Friday, January 04, 2008

Budgets and bankrolls

Ed Miller advocates stop loss as a bankroll management scheme. Mason would be rolling in his grave if he was in one.

posted by Gary Carson at 8:02 AM

4 Comments:

Blogger Deryl said...

I think that is a pretty disingenuous representation of what Ed wrote.

4:22 AM  
Blogger Gary Carson said...

Please explain.

This is what he said

If poker is your hobby, then treat it like one and budget for it. Figure out the maximum you’re willing to lose in one week or month, and then play at a level where you won’t hit that max very often. And when you do hit the max, take a break from the game until the next month rolls around. Any theoretical bankroll requirement is just that, theoretical, unless you’re playing poker as a business.
Are you saying that's not a stop loss?

9:26 AM  
Blogger Deryl said...

I'm sure that his recommendation can be considered stop loss. But it's not like he's suggesting this is a way to make sure you don't lose your bankroll.

His comments are directed to recreational players and I think it's just another way of saying, don't play with more money than you can afford to lose.

There is no bankroll size that will keep you from going broke if you are a losing player. And if you enjoy playing poker, and you don't primarily play poker as a way to earn money, then having a set budget every month that goes towards poker is probably a good idea.

Your original comment makes it sound as if Ed is advocating a stop loss scheme as a way to preserve a bankroll, or a way to maximize profits, or any of the ways countless other charlatans have presented it.

Probably most people would agree, and I'd be surprise if even you didn't, that people who don't play poker for a living should limit their losses in month to a level that they can afford.

4:09 AM  
Blogger DMW said...

I've never heard of stop-loss being used on a monthly budget. Every example has been about when to quit for the day.

12:47 PM  

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