Your Poker Bankroll: Manage it, or Lose it.
In poker, you have one lifeline, your bankroll.
Without it, you can’t buy into any tournaments or cash games.
For this reason, the most important thing as a poker player is to protect your life. Protect your money by learning how to manage it correctly.
The basic rule of thumb in bankroll management is to not put more than 5% of your entire bankroll into a cash game or single table sit n go. For multi-table tournaments, you should not be putting more than 1-2% of your roll on the line for a buy-in.
Under these rules, if you have a bankroll of $10,000, you should not be buying in to any cash game for over $500 and no tournament over $100.
At times, there will be opportunities to stretch these limits slightly but only if the games are VERY JUICY and you know you have an advantage.
Even having an advantage in a game doesn’t GUARANTEE that you will win. Luck is always a factor in poker and if you get unlucky, it can take a huge chunk out of your roll that you will slowly have to rebuild.
I will take shots in multi-table tournaments for up to 5% of my roll if I see that the player list is very weak. I want to invest in games I know I have the opportunity to make a lot of return on my investment.
The downfall of a lot of successful players is not managing their roll correctly. They hit a big score in a tournament and then dump it off in the cash games. Keep in mind, as the stakes get higher, the competition gets better.
I use a program called PokerTracker 3 to track all of my winnings and statistics of each of my individual opponents at the tables.
With PokerTracker, I can see how much I have won/lost at a certain stakes so I can determine my long term average win rate. If you are not beating a certain stakes after 10,000 hands, you will probably never beat it until you improve your game.
Find the stake that nets you the best return, and stick to it to build your roll.
You will lose money and win money on any given day depending on a variety of factors. ALWAYS manage your roll and make sure you are playing your A+ game or don’t bother sitting down. If you are not in the right mental state, YOU WILL LOSE MONEY, and losing money causes a lot of people to LOSE EVEN MORE MONEY. They like to chase their losses hoping to win their money back and in the process, rip their entire roll to shreds.
INCORRECTLY Manages a Bankroll
Just ask Viktor “Isilidur1″ Blom about bankroll management. This gentlemen might be one of the top 5 No Limit Hold’em players in the world, but he simply cannot manage a bankroll.
I am sure he is being staked and he makes some money from his Pokerstars sponsorship, but he is the complete opposite of an example of how to manage a bankroll!
Blom has won $5,000,000 in a week, then lost it all the next.
He is a complete sicko, but that is what separates him from the others at the high stakes.
His problem like many others is TILT.
He goes on big winning streaks, but can’t cut off his losing streaks.
He is only 21 years old, so I don’t blame him.
It must be tough being a millionaire at his age!
If you are serious about developing your game, I suggest checking out some of my other articles I have written:
The Poker Trance: The Ultimate Poker Mindset
Top 10 Reasons You Should Play Poker
Top 5 Reasons You Lose at Poker
My Multi-Table Tournament Strategy
Booking The Win at Final Tables
The $3,000 Guarantee Final Table Takedown
Top 5 Heads-Up No-Limit Cash-Game Strategies
How to Develop Into a LAG (Loose-Aggressive) Player
My Most Profitable Session of Online Poker
Using a Rubberband To Squash Negative Thinking Patterns
Good luck at the tables!