Money Skills & Managing the Bank in Poker

Video Transcript

I am Joe Marshall with Expert Village.com and today we are going to learn how to win at poker. Before we discuss some other things, I wanted to mention a portion about money management. The best players that play poker, they know the game so well that they can also focus on managing their money and that’s also important. You never want to play with money that you cannot afford to lose. Like if you were planning on going out to a movie, a dinner and all that stuff and got canceled, that money you were planning on losing anyway is the way that you should look at gambling money, in the same way. We have all seen like the movies where the guy goes in and bets the farm because it is the sure thing and then he winds up losing on some dumb bet and the reason being is that there is never a sure thing. That is why it is gambling and you should always go in with a limit in mind. Like if you go in with $500, you should a set a limit that I not going to lose anything more than 300. I am going to walk away with 200 and the reason for that is if you are not managing your bankroll properly you are not going to be able to hang in there during the ups and downs of any poker game. Even in blackjack there are big swings where you are on a losing streak and it takes a while to come back up on a winning streak. When you come back up on that winning streak, it may not be that high of a streak. You need to recover on a down streak again. So there are always these opportunities for you like “Oh! I got a full house I am going to go all in” and somebody is just going to top you with four of a kind. It happens more than you would think so just be aware of what you are doing with your money because it is actually real money. You can get carried away when you are just dealing with chips. That is one of the other reasons why casinos want you to use chips because they don’t have the paper denominations associated to them.

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