Hi. Come on in. Would you like to have liver and onions today? Neither would I. Ick! That's why I got us a rack of ribs and a pound of onion rings. Put on your bib and dig in.
Many poker players, both experienced and new to our beloved game, are not totally cognizant of the many important facets to the game of poker, and one of them is the handling and monitoring of your bankroll. I'm not talking about money management. Instead, let's talk about the
psychology of your bankroll - actually, the psychology of
you and your bankroll as a
combination.
During one of our previous talks, I made the short statement that appears above: "Losing at poker is meaningless. It just doesn't matter." About half of the poker-playing world thought I had lost my balance. After all, isn't winning money the object of the game?
Over the years, I've interviewed many world-class professional poker players. Every one of them agrees about the importance of a good understanding of your bankroll. After all, it is the most important tool of your trade, or hobby, as the case may be.
One of a long list of Roy's Rules states: "Never go broke." That is surely overstating the obvious, but if you don't have money, you can't play. It's just that simple. I'd like to be able to make it more complicated, so that you could scratch your head and ponder over it for a while. If it were more difficult, you probably would value it more highly.
I don't know of any poker players who consider winning to be a problem. Losing, however, is a different matter. A player doesn't have to cope with winning, but most do have to cope with losing. So, let's consider losing.
I could take you to any area of public poker, such as the Las Vegas Strip, and show you many otherwise good poker players who are up and down financially, and always seem to be scrounging for a bankroll. Meanwhile, there are many players with less ability who are able to stay in action without the deep financial valleys, and build on their bankrolls.
Many players will take a small win and be out the door, but tomorrow, they might be stuck for two or three buy-ins and will be digging for another and another, trying to get even. At that point, it's almost hopeless. So, try this thought from a poker pro: "Stay to win, but don't stay to lose. Be able to take a loss and get out of the game before it's hopeless. I make that one of my top priorities for profitable poker."
Another professional player told me, "You have to be able to get up and take a loss before you get stuck so deep that it devastates you." If you have a bad day (and we all do from time to time), you'll have a chance to overcome it tomorrow - if you can "get up and take a loss before you get stuck so deep that it devastates you."
If you go off for big money today, it probably will take you three or four winning sessions just to get it back, and there's no guarantee that tomorrow will not bring another loss. That's a very deep hole to dig for yourself. So, when you're losing, you might want to consider that your game is off somewhere. Maybe you took a beat and it affected your play without your even realizing it. You might have become a bit less aggressive after getting a couple of hands cracked, so you don't make a raise when you normally would. Maybe you're just being outplayed. Or, maybe your game is in top form, but your cards aren't holding up; it's just not your day.
If you're losing, something is wrong somewhere. Unless you can quickly discover what that is, you'll be better off getting up and absorbing the loss. Tomorrow is another day, with new hope looming over the horizon.
The game of poker already was going for a hundred years the day you were born, and it will continue after your are gone. So, it will be helpful if you look at poker as
one continuous game during your entire lifetime. The fact that you come to the game and leave the game at various times is inconsequential. There is no conclusion.
The game of poker should be looked at as a marathon, not a sprint. Being ahead or behind for a certain session is of no real importance in the overall scheme of things, so your play will not be based on winning every day, but on winning in the long run. With that in mind, a loss on a given day will not be as upsetting. You'll be back to resume winning another day.
I'll be back on another day with more on handling a loss, and we'll also take a look at the problems of winning. Problems of winning? We'll see.
Now I tire and require repose. Take the rest of the ribs and onion rings for your breakfast, and kill the light on your way out.
Roy West, poker author and teacher, continues giving his successful poker lessons in Las Vegas for tourists and locals. Ladies are welcome.
