A highly respected player in online poker, Phil Galfond, is also famous for the fact that during his entire career, he has made only two deposits ($50 each) to his game account. Not that long ago, the guy told his readers how he twice lost half of his bankroll in the early stages of his career due to bad bankroll management. This is what Phil wrote on his Twitter page:
I took big risks with my bankroll early in my career. With $90k, I played 50/100nl & lost $45k. With $800k, I played 300/600nl & lost $400k.— Phil Galfond (@PhilGalfond) 11 сентября 2019 г.
After each, I mentally reset, moved way down & slowly rebuilt. Either could've ended my career if I wasn't willing or able to do so.
The experience is quite impressive, considering that after each of these rapid losses, Phil managed not only to restore his bankroll, but also climb the "career ladder" in the world of online poker.
By the way, I wasn’t intending for there to be a lesson here. Just an anecdote I expected people to be interested in.— Phil Galfond (@PhilGalfond) 12 сентября 2019 г.
If you want to take away anything, it’s that being willing to drop down and grind rather than chasing losses at the same or higher stakes likely saved my career.
The story of Phil Galfond should be a lesson for those poker players who work poorly on their bankroll management and take risks too often. Because one way or another, for a successful and long-term poker game, it is necessary to mind all the risks, otherwise there is a chance to lose everything… well, or half the bankroll, as in the given situation.