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Investment Management
There is a reason why many poker professionals make their living without
just relying on luck. Many of the pros hold degrees or have solid
backgrounds in some kind of management role, and their backgrounds serve to
enhance their games. One of the crucial elements of playing poker is knowing
how to manage your finances.
Remember that luck plays a part of the game, but you never want to count on luck
alone. The cards will decide your fate, and it is up to you to decide if that
fate will be a minor setback or will devastate you financially for a long time.
The best way to make sure you have fun and stay happy monetarily is to establish
strict guidelines fro yourself, that will determine what you are wiling to risk
and the limits you will play.
Let's say, for example, you have $1,000 that you've set aside as your poker
bankroll. You'll need to know what games you can afford to play, budget and
skillwise. You will need to determine if you are good enough to beat the other
players at the table.
Remember that usually the higher the limit, the better the players at the table.
If you can’t afford to lose all of that $1,000, you shouldn’t be playing any
poker with it at all. In most poker books, authors will tell you that you should
have three hundred big bets as a bankroll. That's a pretty safe kitty. In fact,
if you're a solid player who wins one big bet per hour, there's only a 3 percent
chance of ruin if you stick to the appropriate limit.
With that said, if you have a $1,000 bankroll, the correct limits for you to
play will be right between $1-$2 and $2-$4. If you want to be on the safe side,
a $1-$2 game affords you a bankroll of 500 big bets $2-$4 leaves you with only
250 big bets. Now, if you feel like your skill level is good enough to win at
the $1-$2 table, you might want to take a shot at a $2-$4 game. Remember that
you don’t want to risk the entire bankroll. Instead, you could invest $400 in a
$2-$4 game. If you were to lose it, you'd still have the bankroll to go back
down in limits with your remaining $600 and still have the required 300 big
bets. The key to surviving is having the discipline to swallow your pride, take
your lumps, and then move down in limits if things don't work out at a higher
limit game.
Some of the most talented players in the game are broke or going broke or have
been broke, because they simply lack good bankroll management. Lack of
discipline isn’t just an amateur mistake. However, for every hard luck story,
there are the professionals who combine solid play and solid bankroll management
skills.
Living the life of a serious poker player can be stressful enough all by itself.
The last thing you want to do is compound that by continually adding financial
pressure to the mix. Take your time, build your skills, don’t get in over your
head, and above all remember to swallow your pride. Some days luck just won’t be
with you, and the making of a professional will depend on being able to play
another day.
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