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Manage that cash when betting at poker

Sep 16, 2008 6:59 PM

Back in the Saddle by Johnny Hale | Carol, I love that you manage our money so very well! 

My wife never ever pays any interest on a credit card and takes care of all accounts before they are due. She believes that I never lose when playing poker.

I have no job, having been retired for over 40 years and always with money in my pocket. And if my wife wants to play, I make sure that she never loses.

How do I do this?

Well, I buy her into the tournaments or the live games. If she wins, the money is hers. If theres any left after cashing out, she keeps it.

Here are some of the secrets to successful money management in poker:

Never carry more than three buy-ins to the poker game you select.

If the house buy-in to the selected game is say 10 times the big blind

and you are playing a $4 x $8 limit Holdem, most of the poker rooms require a minimum buy in of ten times the big blind ($8 x 10 = $80)

This secret to successful poker money management is very powerful and you will win if able to manage it. You should have a minimum of $240 (3 x $80) or do not play in this game.

If you lose your original buy in of $80, take a few minutes and let the water flow downhill for a while.

The water will continue to flow if you win or lose. It does not matter. You must get in the same mode. By doing this, you can be happy win or lose.

Give yourself a review of your game plan of the day. Go to the bathroom, wash your face, get a cup of coffee or a cold drink.

If you lose this second $80, get up and check your pocket.

Take that last $80 home. Do not buy in with your last money. This is most important to your psychology of the game of poker.

Now lets go the other way!

You win with your first buy-in and now have $160 double the money you started with. By the rules you cannot take money off the table, but a good money poker manager knows the game has been beaten. Now you are winning and dont wish to quit. So draw a line in your mind!

Play with $60 of your stack. If you drop down to $100, quit while still a winner. Otherwise, you will cuss yourself in the morning.

Continue to move your line up as you continue to win say you now have $200 in front of you. Play with $80 and if you lose that go home with $120. Do not try to collect another $200. Have a good day as a winner.

My wife holds the money. Such is my rule of money management. I do not wish to ever get even. Poker is a lifelong game. If you never go broke, then there will always be money in the pocket.

Create another game plan for the next day. Go to a different casino and play a new game at another level of buy-in! Be honest with yourself and play poker for recreation only.