Can you avoid going broke in Poker?
The simple answer to this question is yes. But you need to play the right way. And even many very talented players end up broke. The skill these players lack is proper money management. Thankfully, there are several rules of thumb that anyone can learn to help you keep from breaking your bank in poker. A first step is to begin thinking of your poker money as a sort of investment capital in a business. The earnings you win are not to be blown on frivolous things, but reinvested into bigger limit games with bigger potential earnings. Only once his bankroll has been increased to a comfortable point should a poker player pocket the excess.
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Nonprofessional players should note this as well, because even if they do not want to make a living playing poker they need to know how much they can expect to lose. Because in all likelihood they will lose at some point in their playing. Even more important, the skilled nonprofessional player who plays with proper money management can hope, with a little luck, to turn his weekend gaming alotment into a bankroll for bigger stakes.
Rate of earnings
A second rule of thumb is the 300 times the big bet rule. This means that when you sit down at a table to play a game of poker, your bankroll should be at minimum 300 times the big bet limit. For a typical game of Limit Texas Hold'em where the limits are 20$ to 40$, this means that players should have 12,000$ in the bank. While this may seem a bit steep, the statistics hold the figure out.
For instance, a typical, skilled poker player can hope to make one big bet an hour. That means, for our example game, that they will make 40 dollars an hour. However, that players projected earnings after 100 hours of play vary anywhere from minus 11,000$ to plus 19,000$. It is only after a total of 1400 hours of play that the same player will be almost certain to break even. As you can see, a very high bankoll is necessary to keep players in the game until they can be sure to win.
Breaking it down
Taking all the above into account, the following are some general rules for poker money management.
1. Always play with a big enough bankroll: 300 times the big bet limit.
2. Never, ever, fill out your bank with money that you cannot lose. Consider the money in your bank operating capital: the cost of operating a business that is necessary for possible profit. If you are uncomfortable about the risk of losing, your play will suffer, as will your winnings.
3. If you take too heavy losses at a higher limit, step down to a lower limit to strengthen your bankroll again. After it is back up to an acceptable level, then go back up to the higher stakes.
4. If you are at a bad table, get up and leave. It will be better for you in the long run, even if you are winning.
5. If you are at a good table, stay put. Even if you are momentarily losing, you will likely be better off in the long run.
6. If you start to take a “dive” stop playing. The surest way to avoid “crashes” is to catch them before they occur.
7. Remember: operating capital. You would demand complete bookwork from a business, and the same should be with poker. Track your winnings and losings, hours played, and games played.
8. Only go to play when you are mentally prepared and in the mood to do so. Going in any other manner is asking to lose.