Gus Hansen explains in this video how he lost $1.1 million in a period of 2 months over many short sessions. He then goes and wins back $1 million in 50 hours of online poker at Full Tilt Poker. Legendary!
Note: Gus Hansen is a big poker star, but has gone bankrupt many times due to poor bankroll management. Some people are just born gamblers. He’s still my hero.
I wrote a small bit on bankroll management here. The idea is not to risk more than you can afford to lose. Never enter into a cash game with more than 5% of your poker bankroll. Never enter a large tournament with more than 2% of your bankroll.