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 Slot Gacor 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?