« Why am I an EX Poker Player? | Main | Ricky’s Time Management »

Poker Money Management

Money management is very important to your long term poker game. Everyone has different amounts that they need to play the next limit up. One factor that determines this is your personal variance. What I mean by this is how often do you play and win and how often to you play and lose. Another question is; when you lose, do you tend to lose several days in a row? You also need to consider how much you lose on your losing days and how much you win on your winning days. Now for me I never bring more money than what I can win in one day at the same game. The reason for this is I never want to need to play two days to get back to where I once was. Notice I didn’t say get even. That’s because the day after you lose you are even, just even at a different level. If you find yourself trying to go get back your money you will lose more days in a row.

The reason for only bringing a smaller amount of money with me limits my long term variance. It also lowers the amount of money I need to play at a specific level. One thing I know about myself is that I don’t play well when I am losing. So the two things I try to do every day is, win my first hand I play so I start up money, and, quit when I am down more then what a quick rush will make me even. Quitting is one of the hardest and most profitable things I have had to learn. Especially when playing online. The pull to get even is so strong, its really tough. But its that pull that makes me play bad. The stronger the urge to get even the more it effects your game. Sometimes I still have that feeling the next day. If that’s the case I wont play then either, maybe take two days off. What ever it takes to clear my head.

Something else that I will do that I think everyone should do is constantly analyze your game. Am I playing good or bad. If I am playing bad am I losing because of it? If I notice that I am playing bad and try to change it but cant, I will go home. Something strange that I found has effected my play is if I win right when I sit down. If I win two hands in the bb and button with bad cards, I remember that all day. Then subconsciously I think later when I am in a cold streak that those cards won earlier. Maybe it’s a good idea to play them now. Just like any other game or sport, you can develop bad habits. Manage your money wisly, maybe reading a book is more profitable then trying to get back the small amount you are down.

Now most people want specific answers on how much money they need to play in a game. But because of all the variables that go into it, there really isn’t any set amount. All the standards that every book I have ever read always have a much larger bank roll then what I use. But that’s also because I have done just about everything I could to stop losses. Its really the big losses that effect your bank roll.

On the last post Ricky asked me my opinion on what I think he should play with his small bank roll. it’s a long post so you can read it if you llike. Now money management does not always mean playing lower if your bank roll is not substantial enough for higher poker games. Money management may also mean play higher. Now because I am use to all the plays and tricks of higher limit games, I don’t win in very small games. Many other people find this to be true as well. (that’s why I have always said that the best poker player is only the best poker player at the limit and game they play) If you don’t win in a game why would it be good money management to play? But at the same time, if you are in a game where you constantly think about your chips you cant play that way either. Now I can think of two times in my life when I was next to broke, once when I had $0 and borrowed some from a friend and once when I only had a few hundred to spare. Both times I sat in the highest game that I thought I could comfortably win. Usually when I do that I never try to win a lot of money. Usually I just try to win 50% of my bank roll. Then come back the next day and do the same. Once I have 3 days of small wins I have a lot more confidence, I am able to play much better. You cant rush poker. So be patient, the money will come if you play well.

Well that’s all the time I have for now, get back to me with any more questions.


TrackBack URL for this entry:

Comments (3)

Ricky the closer Rosa:

dude, thank you for your valuable advice, to be honest i came to that conclusion myself, was looking for clarification on my thought process's, incidently 6 days in to my "step up" i have increased my roll now by 65 percent, which of course is down to variance being on my side, and some very good play on my part, i would like to thankyou because your site helped me make the decision to get back on the horse, to take on the players i used to crush, and sure enough..... just cant believe the difference in playing styles, of course 99% of calling stations have just evaporated and been left by the stereo typical tight/aggressive predictable players( a few phyco's as well!!).I find these players imeasureably easier to beat and this is probably down to the fact my confidence has increased 10 fold, i feel like i am back on track, expectations and dreams start to come flooding back, but also they do what they are supposed to do, but even though they have a working knowledge of pot odds, they all have betting patterns which are realitivly easy to spot but more tnan that they seem to have little understanding of reverse implied odds. ( note i havnt mentioned implied odds-as thats the only way i can understand some of there calls. There was no practical advise such as yours avaiable from literature which as you said advises a min of 1000 the big blind, before you should play at that level, am not tempted to return to higher limits yet am satisfied with the progress ia m making at 1/2 dollar, and am comfortable with the fact that despite not conforming to "proper advise" i am still in control of my roll and discipline.

Nice post X. Makes me think or should I say rethink my stance on roll management somewhat.

Thanks Ricky.

Ricky The Closer Rosa:

Dude been reading your post again and i have another question if you do not mind?
My question is practical tips on mind set, what i mean is since my return to a reasonable standard of poker i have as in my previous comment been doing quite well, i have noticed though that i am playing every single night,some nights i play better than others, when i play my A game i am a consistent winner, but my B game is almost a default tight/aggressive predictable style of play, i do go up and down the gears, but really play a default style, the problem is i think i am playing my b-game more than my A game, because of variance my bankroll is still doing well at 63 percent above my intial 1k start on the 14th of this month, but as i said i believe this to be down to variance mainly, let me give you an example of my a-game, 1/2 dollar have been sat down for 5-10 mins table of 6, have bought in for max 200 dollars, am trying to set up my table image and am playing a loose, wild style, i am in mid postion with 10j suited, raise to 6 dollars, am called by a guy in late position and by a guy who limped from early position(not under gun)flop comes 2210 rainbow, early postion caller checks to me i raise to 12 dollars, the guy in late position folds the guy in early postion goes all in for another 60 dollars, i called after some hesitation as i reasoned that he limped preflop in early postion, and when i raised he just called, if he had an overpair to the tens and was slowplaying he would have surely reraised preflop, i reasoned he figures me for having two high cards and reasons that i am making a standard continuation bet, i reason that he has probably got nothing or a small pair, so i called he showed me hole eights and i took the pot.
Check this out for an example of my b-game, in early position same limits but have been playing an hour and have developed my default tight/aggressive image, get kk on lb, and a guy in mid position raises to 8 bucks, i reraise from the lb to 20 dollars, now heres the mistake the bb reraises to 40 dollars( i mean what could he have had, aces of course) the original raiser folds, i put him all in for another 130 dollars he calls and shows aces, varience played a part as i flopped trip kings and took him down for a 4and a 1/2 to 1 shot, happy days!!(in one way yes,but what really disappointed me was i knew he had aces, that was really the only hand strong enough to reraise a reraise, and i still called!) now its not that i have aproblem laying down hands or even getting attached to hands , i honestly dont, well not when i am playing my A -game anyway, it's just i seem to fall in to a b-style sort of game as i said on average 2/3 times i play, what can you suggest, you touched on it earlier, i.e try to win your first hand, which i have been doing with some success, i do agree that phycologicaly your mind set is in a better place, but i try to really not think to much about winning in one particular session or losing for that fact, its just part of the course, now the reason i really need advice is that my windows of oppurtunity for playing are minimal, i have to take the time on offer, and i am afraid if i listen to the advice most pro's give you that you shouldnt play if you are tired/upset etc.. well i mean i wouldnt play at all, with two kids if i didnt play when i was tired,i simply couldn't play at all. for instance a very rare 5 hour window of oppurtunity on sunday, sit down grind playing my b-game on two tables for 5 hours and finish 240 dollars down, dont care about the loss, didnt play particulary bad or make dodgy decisions, just played an overall losing stratedgy because for some reason i couldnt get my a-game up and running, any advice at all would be appreciated, so the post is so long but i really do need to get some advice of someone.
Kind Regards

Ricky The Closer Rosa

Post a comment

(If you haven't left a comment here before, you may need to be approved by the site owner before your comment will appear. Until then, it won't appear on the entry. Thanks for waiting.)


This page contains a single entry from the blog posted on April 15, 2007 9:09 AM.

The previous post in this blog was Why am I an EX Poker Player?.

The next post in this blog is Ricky’s Time Management.

Many more can be found on the main index page or by looking through the archives.

Powered by
Movable Type 3.33