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Having gotten
ahead, you should salt away your capital and play from that point
on the other fellow's money. At the very least it is psychologically
disturbing to wind up a loser after having been well ahead; and
any psychological hazard reduces your effectiveness.
Always use the same method of money-management. A method of play
is either right or wrong. If the method isn't right, you shouldn't
adopt it in the first place.
If it is right, you shouldn't deviate simply because you are feeling
down in the dumps because of your unlucky streak, or over conservative
because you want to hang on to your winnings. A good rule is this:
If, midway in the game, you find that more than once you are doing
something you wouldn't have done on the very first hand, such as
playing when ordinarily you would have dropped, or failing to bet
or raise or call when ordinarily you would have done so, that is
a good time to quit the game. And remember to be honest with yourself!
Now, as to your money-management in a particular game, there are
two main approaches to the question of betting. One type of player
likes to wait for a big hand and play it for a killing. He tries
to build up the pot when he is pretty sure he will win it. If he
can't build up the pot, he doesn't particularly care how much he
wins. The other type of player looks for a lot of action, and plays
whenever he thinks he has the odds in his favor. He is in many more
pots than the first type, and of course wins more pots, but he invests
more going into pots he doesn't win. I don't mean that he plays
bad hands (because then he wouldn't win), but he is content with
a succession of small profits.
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