There have been many successful poker players that have admitted to going broke at least once during their career. Some even say that losing all of your bankroll is inevitable, though that’s one stance I don’t particularly agree with. However, it’s an undeniable fact that scores of poker players do eventually face the reality that their funds have run dry, at which point they need to start making the hard choices needed to get them back on their career path. Without having a predetermined plan in place, you may act on emotion and instinct if thrown into such a difficult scenario, which is why it’s worth spending some time building a contingency plan.
Picking up the Pieces
If you completely tap your financial resources until they’re bone dry, your first thought should be towards taking a break from poker altogether. If you immediately run out and borrow $1,000 from a friend and rush right back to the tables you run the likelihood of losing that money as well, digging the hole even deeper. Instead, if you do accept money from a friend or relative, you should use the cash to take care of any living expenses you may have to take care of now that your poker income has vanished, such as rent and food. Take some time and focus on your emotional health for a bit, as you’re likely to be at least slightly depressed from having gone broke.
Getting Back in the Action
When you feel that you’re ready to jump back into the thick of things again, I definitely recommend caution. You’re definitely not going to want to start at the original levels you were at previously, as the amount of focus and skill needed may be beyond your capability during this time. Instead, be willing to drop down at least a few levels and start to comfortably build your bankroll again, just like you did during the beginning of your poker life. Monitor your wins and losses closely and stick to games that you know you can dominate consistently.
Still, the best advice I can give is to not put yourself in this circumstance to begin with. Try not to put more than 10% of your overall bankroll at risk during a given session, and always move down to lower levels when your funds drop under 30% of your beginning total.
Chris
- Chris Laquinta is a magazine editor, content specialist and poker fanatic with 10+ years writing experience and over 1,500 published articles. Chris is a naitive of Southern California, where he spent his entire life learning gaming concepts and theories from relatives that had been former professional gamblers. He currently resides in Torrance, CA where he works as a professional content writer and part-time SNG professional.
