management pitfalls of poker players
Poker is not a sport wherein you solely play for pleasure.
In Poker, you play to win and to have more money in the end.
Hence, management of finances is very important. Sometimes,
financial management can be more important than the player’s
skill in Poker. A person’s financial management can either earn
him additional money or can put him in debt. Some Common Money
Management Pitfalls. There are some good poker players that end
up broke despite their skills because they didn’t manage their
finances well. Some pitfalls made by these good poker players in
managing their finances are:
1. Playing beyond their means -
Obviously, if you play, you have to ensure that you only play
within the amount of money that you have. It may be a foolish
idea to hope that you will win and bring home more money. For
instance, you have $1,000, it is a terrible idea to play at
$20/$40. There is a very high risk that you will lose all your
money in one game. It is recommended that you set aside a
certain budget that you can use for the game so you know what
your limit is. Once you already exhausted your budget, then quit
playing. You have to control yourself to quit playing. Remember
that although Poker is somehow based on skills, at the most part
it is also a game of chance.
2. Playing in the pit - Pit games are
games that are completely based on chance. An example is craps.
It is not a good idea to play on these games as you have no
control on winning the game. It is a complete waste of money
since the chances of winning is really miniscule.
3. Playing in games that have
significantly higher bets that what they are used to playing -
Alright, so you are willing to take the risk? Is it worth it?
No. For instance, you generally play in the $10/$20 or in the
$15/$30 games and then suddenly you see a very attractive
$30/$60 game with a $15/$30 sucker. The first thing that you
have to consider before playing in the game is your competency.
Of course, the players in the $30/$60 game can be more
experienced and skilled than you are. This is the main risk to
consider. Playing on a big game can sweep all your profits that
you have accumulated for a period of time in just one day. The
risk is too high that you will end up losing your money instead
of winning. The best thing to do if you really want to move to a
game with a higher bet is to do it gradually to test the waters
before your completely plunge.
Risk Management. Money management in Poker is all about risk management.
It is like investing wherein you have to calculate the risks
versus the profits. You need to gain an understanding of the
situation before you make the final decision. However, in Poker,
you have to be more cautious as the risk is really high. Do not
be too confident on your skills.