Have You Got The Gamble?

If you have ever played cards, the stock market, property investing or any other method of gambling you will probably have experienced the ups and downs that are associated with these methods of investment. The ups we speak of are profits, and the downs are the inevitable losses of money that happen to everyone who invests. Poker is definitely more on the gambling side of investing, so a poker specific attitude towards money is essential. This article will be relevant to you no matter what sort of game you play. If it involves wagering, read this carefully!

Money management is an individual aspect of poker, each player does it differently but it is almost as subjective as the game itself. I would never dare to write an article to advice people not to care about money and to treat it as a tool to play poker, which some top professionals have gone on record in interviews as saying. It is my own belief that I respect money, and seek to maximise my utilisation and acquisition of money wherever I can. If you have no care of money then when you win it will mean nothing, and when you lose it means equally nothing. But this is a bad attitude to your money and I believe over caring about money is actually better for the player. We are going to look at the relationship with your bankroll that you will need at the poker table.

At one end of the spectrum you have the degenerate player. This is the poker player whom their family despairs over, and the classic image of the dishevelled punter placing their last penny on a horse before closing time at the bookies. If you are one of these types of players, seek help immediately. Some players think this is a macho attitude, but this is only going to cause you problems both on and off the felt. These players have no concept of bankroll management and play because they simply must be in action. They do not play because they have an edge, enjoy the challenge, it is simply about needing to gamble. This poker player will not mind if you suggest putting away the cards and race, as long as a bet is placed. Definitely not the player we hope you are, or hope to become. Conversely, many top professional players fall into this category.

Then you have the opposite end of the spectrum. A player to whom money is so important they simply do not dare to play. I am closer to this type of player than the degenerate. I love money so much it takes some thought before I am willing to wager anything. I constantly train myself in poker books, hoping that when I do invest I will definitely win. Could I put my hand on my heart and swear I could make the right call knowing I will probably lose? This type of player needs a large bankroll, lots of practise and even then they may never scale the levels due to the fear of playing that high and even a swing within the bankroll of a large cash amount would cause a fear large enough to make them consider quitting, even if they are a winning player.

As always somewhere in the middle is where you need to be. You need to have a healthy disregard for money in the knowledge that you are investing in something you have an edge in. Just as a property investor will borrow £100,000 on the strength of getting a good deal and buying the right property; you must invest your bankroll (using correct bankroll management techniques) in games where you feel able to win. You need to care enough about money to put in the effort and time to win, and also care enough where winning makes a difference. Losing must hurt, but not enough where it impairs your decision-making. Note we are controlling our exposure to the gambling side of the game like a professional through bankroll management, but not so that we are blasé with our investing. Have you ever had such a lot of money in your wallet you make a stupid purchase? The same can happen with poker so be as careful after a win as you are after a loss, as this effects your thinking and therefore your decisions.

Poker is a fun game, but must be respected as a wagering game where control and skills are important. Find that balance so that you can always be sharp and ready to take on the sharks that seek to relieve you of your money. Make sure you care about that money so that you get to keep it. Find that consistency that you need to profit month after month, year after year. Then teach me.

Malcolm Clarke