Bankroll Management

Ever hear of good players going broke? The prime reason behind this is poor money management. If you are a seasoned poker player and good at your game it is virtually impossible to go broke. All you need is a good sense of money management.

A good player needs to understand the fact that playing poker is not a hobby, until of course you are pursuing it as a hobby. All the winnings should be considered as operating capital and should be used for nothing other than playing a hand of poker. Think of yourself as a company, and understand the importance of capital without any, it is simply not possible to make profits.

So, how much is a comfortable bankroll amount? Based on a large sample of poker players an above average and decent player wins around one big bet every hour. So assuming it’s a $20/$40 limit poker game that means you could be pocketing around $40 an hour. To play comfortably experts feel in limit poker you need to have a bankroll of more than 300 times the big bet which equates it to $12000 playing in a $20/$40 limit game. In no limit poker you should have a bankroll of at least 15 buy-ins, and in tournaments at least 40 Entries.

Since the volatility and luck factor involved in the game of poker is huge. Playing for hundreds of hours might result in you pocketing huge profits but it might happen that after playing for such a long time, all you get is a break even amount. This can be devastating for you.

So, how can you ensure that you don’t end up in such a mess? All you need to do is keep a few tips in mind. They might not be the answer to sure shot success but they are definitely some efficient money management techniques.

1. Playing at optimum stakes. The stakes should be just about right for you or else it will be really destructive for your bankroll. If you have a small bankroll, start with playing smaller stakes. In the case you start winning, you can step up the ladder.

2. Keep some money aside. Always use some part of your winnings to build your bankroll. Ideally the bankroll should be 300 times the big bet amount. This would help you enter bigger games, unless you just wish to invest your profits into expenditures. Never-less you should always use good money management steps.

3. Ensure you set up a limit for losses. Stop at what you think is an ideal stop loss limit. Don’t get carried away, limit your loss for it might help you some other day when you are in a better mindset and of course on a run of hot cards.

4. Funny as it may sound, set a win limit. Sounds stupid, but it’s a wise step in the long run. In poker large swings of win and losses happen. Losses are inevitable. Stop after consecutive wins and take it as a confidence booster, for the laws of averages might stack against you and take away your earnings and confidence.

5. Don’t go on tilt, leave before it happens. In case you lose at a certain limit and no longer have the bankroll for that limit, ensure you step down a limit or two until you start winning again.

6. Always keep a track of your play and if possible document your wins, loses, number of hours and games played.

These are some suggestions to help you manage your money better and make it last longer. They might help you against heavy losses and help you achieve bigger bankroll for even bigger games. But the most important thing to keep in mind is to play when you feel at your best. Play only when you feel like playing. Remember be mentally sound and money wise.