POCKET ACES

How to Make a Profit at Poker ... or not

Countless players enter the world of poker every day, countless because there’s no way to track them except by estimate.

Countless players leave the world of poker every day, countless because we don’t want to admit we’ve created a slew of losers.

Whether you play online or in brick-and-mortar arenas, your chances of making good money at the poker tables are slim. When you add the rake and your inexperience, the mental mistakes you make, the tilt sessions, and the times you start chasing to outrun a losing streak, you’re in trouble. You’re in a deep abyss from which you’ll likely never recover.

So the first lesson of poker should be, learn to take a profit. In fact, it should be the first lesson you should learn no matter what your line of work. In real life, put money away (it’s called saving); in poker life, cash in and pocket the money (also called saving).

Last weekend, I made a small wager on four pro football teams. I do this every week during football season. I chose four Sunday games and one Monday night game. Miraculously, the first three games covered the spread. Now, I could have scored nicely (10 for 1) on a four-team parlay or I could have lost the original wager if the Monday night choice (New England) didn’t cover. I kept hearing my mantra; take a profit; take a profit; take a profit. So I hoofed it to the sports book and bought a ticket on the other side. Lucky for me, the other side covered and even though I lost the big profit, I made money. Sure, I’d have been ecstatic had the four-teamer come in and I hadn’t middled my bet. But ... well, there’s no need to continue.

That’s the same attitude I bring to poker. When I play, I keep my chips in three stacks. The first is my buy-in; the second is my back-up buy-in and the third is for profit stacking. When I win a pot, I drag chips to the third stack. If in the course of play all three stacks are equal, I’m cashing in. Events happen when there’s no third stack and both buy-in stacks disappear but not so much anymore.

You might not require this much effort to keep track of your chips but it’s a good idea to study up on the idea and figure out how to make something work for you.

In truth, for most people, poker should be like any other game, a recreation. It’s too tough to master, and eventually it becomes a job, albeit one you have to pay to do.

I’m reminded of an old friend, now departed, who was a superb hold’em player. When he was on his game (not drinking), he could beat the pants off most competitors. I sat at the table next to his many times and watched him build stacks so high the floor forced him to rack up. Unfortunately, he just didn’t know the meaning of profit. He was there to play and play he did, until his chips disappeared and he then borrowed money (guess who from) to carry him through till his next check. (He was good for it.)

I’m also reminded of another old friend, still living, who scraped out a nice supplemental income playing $1-$4 hold’em and stud. He had a job from which he extracted a bankroll. He’d mete out several buy-ins and play for two hours a couple of nights a week and again on Saturdays. He wasn’t looking for more than $50 a week and he balanced his profits by mentally tracking them. Eight dollars a session was enough for him. If he reached that goal, he would leave; if he went over that, he would increase that number by one dollar for ever four. I once asked him why he didn’t play out his winning streaks and he told me quite frankly that his success was based on his discipline and to break that would probably break everything.

Only you can decide how to approach taking your profits. You might have to do it after you’ve lost too many sessions, when you realize you could have won if only ... I guarantee the fun of poker won’t go away just because you’re keeping track of your income.

All I can say is if you can’t make a consistent profit at poker leave it. Don’t chase it; don’t hope for it; don’t treat it like the lottery; don’t think you can get even. Just leave. We’ll miss you, especially if you were a cool dude or dudette, but leave! Find a hobby that requires less competition and more peace of mind and spirit. Just leave! Not everyone was cut out to be a poker player. You might be one of those people, so just leave!