Bankroll Management, In the Long Run

Cross posted, original found: http://www.houstontexaspoker.com/forums/showthread.php?t=35841

Throughout my career, I've had dozens of poker friends wisely play within their bankroll, make some decent money, and then go busto a few days, weeks, or months later. What happens? I'm convinced that winning players should never go broke if they stick with good bankroll management. It seems like the problem isn't laying down ground rules for the games they play, nor actually following them. The problem is continuing to follow those rules in the long run.

There is always a defining moment when players go from obeying their rules to breaking them. It could be a small thing, like getting upset after misplaying hand and losing a medium-sized pot . It could be a big thing, such as dropping 8-buyins in a session. In reality, it really could be anything. My point is that there is a definite moment when you decide to break your bankroll management rules. The hard part is realizing what this moment is.

So, the first step to going from a short-run bankroll manager to a long-run manager is to realize when this defining moment happens, what is psychologically happening to you because of it, and what to do about it. I've been a long time advocate of separating yourself from your emotions from the poker table, simply because it clouds your judgment and forces you to make bad decisions. I think if you do find yourself losing it, its best to step away for a few hours (days if necessary) and come back. Really, being honest with yourself is the best thing you can do. If you feel like you're ready to return and do it correctly, you are the best judge of that. But be honest with yourself. If there is ever any doubt, continue to keep yourself from playing, then reevaluate yourself and go from there.

If you are not honest with yourself, and continue to play after this defining moment (or if you fail to realize this moment to begin with), then what will happen is the snowball effect. All of a sudden, your one misplayed hand leads to bigger misplayed hands in bigger pots. Before you know it, you're in the hole multiple buy-ins and trying to get back your losses by perhaps playing in a more aggressive (and higher variance/risker) manner.

Another problem of the short-run bankroll manager is that he overlooks progress and dwells on setbacks. Again, its another mental issue. It [I]is[I] frustrating to play a two-hour session and finish up $2.07. And I think the "defining moment" is right there after your session. You can either walk away with your small profit, or you can continue to play (although now frustrated).

Another example is having a great run for two weeks and not having one single losing session, only to have one small losing session and start to fret about it. Instead of being happy for nearly two weeks of good play and great results, they focus on the one bad day.

Be sure to constantly look over your goals. Reread them and focus on them. Reevaluate them and rewrite them if necessary.

I understand that most players are just casual players. Obviously this article isn't for them. If you are serious about playing poker and building up a roll however, you need to start looking at your goal as a must-keep goal, not a would-be-nice-to-keep goal.

Like with any other goal-setting, managing your bankroll is something you need to make a habit. Keep at it, and before you know it you won't even be thinking about your roll and what tournaments you should or shouldn't be playing. You would just do it, naturally. And once you get there, you never will have to worry about going busto ever again.