Mike and I were talking the other day and he quoted a phrase, verbatim, from one of his books, Caro on Gambling. “Adventurers prance about the ladder of success, fearing less the sensation of a great fall than the humility of hanging idle.” Wow, that is powerful!
 
The quote came from a chapter that discussed two brands of skilled poker players, “plodders” and “adventurers.” Adventurers live for the excitement, the suspense of the game, the thrills. They’re more willing to take chances, to bet the farm. Money management is merely a fleeting thought.
 
Plodders are cautious in their decisions, constantly concerned about properly managing their bankrolls. To insure their feeling of security, it’s probably wise that they implement a strong method of money administration.
 
Momentary setback. Many skilled players are adventurers. Occasionally professional players may go broke, but rarely does it cause them undue distress. It’s only a momentary setback, a brief twinge of discomfort; they trudge on, rebuilding their bankrolls.
 
Suppose you have a chance to bet on a player in a heads-up poker contest and one player is a plodder and one is an adventurer, whom would you choose? Mike says his money is on the adventurer. Plodders are overly cautious, missing potentially profitable opportunities. In fact, if given the choice a plodder would rarely participate in a heads-up contest against a strong opponent. They shy away from this sort of confrontation.
 
Ah, but that isn’t the case with the adventurer. Doyle Brunson and Lyle Berman are great friends, but they’re pit bulls against each other. Annie Duke and Howard Lederer are brother and sister, yet that doesn’t stop Annie from stomping Howard when face to face across the felt. These types of players invite the challenge of playing dangerous opponents. That’s how they made it to the top!
 
Disappeared. If you’re involved in a raked game, be more discriminating about the hands you choose to play. It isn’t the same if you’re in a rented seat. If you’re renting a casino seat by the hour or half-hour, the money has already disappeared. Poof! Gone! That portion of your bankroll has vanished. But now you can focus on playing poker without worrying about money being snatched from each pot and affecting your decisions.
 
If the casino takes a rake, then it’s entirely different. That affects how you play. You need to be more conventional, less adventurous. If you’re playing a hand that has only a slight edge, and the casino takes a rake, that hand becomes a loser.
 
Reckless: Players who experience repeated setbacks often become discouraged, taking more risks in a reckless attempt to recoup their losses. They experience a tremendous urge to get back to even again. Ah, but they are in the throes of the “threshold of misery,” having already lost the maximum that will register on their scales of pain. They stop listening to the little voice, the invisible, miniature Mike Caro seated on their shoulder, desperately whispering, “Hey, you’re always even when the hand begins! Forget the previous hand and concentrate on making winning decisions now!” If they would merely heed his advice, their bankroll wouldn’t be diminishing.
 
Players on a winning streak occasionally make costly mistakes, as well. They may possess a massive chip tower, yet they mysteriously cease playing the superior poker that had built the tower. Why? Well, Mike says the chips haven’t actually registered in their minds as belonging to them yet. If they had continued playing as if each hand were their first, their handsome chip pile wouldn’t be vanishing.
 
Remember that you earn an hourly wage playing poker. If you’re having a great evening, consistently winning and having fun, there’s no need to suddenly call it a night and leave. To do so has the potential of prohibiting you from winning more. A plodder will probably call it an early night and take his winnings and go home. An adventurer will stay and take the chances of possibly losing some or all of his wins or increasing his bankroll further.
 
Are you a plodder or an adventurer?
 
Diane McHaffie is Director of Operations at Mike Caro University of Poker, Gaming, and Life Strategy. She has traveled the world coordinating events and seminars in the interest of honest poker. You can write her online at diane@caro.com.