You can’t put enough emphasis on money management in the game of poker. You can have that sixth sense for reading somebody. You can be a scholar in the ways of learning the game and understanding the statistics that play into decision-making, and you can love the game like nothing else in this world. It’s all for nothing if you can’t make smart bankroll decisions on the back end. It’s one of the most important things to master before you can consider yourself a regular player – or anything above that of an amateur. There are a couple main talking points that explain why it’s so crucial.
The first is discipline. You, as well as I, probably have countless stories of learning all aspects of the game, and hitting a big hand that put you up a nice sum of money. Whether it’s $50 or $500, being on the receiving end of that carbon poker hand isn’t only about enjoying the moment. With it comes the responsibility to yourself to practice discipline in how you bet, and when to walk away, from that point forward. Look at it this way – if you win three hands in a row, and it brings you from down a bunch of money to even, would it be smart money management to keep playing? That plays into what goal markers you’ve set for yourself, as well, but being disciplined enough to remember them and act on them is what will separate you from the guy who ends up $1,000 in the hole again an hour later.
Also important with discipline is to keep your emotions out of your financial decisions. It’s human nature to see your frustration level grow the more you lose. Whether it’s a bad beat or a bad decision, you still have negative emotions you have to contain. If you act rashly and start throwing your money around in the heat of the moment, it will end up costing you big time. Players are usually wise to the “anger” bet, and rarely fall for it. Yes, there will be times you’ll lose all that money you won, even if you were within your goal boundaries for continuing to play, and that’s just something you have to accept.
Second, and just as important, is smart PKR.com strategy at the table. Every bet – every time – has to mean something. If you’re calling or betting small as an afterthought or out of apathy, you have no business even being there, not to mention worrying about money management. Because every small bet, even though it might not affect your bankroll on that hand, is planting a seed to water later in the tournament or cash game. Believe me, what you do is remembered, and you better be making the same effort to remember the tendencies of your opponents, as well.
If you watch your discipline and practice smart strategy at the table, you’ll have tackled two of the most important areas of protecting and managing your bankroll.