Regardless of which poker game you play, it is always important to look after your bankroll. This goes for both online and offline games. You may have heard it plenty of times, but you should never gamble with money that you cannot afford to lose.
What is bankroll:
Your bankroll is the money you set aside specifically for playing poker. Any money you include in your bankroll that will affect your domestic life such as rent money, food money, next car payment, health insurance money should not be there!Your bankroll is your poker money, and should always be an amount you can comfortably afford.
One word that rings through the heads of poker players when bankroll management is mentioned is patience and all good poker players already possess this skill. Good bankroll management for online poker is around 300 times the big blinds of the tables you are playing. This means if you have a $600 bankroll you should sit down at a $2 table. Do not think of this strategy as limiting your winnings, think of it as limiting your losses.
Factors to take into consideration
2. Base the games you choose to play on your bankroll. If you enjoy playing Stud, Triple Draw or Badugi, you will need more money than if you were playing Limit Hold’em. Some games have more betting rounds than others, so if you are going to play in the games with more betting rounds, then you would need more money than somebody playing a game of the same limit with less betting rounds.
3. Set an amount you want to win and cash it out when you get to that point. For example if you deposit $200 and decide to cash out when you get to $500. Then by all means cash out $200 when your bankroll reaches $500 and continue playing with $300.
4. Never gamble more than you can afford to lose.
5. Another important factor to consider when managing your bankroll is variance. No matter how good a player you is sometimes the cards just aren’t in your favour. That means there will be ups and downs to your winnings and bankroll and this is called variance.
If your goal is to play poker over an extended period of time, learning how to manage your bankroll is essential. Your success should not depend on luck but skill and the only way to achieve that is through patience, loads of practice and self control.
Manage your bankroll and goodluck at the tables!