Friday, October 16, 2009

Money Management

Since the last post I have painted the kitchen, mowed the yard, disassembled the poker table and moved it into the basement, put up a chandelier and a foyer light, as well as a few other small things around the house. I have not been fishing since we returned for Kentucky/Barkley lakes. I guess if that is the last fishing trip of the year, it was a good one to go out on.

I have decided that to void my emptyness of not fishing this winter, I will get back into playing some online poker and maybe a live tourney or 2. If I get some deep runs in tournaments it may just pay for next season. I have 30.00 in my account at this point but should be able to use that and play some low buy in tournaments. I can usually make the cash and have had some success recently getting close to a final table in MTT's.

One thing that I have learned with poker that will help with fishing is money management. You have to have that in any tournament setting to do well. In poker you will not win or do well a majority of the time. In order to increase your bankroll you have to use your bankroll so that you will not run out of money. For me, I don't like to do tournaments that are more than 5% of my bankroll at the time. That allows me to lose some tournaments and still turn a profit in the long run. That 5% is pretty risky but with the amount of money in my bankroll I need to take the risk for potential higher rewards. If my bankroll were to increase substantially I would decrease the percentage in order to maintain the bankroll.

With professional fishing there are some other variables but the concept is similar. If I want to fish for a living I don't want my bankroll to deplete to where I cannot fish any longer. Most pros say to take small steps and move up when it is time for you to move up. That entails your skills as well as your financial situation.

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