Poor bankroll management is the biggest downfall of any professional gambler. 10-20 yrs ago i stayed near broke most of the time due to leaks on video poker, playing the wrong forms of poker, and giving women money. i dont ever give women money no more, i dont play near as much video poker as i used to when Josie still read the blog, and i know better now than to waste time in $1-5 stud (it no longer even exists in most cities) and in $2-6 spread limit or even worse, low stakes fixed limit. no more of this wasting $500-600 of $3000-4000 rolls on even money or 6-5 video BJ in the same day either. im sick when i think of how much i wasted in the past 10 yrs or so, and how my skill level in NL poker would easily allow me a bankroll of well over $200,000 if i were to have been managing money properly all these yrs. wish i werent so lazy.
i think theres 2 good bankroll rules to follow. one, dont put over 5% of your roll on the table or lose over 5% in one day. ($750 in other words). next rule is, quit the table (not neccessaliry for the entire day) when u drop back 1% or more. (which is $150). the goal for $1-2 NL is to keep 100 buyins if u dont have other income, investments, govt checks or assets coming in or credit. if u do have these other sources 30-40 buyins should be enough. Bankroll management is more important than most people give it credit for, indeed much more important than ur skill level. bankroll management failures is why i dropped from a high in Reno of over $45,000 to the $13k or so i was down to last week before i had a slight comeback. good money management wouldnt let me bet 3 spots of $1250 each on BJ. 3 spots of $100 to $150 each wouldve been the correct bet on the count of plus 18. then i wouldnt dropped over $20,000 in the 3 weeks i was in Reno.
so this afternoon im in a game in the Nugget which keeps flip-flopping from tight to loose as players go broke or get up. when i left, it was loose, some new players sat down, most were quite loose or bad, including the guy in seat 9 on my immediate right. im in seat 8, since its 9 handed. theres some bluffers on the other side of my table in 3 or 5 and some bigger pots are starting to develop. im much older than many of the players and theres a good looking woman who i think lives in vegas in the seat next to me. not nearly as good looking as the black girl from ellis island who works in the restaraunt who sat by me and Vince in the BJ table at the longhorn last night, who i was shocked to find out was gay being she sure wasnt ugly like most women are who turn gay. i was curious how she knew me til she told me it was from the VBJ machine ellis isle got rid of. i thought she was a boulder street hooker sitting there as good looking as she was. another hooker who vince and i had just seen walking thru az charlies earlier was in there getting thrown out by longhorn security.
i got dealt 10-10 and made it $6 in early position, one of the loose newer guys raised from out of the blinds to $30, and so did i and one other guy fearing i was up against a big pair. flop comes 2,3,7 and 2 hearts. so when he bets $45 on the flop, not knowing if he has one or not, or if he might have the flush draw or something else which dont beat 10-10 i call. turn comes J offsuit and he bets once more, other guy is out, i call. on the river i plan to fold if the flush comes and he bets or an overcard comes. river comes offsuit 8, he bets $130 what would u do?
i called, thinking he must surely put me on the flush draw (which i dont got) and think if he had an overpair, he would check, hoping ill bluff since in his mind, i couldnt call. so i thought if he bets, he must either have a set or be bluffing since ive showed strength staying in. turns out hes got KK and is good. i left while i still had $190 of the original $100 buyin that was once up to $467.
i will probably regret the rest of the year not trying todays $200,000 guarantee with only $200 buyin but proper bankroll management wont let me spend over $150 on any one tourney. tired of not cashing, then working 2 days to get back the buyin, but this is standard for tourneys. u need either staked to play tournies or be extremely well rolled to financially and emotionally, to not cash 15 in a row and when u do cash to min cash.