Bankroll Management??

[golferbrent]

I am a successful 15/30--20/40 player in KC and also have found success when I travel to other places as well. However, I have always had trouble properly managing my funds. Reading the article interviewing Scott Fischman in the current cardplayer really made me realize how important managing your bankroll and money is. I was wondering what kind of system everybody uses?

Basically:
Do you pay yourself a monthly salary from your bankroll?

What kind of limits do you put on losses? If any?

What kind of things do you do when you are in the midst of a losing streak?

Do you set types of loss limits for particular sessions, etc.?

I would appreciate all sincere replys b/c I think fund mgmt is the most important aspect of playing poker professionally. All the different views on the subject should help all of us... making sure we are ultimately in the best position to be successful!! Thanks in advance!

Also, I understand everyone has their own theory on the number of BB's to have in a bankroll... I want to focus on how to manage the ebb and flow of poker! Thanks!

[DcifrThs]

you NEED NEED NEED to read "Gambling theory and other topics" by mason malmuth.

and you need to read it now.

-Barron

[BoxTree]

[ QUOTE ]
you NEED NEED NEED to read "Gambling theory and other topics" by mason malmuth.

and you need to read it now.

-Barron

[/ QUOTE ]

I've read it. Twice.

You won't find, "You need 300 big bets to cover swings" or "400,000 hands is enough to determine your long-run win rate within .5 BB/hr. with 95% confidence."

Mason does, however, provide tables that can be used to help you figure out how many BB you should have.

The book can be useful, but it's hardly a must read (even given the questions posed by the OP).

Edit: Mason does address the "extremely silly subject (or is it topic?) of money management" and "bankroll management (which is not so silly)." But you hardly need a book for that.

[BoxTree]

I am exclusively a 20/40 B&M player.

[ QUOTE ]
Do you pay yourself a monthly salary from your bankroll?

[/ QUOTE ]

No. If I have a bad month, how do I pay myself this salary?

[ QUOTE ]
Do you set types of loss limits for particular sessions, etc.?

[/ QUOTE ]

-75 BB/session (six racks). If I lose 75 BB in 8-12 hours at a B&M, it's probably not due entirely (or even mostly) to variance. I'm likely playing badly and/or my table selection/seat suck for that day. If I play short-handed (I usually don't), I'd be comfortable losing somewhat more in a session.

[kiddo]

[ QUOTE ]
No. If I have a bad month, how do I pay myself this salary?

[/ QUOTE ]

You can have a bankroll so big that you cant lose it. If I know I dont lose more then 300BB at a certain limit before starting to win again and if I know I average 100BB/month and if I have a bankaccount with a 500BB bankroll u can normally withdrawl 100BB/each month if u play so much that most months are winning months.

This is good if u got really bad spending habits when u win big. If not, its easier to have a certain bankroll - lets say 350BB - and withdrawl everytime u are above.

[golferbrent]

DcifrThs-
Thanks for the advice. I just ordered the book from Amazon and it should be pretty helpful. However, I am still curious about how you manage your game on a day in and day out basis?

Additionally, do you play live any at all in St. Louis? I have played down there many times and am curious whether I have played with you or not?

[golferbrent]

[ QUOTE ]
[ QUOTE ]
you NEED NEED NEED to read "Gambling theory and other topics" by mason malmuth.

and you need to read it now.

-Barron

[/ QUOTE ]

I've read it. Twice.

You won't find, "You need 300 big bets to cover swings" or "400,000 hands is enough to determine your long-run win rate within .5 BB/hr. with 95% confidence."

Mason does, however, provide tables that can be used to help you figure out how many BB you should have.

The book can be useful, but it's hardly a must read (even given the questions posed by the OP).

Edit: Mason does address the "extremely silly subject (or is it topic?) of money management" and "bankroll management (which is not so silly)." But you hardly need a book for that.

[/ QUOTE ]

Thanks for the insight! I appreciate your insight... I am going to add Gambling Theory to my extensive 2+2 library. However, I think you are right about the bankroll mgmt aspects of poker, you can easily discuss that w/o reading the mentioned book.

[scags23]

All this complicated talk isnt necessary I feel. U should have a seperate poker bankroll. Log in all the hrs u play. Ur goal should be a Big bet an hr. ANything u win above that in a session should be put in ur poker bankroll. Any loses should be covered by your bankroll. U should stay in a game as long as u feel it is a good game and u are playing ur game. If thats the case u shouldnt get up after a certain loss 9as long as u can be honest with urself). Obvioulsy if u are losing big u should get up and strongly evaluate ur game.
Side NOte: There's nothing wrong with dimping slighty into ur poker roll when running well. A big win might deserve a steak dinner-dont get carried away though.

[golferbrent]

[ QUOTE ]
All this complicated talk isnt necessary I feel. U should have a seperate poker bankroll. Log in all the hrs u play. Ur goal should be a Big bet an hr. ANything u win above that in a session should be put in ur poker bankroll. Any loses should be covered by your bankroll. U should stay in a game as long as u feel it is a good game and u are playing ur game. If thats the case u shouldnt get up after a certain loss 9as long as u can be honest with urself). Obvioulsy if u are losing big u should get up and strongly evaluate ur game.
Side NOte: There's nothing wrong with dimping slighty into ur poker roll when running well. A big win might deserve a steak dinner-dont get carried away though.

[/ QUOTE ]

I do all of those things... but when I play a lot I tend to develop bad habits and am attempting to find how people address those problems as they play...

So in the future I will not run into the same problems! Winning a BB/hr is not a problem... the problem is making sure you don't go broke even though you are beating the game solidly!

When we read so often about so many top pros and the fact that they have often gone broke on multiple occasions. I just want to sample the many good opinions on this board about the steps that they take to avoid going broke.

[PokerBob]

I will be officially a "pro" on Monday and this is how I am going to handle things, FWIW. I will keep 800-1000BB in my poker account/Neteller. Anything above 1000BB I will remove at the end of the month. I have 5-6 months expenses set aside in case of any "disaster". If I have a particularly good month, I will leave a little in the poker account so that I can take shots at the next level.