In chapter 23 of Ace on the River, Barry Greenstein explains how controlling the size of your bankroll and the way you sit in games can be just as important as knowing how to play the cards.
The Purpose of Money Management
Greenstein frames money management as damage control. Poker has inevitable swings, so the goal is not to avoid losses entirely, but to keep them small enough that you can survive long enough for your skill edge to matter.
Why Many Professionals Prefer a Small Buy-In
Buying in for the minimum has several strategic advantages. A short stack limits how much you can lose in one session and makes it harder for opponents to push you out of a hand once you are committed. It also keeps attention off you, reducing requests for loans or unwanted scrutiny. Being short-stacked tends to keep you out of marginal bluffing situations and prevents opponents from winning huge amounts from you when they run well. Most importantly, it protects players with limited bankrolls from going broke during a bad stretch.
When a Large Buy-In Makes Sense
A deep stack is a powerful tool for a strong player. With more chips, you can apply pressure, play more hands, and take full advantage of opponents who make big mistakes. Big stacks also make games more attractive to gamblers and allow you to win more when the game is especially loose and profitable. Deep stacks let you play more creatively and maximize value when you hit big hands.
Records and Self-Evaluation
Greenstein encourages keeping track of results. Records help reveal which games you truly beat, how much you win or lose over time, and where your strengths and weaknesses lie. Honest accounting can guide decisions about what stakes to play and when to move up or down.
Playing When You Are Short of Money
If you need poker income to survive, you must stick to games where you have a proven edge. When those games are not available, extreme selectivity is required. If that still doesn’t work, he bluntly suggests finding outside income rather than gambling your last dollars.
Getting Out of a Hole
When you are losing, the right goal is not to get back to even, but to recover part of what you lost while playing well. Reducing a large loss to a smaller one is still a success and protects your long-term bankroll.
Knowing When to Quit
Greenstein challenges the idea that every decision should be independent of past results. Fatigue, frustration, and the quality of upcoming games matter. If you are losing but playing well in a good game, staying can make sense. If you are winning in a weak or marginal game, leaving to rest or enjoy life can be smarter.
Emotional Discipline
One of the hardest but most valuable skills is quitting a bad situation. Greenstein views this as a defining trait of strong players. Walking away from a poor game or from your own bad play is not weakness—it is how you protect your future opportunities to win.