If i play a cash table, is it better to play for a certain amount of time or should I be looking to make a certain amount of money before I leave. For example, if I brought 25 to a .10/.25 table is it realistic to expect to make it to 50 or should I quit if I just make a 10$ profit then move to a new table and start again.
This is a very important question you’re asking because people get confused between two concepts. One is what is normally called money management and one is what I would call “
bankroll management”. Bankroll management is very important. Even if you are a great player, you must have enough of a bankroll to sustain the inevitable losing streaks. And I have never been opposed to that. Quite the contrary, I have been very vociferous proponent of keeping a big enough bankroll to be able to play and sustain losses. The concept that I am always trying to explain to people is the “other” definition of money management.
Money management in most people’s minds means quitting simply because of how you are doing that day, or continuing to play simply because of how you are doing that day. In other words, you are in a game and you have lost x number of bets so you quit, only to come back tomorrow. Well, that is a silly concept because it is all one game. If you are a serious poker player, you are playing by the week, by the month, not by the day. And if you for instance are in a very good
poker game, you don’t quit simply because of how you are doing. You quit because the game has gotten worse, you quit because you are tired. You quit because you don’t want to win too much and have them not invite you back to the game. These are all proper reasons but not because I am going badly, I’m getting bad cards that day, because I’ve lost a certain amount, or because I’ve won a certain amount. This is simply incorrect. This is not my opinion, this is simply incorrect.
If you will play in a game where you have the advantage, the more you play, the more you will eventually win. If you play in a game where you have the disadvantage, the more you play the more you will eventually lose. There’s no way of getting around that. If there was such a thing as getting around having a disadvantage simply by money management, you could go to the crap table and win by money management. In other words by quitting at the right time or not quitting at the right time but you cannot do that.
Money management is a completely spurious idea as far as when you quit or when you don’t quit. The only thing that matters when you are
gambling is to gamble when the
odds are in your favor, when you are the best player, when you figure to win. And when you are in that situation play as long as you can. When you are not in that situation quit at the first opportunity. That’s really all there is to say. Bankroll management as far as having enough money – that’s different. But money management – no.