. Poor game selection, and lots and lots of tilt. I think at one point in April I was about $400,000 down for the year... yikes."
This leads him to set some goals for 2008:
"Number one aim to practice better bankroll management and game selection. I will not allow myself to make the same mistakes that I did this year."
It's not just amateurs who need to keep an eye on their bankroll. Ben's other resolution is: "Don't lose over 50% of my bankroll in January as I have for the last two years."
One sensible piece of advice is that if you are a tight player, you will probably not need as much money as a player who is involved in a lot of pots.
Pick your game wisely, set a target and know when to leave the table...
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