Episode #260: Increase Your Risk Tolerance
In poker, your bankroll represents how much money you’ve set aside exclusively to play.
Former World Series of Poker champion, author and decision strategist Annie Duke says that you should always play withinyour bankroll. If you have $2,000 in your pocket but have bills and outgoings totalling $1,500 then you don’t have $2,000 to play with, you have $500, and you should not play beyond that.
By playing within your bankroll you’re less likely to fall victim to the sunk cost bias - our tendency to chase our losses - or to bet more than you can afford to lose.
How much are you willing to lose?
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