Discipline: Part X

This is the tenth of a series of columns on discipline, which is essential for anyone who wants to be a professional poker player. So far, I have discussed avoiding tilt, finding good games, physical conditioning, and mental conditioning.

The last and in some ways the most important topic in this series is building and maintaining a bankroll. We might look on building and maintaining a bankroll as a macro-discipline. This is the form of discipline that overwhelms everything else. Without this ability, you will have a tough struggle as a gambler, and may have frequent episodes of going broke and starting from scratch. In this discussion, I am going to draw on a number of things I have written about before, but I am a big believer in the benefits of constantly re-emphasizing important ideas.

Rule 1: The Larger Your Bankroll Is, The Less Risk You Should Take

Most people do exactly the opposite of rule one. With a small bankroll, they zealously try to avoid risk. They are afraid to go broke. While with a big bankroll, they are willing to attack high stake games or make big wagers on virtually anything. Before I explain why this is bad, let’s get some basic definitions out of the way.

Some people have jobs, businesses or other outside sources of income. Some do not. I will assume that even those who don’t have a job or profession could find some form of employment if they had to. Obviously, those who are forced to become cab drivers or dealers won’t make as much as doctors, lawyers, and accountants. I am also going to divide gambling bankrolls in three categories — small, medium, and large.

A small bankroll is an amount you could get from working for a month or less. It might also be the amount you get from your business, from your investments or from you social security check each month. Remember this amount is the amount that goes toward your gambling bankroll, so it is after expenses. For some people, this may be a few hundred and for others a few hundred thousand. A medium bankroll is one that could be saved by working for more than a month, but less than a year. On average, it might take about six months to accumulate. A large bankroll takes at least a year to accumulate. If you have no job and no outside sources of income, and really want to avoid going to work, treat your bankroll as large. Losing a small bankroll is distracting, losing a medium one is disturbing, and losing a big one is disastrous.

I have seen the greatest players tap out over and over. Players who you have watched on High Stakes Poker and Poker After Dark are trying to borrow money. Players who have won six- or seven-figure prizes in WSOP and WPT events are playing in small games or standing on the rail looking mournful. I don’t want to pick out any specific players. Many of them are my friends, and their histories aren’t widely known, but I’ll cite a few well-known examples.

Doyle Brunson has probably been the best poker player for most of the last 50 years. He has gambled successfully at other things like golf. In his autobiography, The Godfather of Poker, he talks about how frequently he went broke, especially during his early years on the circuit. And Doyle never did drugs. If you want to get a feel for those who did, read about Stu Unger (the best gin player in the world and a top tournament poker player) in One of a Kind by Nolan Dalla or Mike Matusow in his autobiography Check Raising the Devil. There are also many top poker players who managed to destroy themselves with other forms of gambling, such as TJ Cloutier with craps or Erick Lindgren with sports betting.

I see players spending enormous amounts of time learning poker tactics and strategies. I see them grinding 14 hours a day in casinos and multi-tabling like maniacs online. But most of them don’t have a long-term financial plan. They don’t think about their bankroll. As I said in the last column, many people, not just poker players, spend more time planning their summer vacation than they do planning their financial future. Don’t be one of those.

I will get into more specifics in the next column. For now, remember rule one: The Larger Your Bankroll Is, The Less Risk You Should Take!!! Think about your bankroll. If you lost it, how long would you have to work to replace it? Would you classify it as small, medium, or large? ♠

Steve ‘Zee’ Zolotow, aka The Bald Eagle, is a successful gamesplayer. He has been a full-time gambler for over 35 years. With two WSOP bracelets and few million in tournament cashes, he is easing into retirement. He currently devotes most of his time to poker. He can be found at some major tournaments and playing in cash games in Vegas. When escaping from poker, he hangs out in his bars on Avenue A in New York City -The Library near Houston and Doc Holliday’s on 9th St. are his favorites.