The luck element of poker is what makes it such a great game. On any given day, any player can win. Over time, the skill element holds out, but in the short-run, almost anyone with a basic understanding of the rules can get hot and do well.I could play Kobe Bryant 10,000 times in one-on-one basketball and never have a chance at winning. Even against Phil Ivey, a random recreational player has a shot at winning every now and then. We all know there is variance in poker, but being able to handle and deal with it is often what sets apart the great players from the good ones.
Bankroll management, controlling your emotions, avoiding tilt, and brutally harsh self-analysis are all part of dealing with variance. Without a proper bankroll for the games you are playing, no amount of skill will keep you from going broke. There are going to be downswings and, if when you are winning, you spend every dollar like you will always be on a hot streak. A realistic and accurate view of what your win rate is important to keeping your head on straight.
Having a comfortable bankroll to play on helps in managing variance. Not having an appropriate bankroll amplifies the other difficulties that pop up when you are on a downswing. Keeping your emotions in check is difficult when the money in play means more to you than it should.Being successful at poker requires a special disregard for money once you are at the tables, but a high regard and value for it away from the game. If you let anger, dismay, frustration, and helplessness control you while you are at the tables, it won’t be long before a downswing turns into a full-on crash-and-burn disaster.
Chasing losses in a game is a common and surefire way to dig the hole even deeper. Going on tilt when you are losing and not playing your best can amplify your losses. Many players are good at maximizing their wins, but very few have the same ability to minimize their losses.
The saying "Money saved is money earned" holds true in poker as well. It isn’t just about how much you win when you are winning; what you lose when you are losing has the same impact on your bottom line. Compounding losses is one of the most common and detrimental leaks I have seen in otherwise solid, strong, talented, and what should be profitable players.For me, all of this comes down to simply being honest with myself. Just because I have a $2,000 winning night doesn’t mean I can expect to do that five nights a week, 50 weeks a year and make $500,000 annually playing poker. Over the years, my sample size has grown and the games I play in have changed, but as I get more and more data, I am able to develop more and more accurate expectations for my results.
As long as I am giving an honest view to my play, the numbers will take care of themselves. When I start making false assumptions, chasing losses, and pushing for unrealistic results, the swings can become more dramatic and start to have more impact on my play.
Court Harrington has worked on the business side of the poker industry in roles including tournament reporting for PocketFives, radio hosting for PokerRoad Radio, coaching for the WSOP Academy and privately, and a variety of behind-the-scenes responsibilities. He also plays in cash games and tournaments. Harrington is currently doing consulting work and exploring business opportunities outside of the poker industry. You can contact him at Court@CourtHarrington.com.
