Playing poker can be a lot of fun, but not when you lose more money than you can afford. Properly managing your money when you play poker will allow you to enjoy the game, and not make you full of regret an hour later when you’re broke.
Choose Your Stakes Carefully
While it may be exhilarating to play in a high stakes game, it won’t feel so great when you’ve run through all of your money in ten minutes. Also, if you don’t have a lot of money to play with and you go to a high stakes table, your conservative bets will likely give you away to the other players, and they will take you out quickly just for the fun of it. Choose a stake that will allow you to play for a while, regardless of whether you win or lose. If you win big at the smaller stakes table, you can always take your winnings into a high stakes game if you want to risk it. If you play at a no limit table, make sure you have plenty of money, as large pots can build quickly.
Always Set A Stop Loss Limit
Before you place your first ante or blind, make sure you have predetermined how much money you are willing to part with. Once you determine the amount, stick with it. Don’t bring your extra cash or credit or debit cards into the casino with you if you think you may impulsively spend more than your limit. It is often difficult to stop playing when you just know the next hand is going to be a winner, but learn how to walk away when you are losing. If you go over your limit and don’t win it back, you will regret it.
Always Set A Stop Win Limit
When you’re on a roll, it can be even more difficult to stop than when you are losing. It’s best to decide on an amount that you can be happy walking away with and stop when you reach that point. If you are winning large pots, cash out on occasion so that you don’t have too many chips on the table that you could end up recklessly losing. Rarely does anyone win big all night; eventually, your lucky streak will end. By walking away, you don’t risk losing your winnings, and it is even harder not to surpass your stop loss limit if you were winning big and then have a sudden change of luck. You will feel great walking away on a high note and having money to put in the bank.
If you are having a lucky streak or a run of bad luck, take a break and determine what you want to do next. If you have won and are happy with your winnings, walk away. If you get too caught up in the excitement of winning, you could lose focus and make a big mistake. If you are losing, but haven’t reached your stop loss limit, taking a break may be what you need before re-entering the game with a clear head. If you just keep throwing down chips and losing, your anxiety will increase and muddle your thoughts.