BankRoll Management.

[ChipFish]

This is an excellent article and I feel like making this a sticky for certain individuals... (myself included sometimes).

Credit to "Beanie" from PocketFives.com


Cash is King II - Bankroll Management
by beanie


I am not sure I am the best poker player on my block, must less the planet (though feldliss lives on my block, so I have reason to be apprehensive). I have no dreams of playing in the 4000-8000 daily game at the Bellagio. In fact, I don’t even have aspirations to be a WPT or WSOP champ. I think I stack up well in the world of tournament poker, and given the chance, I would know what to do with it, or at least I hope. Ultimately in poker, I will go down as this guy, “he didn’t go broke.” That is my best attribute, I don’t go broke. I play within my means.

My active bankroll fluctuates drastically (for reasons that are difficult to explain, some backing, some promotions), so it is not uncommon to see me at 80-160 one night and 1-2 NL the next. Here is the key: I don’t bother myself with having to appear to be someone I am not. I love who I am, and I enjoy the people I interact with on a daily basis. When or if I ever win huge, I hope it doesn’t change me the way it seems to change others. I want to still be the father to my children and husband to my wife, which is what will define me in life.

Recently, I was at the Bellagio. I mainly went there for business reasons within poker, but I did play a little. I played some 10-20 NL and some 30-60 limit poker. Both are perfectly within my comfort range. Right next to me was a 1500-3000 mixed game; I was playing 30-60 when a friend stopped by and said, “I always thought you played bigger than that.” OK, was this a compliment? I would take it that way, but I don’t think that is what he meant. You see, when you have success in poker or are perceived to have had success in poker, there is pressure to play big. Many of the people I know play quite big and are good at it. Many others are broke a lot, though there seems to be a never ending supply of backers for these broke people, so are they really ever broke? For me, I have never pursued a backer, nor do I think I ever will. This fits perfectly with my “don’t go broke” strategy. To me, owing people money is the same as being broke.

This brings me to another point: many of us play in qualifiers for big events. We not only want to win them, we also want to win the events we qualify for. It almost becomes an obsession; we become overwhelmed at a thought that previously was not that important to us, because we have had fleeting moments of success. Even the people who have reached the pinnacle seem obsessed to get there again. When I was in France, someone asked me if I liked my chances, and I said, “not really, I am playing against the best players in the world, and the odds are stacked against me." I feel like I can only do what I can do and fate will handle the rest. Fate made me bubble in that particular event. I loved the experience and had a great time, and I accept that for what it was. In poker, it was an opportunity in the event, and in life, I went to France with my wife. I would implore all of you to enjoy your experiences and accept them for what they are, become the best player you can, and hopefully fate will fall your way.

My ultimate point here (and I do have one) is be true to yourself; don’t try and be something you think others want you to be. Play within your bankroll, and for goodness sake, don’t go broke. The worst thing that can happen to a poker player is to not have a bankroll. You can not win the game if you aren’t in the game. Many people have some complex calculations of bankroll management, some not so complex. Most of us know when we are playing over our heads. Its good to want to progress within poker, but it is bad to do that outside of what your comfort level is. You need to be comfortable making the plays you make otherwise you are not playing in an optimal way. Just because you crushed 8-16 and initially did well beating 15-30, there should be no shame in going back and playing 8-16, and if there is, you might need a psychologist.