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-   -   money management (http://archives2.twoplustwo.com/showthread.php?t=405973)

12-27-2005 04:11 PM

money management
 
I am a motivated beginner, motivated to play well by reading,thinking and paying attention. I realize this is a difficult game and hate being a beginner. I haven't read anything about money management. I want to work on a budget and not spend more than x amount per month. How do you know when to leave the table? I would only like to spend $100/ month. Is it better to bring only $20 and come more often or bring $100 and maybe play only once? How much is reasonable to lose before I start to win?

12-27-2005 04:25 PM

Re: money management
 
250$US, i was a very short-attention span kinda guy when i started playing and really only ever bought in for like 25 or 50 each time i played . but i would buy in countless times trying to win big.
eventually i the time out of my day and made up some income records and started looking into budgeting my money online.

i found it much better to buy in for around 100+ and join sites with bonuse offers for extra cash, learn to grind limit and only move up when you feel confident

id say anything over a 500$ loss should show you need to improve your game to get the results

SheridanCat 12-27-2005 04:56 PM

Re: money management
 
Everyone learns at their own pace, so it's very hard to say how much should be budgeted toward learning the game. Really, if you have studied at all, you are way ahead of most players and could start winning right away. Of course, you will experience swings up and down, and there's no reason you can't start on a downswing.

I suppose I lost about $250 before I realized I should get ahold of a book and figure out how to play the game. That was before the days of nano-limits; there's no reason you have to lose a lot while learning the game.

Of course, early wins will probably be eaten up by the cost of books that you really should be studying. But that's an investment. [img]/images/graemlins/smile.gif[/img]

As for how to manage your money. Just play very, very low while learning. If you can invest $150, you can play pretty safely if you stick to the nanos at a site like PokerStars.

How much is reasonable to lose? It's all dependent on how quickly you learn the concepts and what limits you play. Study hard and play very low and you won't hurt yourself too much.

Regards,

T

12-27-2005 08:34 PM

Re: money management
 
Please for the sake of your game later on don't forget to look at and take advantage of the rakeback offers.

When you finally do begin to move up those monthly rake rebates will certainly add up.

One thing I would highly suggest is that you read through all of the 'links for beginners' topics in the stickey post in this forum.

I believe even a serious and seasoned player can find value in reviewing the basics from time to time. This reminds me of a similiar situatuation where a concert classical guitar player spent 6 of his 8 hours a day practing cords and spent the other 2 on advance classical guitar. Keeping your foundation solid will provide support when you need it most.

Monty

Fryguy 12-28-2005 03:53 PM

Re: money management
 
If you are a beginner, take the time to get together a few hundred dollars now, say $200.

And then don't use any of it.

Go and play the .02/.04 and .05/.10 tables on pokerstars (or whatever site you prefer that has tiny limits). Purchase Small stakes hold'em, theory of poker, and hold'em for advanced players, and learn to play.

When you stop sucking, move up to .25/.50, then .50/1 and just gradually move up as you beat the limit you are at. A good rule is to always have 200 big bets available for whatever limit you are playing. Available, not at the table. I usually sit at a table with 25bb or so.

12-28-2005 04:49 PM

Re: money management
 
[ QUOTE ]
If you are a beginner, take the time to get together a few hundred dollars now, say $200.

And then don't use any of it.

Purchase Small stakes hold'em, theory of poker, and hold'em for advanced players, and learn to play.

[/ QUOTE ]

Totally. Although I'd say Small Stakes Hold'em, Poker Academy Pro and Poker Tracker (those last two are software).

Tweek the speed settings on Poker Academy and you can play 500 hands in about three hours. After your first read through of Small Stakes Hold'em you should be crushing the Beginner and Low Limit AI settings. Finish the read through a second time and you should be able to hold your own against Random and Standard settings (the AI in Poker Academy is REALLY good).

By this time you should have played around 10k hands vs the computer. You can import the hand histories into Poker Tracker and look for leaks in your play. When you find them, you can set Poker Academy to simulate those situations and drill until the leak is plugged (like say, play 500 hands where the computer deals you A9s EVERY hand, in every position [img]/images/graemlins/wink.gif[/img]).

THEN hit the micro and low limit games, and CHUSH them. [img]/images/graemlins/wink.gif[/img]

Now that you're playing for real money and consistantly winning, you can tackle Poker Theory and Hold'em Poker for Advanced Players. Keep importing your hand histories, search for the leaks with PT and plug them using PA.

Honestly, I don't know HOW guys like Doyle Burnson & Johnny Chan got to be such good players without PA & PT. Personally, I belive that with reasources like PA, PT and 2+2 at our disposal there is no reason to ALLOW a leak to exist in our play.

12-28-2005 08:00 PM

Re: money management
 
Thank you so much...I do have the books but have not heard of poker academy. I just posted yesterday for the first time...wonderful to get advice...no one shares at the card room

12-28-2005 08:05 PM

Re: money management
 
Thanks!

12-28-2005 08:07 PM

Re: money management
 
Thanks, Monty

AKQJ10 12-28-2005 08:31 PM

Re: money management
 
[ QUOTE ]
Although I'd say Small Stakes Hold'em, Poker Academy Pro and Poker Tracker (those last two are software).

[/ QUOTE ]

Count me among the skeptics about PT's usefulness for someone who hasn't yet learned the basics, e.g. who's playing small-stakes LHE without having internalized the lessons of SSHE.


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