Bankroll Management

Poker Articles

14/10/2009

Bankroll Management - Choosing the right level for you

A bankroll is the amount of money that you have set aside for playing poker, it should definitely not be your savings, on credit cards, or anything you cannot afford to lose.
It is very tempting as a new player, who just enters the world of online poker, to be drawn straight into the tournaments that offer huge cash prizes. However these tournaments often have thousands of pros, all fighting for the big first prize. Of course you could be super lucky and end up cashing out, most most likely you will end up losing money, patience and faith in your ability and the game. If you look at the figures roughly 10% of all poker players are winning ones, 90% aren't and bankroll management plays a huge part in this. No matter how good you are you can't win every game every time, so playing within your bankroll is important to limit these losses. It is essential that you start playing poker not only at a level that is appropriate for you, but that also accommodates your bankroll.

For example, you have transferred quite a lot of money into a poker site, yet with your inexperience, you want to play in the large tournaments with the big guns. Think about it, not even the professionals who play these tournaments day in and out can;t win all the time. But it is their edge that helps them. By putting yourself into these large buy-in tournaments, you are effectively throwing yourself out to sharks and playing way out of your depth. It is much better to start at a lower level. Get a feel for the game, and other playing styles as well as your own. Learn from your mistakes and keep track of your progress. When you feel confident and your are continuously winning more, then you can consider changing your game/bet size. But remember as you move up a level, that level of player also increases.

Set a 'stop loss' - people who buy shares set a 'stop loss' whereby if they fall lower then a certain price they are sold. You should also do this, set an amount, that if your bankroll falls to this level, you downsize to a lower level. Beginners often make this mistake and continue to play at higher levels then their bankroll can handle, eventually wiping out their bankroll completely.

Of course there are those who attempt to build their poker bankroll completely free by investing nothing, from playing freerolls and promotions. This can be done, however it is often a long and painful process, as thousands enter cash freerolls, often for a small share of a prize. Also be wary of the difference between this type of tournament and normal MTT's as it's easy to pick up bad playing habits from these types of tournaments, that become hard to shake.

Being a good poker player and having a good bankroll management are almost as important as each other, no matter how great a player you are, you can still go broke if you don't play within your bankroll. Follow these tips and you should see that bankroll increase in no time.

tags - bankroll management, cash freerolls, MTT, bankroll, poker site, big guns, online poker, poker players, cashing out, tournaments, straight, new player, cash prizes, playing poker, bankroll

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