Guys with serious tournament and cash-game winnings who piss it away at craps tables, golf courses and other money-sucking ventures.

We found a cadre of action junkies with puffed-up egos, an utter disdain for money, a love of action and, of course, the full complement of people-reading skills. We also found, ironically, that in those other venues those traits don't work all that well.

I also promised you a look at a "leak-free" pro. So I called an old friend. I'm keeping his identity secret; he really doesn't want others to know how stable and sane he actually is. We'll call him "Pete."

Pete's in his mid 30s, married with two kids. Before poker he was a finance manager and earned in the low six figures. Our talk took place over linguine Bolognese and a Pinot Grigio.

We covered many topics:

Ilari "Ziigmund" Sahamies: Could use a few pointers on bankroll management.

Bankroll

Our pro mainly plays cash games and averages "well into six figures," with substantial variation, as you would expect. Last year he netted $135,000, a so-so year.

He survived because of solid bankroll management. He saves when he can; he has set up several IRAs and a pension plan. The recent plunge in the market is worrisome but he views it like the natural variations of life.

Taxes, Insurance, Friendships

Pete keeps full and accurate records of his finances. He pays his taxes and takes all legal deductions.

"Really," I asked, with raised eyebrow, "you're completely honest on your taxes?"

"Hmm," he smiled, "as honest as the average citizen." 'Nuf said.

He has a life insurance policy and health insurance through his wife. They are having their house customized to fit their wishes. I wondered how it went with banks and mortgages.

"Oh," Pete laughed. "I just got a 'no document' loan. I'm paying a drop more interest than others with my income but it was the easiest way to go."

He has many acquaintances but only a few close friends - several of whom are also pros. They indulge in long, detailed analyses of hands, games and whole tournaments all the time.

"We do this so much," he joked, "we're beginning to play like each other."

Any touring pro will tell you: the tournament trail is tough.

Games

Pete's had success in tournaments, but says that about 80% of his play is in cash games, live and online.

"The tournament trail is tough," he told me. "Too much traveling, too many nights in hotel rooms and too much time away from my family. It gets disorienting after a while. Besides, there is so much variability. It can be brutal if you don't cash for several months."

"Do you view yourself," I asked, "as a professional gambler or a professional poker player?"

"Oh, definitely a poker player. I'm not a gambler - no more than anyone who takes risks. Almost everything in life is some kind of gamble. The trick is to make the right decisions."

"What levels do you play at?" I asked. "Or, more importantly, where do you feel comfortable?"

"My best game is Pot-Limit Omaha and I will play at whatever level my bankroll allows. Right now I'm playing anywhere from $5/$10 to $25/$50."

Work Week

Pete works about 40 hours a week but bunches that into three or four longish days.

"I play mostly online," he said. "But I like to get into the local rooms at least once or twice a week."

Golf, reading, movies and his family fill up the rest of his time. His poker reading focuses on the psychology of the game and not so much on arcane topics like game theory.

"How good do you think you are?" I asked.

Pete laughed, "No one should ever think he [is] at his peak. I'm always learning and, importantly, I try to be totally honest with myself."

When I pushed him, he said he needs to improve on understanding people. "At my level, you have to read people. I think I'm pretty good but I need to improve - especially reading body language when playing live."

At the highest levels, you definitely play the people more than cards. But it doesn't hurt to have Phil Ivey money.

Cards, Money and People

I fed Pete the standard line that at the highest levels you play people, not cards. "Well," he responded, "this is a generalization; but at the higher levels, in order to play people you need to have big money. There is huge flux in Pot-Limit games."

"How about backers?" I wondered.

"I play with my own money ... now," he answered. "I've had backers but didn't feel comfortable. But I will trade off a piece of action with a close friend mainly to reduce variance."

Fish

"Yes, it's true. We live off the fish. I love tourists, but a lot of my income is from regular contributors. Actually, if you were to ask me what the key to my job is, I would say 'entertaining fish' and never, ever say anything negative about them to anyone. If you do, you can be sure it will get back to them."

Keys to Success

I asked my friend for a few words on specific topics:

Long losing streaks: "They're part of life - all life. If they get really bad I'll take a break, drop to a lower level, or tighten up a bit."

Bad beats; going on tilt: "I have no tilt in me. I just don't get upset. Bad beats are part of the game and, for the most part, put on you by bad players who will give you back the money."

Longevity: "I can see myself doing this the rest of my life. I can also see myself doing something else. I did before; I could again."

The key to the game: thinking deeply before each move.

Leaks: "Nope, don't have any. I've never been tempted. Most of the guys who leak are 'action junkies.' I'm a poker player. I like that. For me it's more of a thinking type challenge than an adrenaline rush."

Last Bits of Advice

"Since you asked, sure," Pete said generously.

"The key to this game is to think deeply before each move. Make sure you make the right decision. If you do that, everything else will be fine. I never worry whether I'm behind or ahead - only whether or not I've been making the right decisions."

We walked out of the restaurant and I was feeling real good about the game of poker.

Author Bio:

Arthur Reber has been a poker player and serious handicapper of thoroughbred horses for four decades. He is the author of The New Gambler's Bible and coauthor of Gambling for Dummies. Formerly a regular columnist for Poker Pro Magazine and Fun 'N' Games magazine, he has also contributed to Card Player (with Lou Krieger), Poker Digest, Casino Player, Strictly Slots and Titan Poker. He outlined a new framework for evaluating the ethical and moral issues that emerge in gambling for an invited address to the International Conference of Gaming and Risk Taking.

Until recently he was the Broeklundian Professor of Psychology at The Graduate Center, City University of New York. Among his various visiting professorships was a Fulbright fellowship at the University of Innsbruck, Austria. Now semi-retired, Reber is a visiting scholar at the University of British Columbia in Vancouver, Canada.

More strategy articles from Arthur S. Reber:

• Leaks: Something's Dripping, and It's Money
• Stop Acting Like a Birdbrain
• Hot Hands: Real Effect or Illusion?
• The Truth About Playing Rushes