It has been said that “cash rules everything around you” and in poker this is absolutely true, because without the proper paper you’ll be stuck on the rail.
Money management is very important, but this is a very misunderstood concept. Every player is going to have their own comfort level as far as how many buy-ins they need in their bankroll to play at a certain limit. Some say you need a 100, some say you need 50, some say you only need 20 to 10. Ultimately, it’s up to you to decide how much of a safety net you need for when you run bad, because and I’m going to repeat myself everyone runs bad every now and then…everyone runs bad every now and then. A lot of non-winning players conveniently blame their small rolls on poor money-management. When things are going your way there is nothing wrong with moving up in limits and taking a shot. But if it doesn’t work out or when the deck runs against you, there is nothing to be ashamed of by moving down a level or two. It is great to be competitive, but poker is a game of decision-making. You get rewarded for making good decisions. Normally, when you are running badly you are not playing with confidence and your decisions reflect this. Move down to a softer game, rebuild your confidence, and when you are making good decisions move back up again. I’ve seen many players do the opposite, they lose for like a month in a row and want to get their money back as soon as possible so they jump into a bigger game than their bankroll can handle, end up playing scared and oddly pessimistic and of course they get slaughtered.