Money management for no-limit poker
In poker, you are going to win some and lose some. Money management in poker is about preparing for how you are going to lose. You have to be on guard against dumping too much money into a game. Repeatedly buying in when you keep losing is a sign that you are on tilt, but unlike an unbalanced pinball machine, bells and flashing lights are not going to warn you of your state. Other people might notice your tilt by your determined drive to drag a win out of defeat no matter how many soldiers you have to order into the machine gun fire. When you have a money management plan, you will be able to retreat from such emotional messes that can happen to anyone. Once you hit your limit in losses, you will know to retreat and reassess instead of wasting your resources.
If you have to stop playing because you’ve hit your personal money limit, then it’s the perfect time to engage in critical self examination. Were you losing because you were playing poor hands? Were you playing the right hands but simply having bad luck (this happens)? Were you outclassed by your opponents?
Managing your money is especially important in no-limit poker. It applies of course in limit poker as well, but in a limit game you might decide to fritter away $200 until the cows come home, but in no-limit that $200 could easily be one bet.
The first thing you need to know about a no-limit game is whether or not it has a buy in limit. This limit refers to the maximum amount of chips that any player can purchase at any given time. Although betting is not limited, the buy in limit applies some measure of equality between the players. It reduces the likelihood of someone with $500 being torn up by someone with $5000. A buy in limit is by a standard feature, but you do need to know if it’s there or not.
If the no-limit game you are about to join has no cap on the buy ins, then you will have to look at how much money the other players appear to have on the table. You will need to meet or exceed that level of action with your buy in so you can hang out and have a chance. For example, if everyone has thousands and thousands of dollars in front of them, your $500 would likely have fun elsewhere.
If a game does have a buy-in limit, then I recommend that you start your game by buying in for just over one-third of the maximum limit. If I’m looking at a $200 limit, then I would not buy in for any less than $80. Should that money be lost, then I buy in for another $80. If or when I have to buy in a third time, I’ll go for the maximum and buy $200 in chips. Hopefully with this third attempt, my cards will turn around. Also at this point I am only in the game for $360 and $200 of it is still on the table in my possession. If I can take a pot for $200, then I’ve recaptured all my investment plus $40.
However, if your $200 buy in fails to produce a win and you lose the entire $360, you need to stop playing. Chasing a $360 loss on a game with a maximum buy in of $200 is an uphill battle. After most people lose nearly $400 they are no longer in the proper frame of mind to play effectively. In this situation you might be mentally tilting toward chaos, be wrangling with superior players, or both. End the session.
Here is another approach to managing your bankroll with the $200 maximum buy in situation. I personally buy in for $120 instead of the technically proper $80. I have found that it usually takes a while to get a good hand, so out of my $120 buy in $20 covers my blinds and leaves me $100 to bet. Two $50 bets might allow me to win a pot. Managing your money so that you can make relatively substantial bets lets you get value out of your hand by making a show of force. Managing your money is very important, but your plan must also give you the power to function. In no-limit poker you need to be tight to protect your bankroll, but when you have the advantage you have to open fire with all guns.
You can approach your money management in any way that suits you as long as you factor in these important issues:
1. Giving yourself enough money to bet and win.
2. Protecting yourself from losing too much.
3. Making sure you are not over-investing in a game where the action makes it close to impossible for you to win it all back.
Finally, money management for poker players begins and ends with what you can afford to lose. You don’t want to have a miserable playing session and be left wondering how you are going to pay the mortgage. When you enter a no-limit game be careful about what you are getting into. For some people $200 does not mean anything and what you think are big bets may not be very intimidating at all to some players. You must also try to figure out with whom you are dealing. You need to play your money in a venue where you have a chance to win. Your $500 bankroll against players with thousands leaking from their pockets is a tough row to hoe. You should play within your pack.
Continue: Final thoughts and works cited
