New Poker Player Advice

Posted: 2016-12-07 21:56 By:

How much should you invest in yourself? That's really up to you. For the target audience of this post, however, I'll suggest that you don't make it more than $100, but try to scrape up at least $50. I know there are plenty of people who will disagree with me when I advocate limiting your first investment to $100, because if you can afford it, you're always better off with a better bankroll. And I agree. But I also disagree.

The reason you want to limit this first investment - your first step in becoming a successful poker businessman or woman - is that I want you to play micro limits. I want you to hit those $0.05/$0.10 limit tables. If you haven't been very successful up to this point when playing, then it's important to make sure that you limit your losses, because I want you to play as many hands as possible with this money. I want to make this point very clear: Your objective with the $50 is not to grow it into fame and fortune, it's to gain experience in playing the game. For all intents and purposes, you may think of it as a fee for a crash course in limit poker. If you manage to increase your bankroll while grinding out the thousands of hands that you need to play, great! If not, well, you're only down the fee you paid to get to the point where you can make money.

I expect you to lose this $50, but if you really do stick with the lowest limits you can find, it will take you quite a while to do so. Not to worry, though, because it's all according to plan. Ah, yes, the plan.
Make the plan
Poker advice

As a business owner, you're of course obligated to make a strategic plan for your company that you can present to your investor. Okay, maybe I'm going a little off the chart with the silly analogies here, but I want to stress the importance of having a plan, because having a plan makes you able to stick to something when times get tough.

You may formulate your plan however you want, and put any rules you so wish into it. You may modify it as time goes by, but don't take a change-of-plan lightly. Remember that the reason you want a plan to begin with is so you don't do something foolish that you're not "allowed" to do, like sitting down at a table that's way out of your bankroll's league, because you're looking for fast money to cover up the losses you just sustained. There's a good rule to add to your ruleset, right there.

Make a plan that covers more than just the scenario of you winning money. What's your course of action if your bankroll halves? Can you move down in limits? Do you have more money that you're able to re-stock your bankroll with?

Be strict with yourself when you make the plan. But also make plans for pay-outs, if you're successful. At the low limits, maybe you feel that there isn't much you can do with any pay-out, maybe the $20 that you've earned can't buy you anything that you couldn't afford already, but how about buying a book on poker for yourself? Strictly speaking, you're investing the money you've earned, to make larger future winnings. Now, as we're on the topic...

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