There are several advantages to using strict bankroll management in both online and live poker. By having a strict approach to bankroll management, you don’t have to constantly worry about losing the money you have available to play with.
If you have a small bankroll, you will cash feel pressure to build it bigger. This can cause frustration and what’s called ’tilt’, where you don’t want to be in control of your game. By having focus and disciplined bankroll management, you avoid these bad things and can be more focused on your game and your developing strategies.
Your bankroll management depends on various factors. These include your playing style, how high you play and your risk tolerance. For example, if you have 3000 to play for, you won’t bet it all in a game if you use proper bankroll management. If you bet it all, it will quickly go wrong. Even if you are a good player, there are countless forms of variance in poker. You can’t decide the game yourself. That’s why it’s important to control the uncontrollable factors with solid bankroll management. Below are some tips for good bankroll management for online and live poker.
The Hobby Player
As this kind of player, it doesn’t matter if you lose all the money you have set aside to play for. Here, 10 buy-ins are usually enough. However, if you want to make a profit as a hobby player, you still need to know how to manage your bankroll.
The amateur player
The amateur player has a larger bankroll than the hobby player and is therefore ready for larger fluctuations than the hobby player. If this is you, and you don’t want to start over if you lose your entire roll, then you should usually start at the lowest levels and work your way up.
The professional player
The professional player has a very strict approach to bankroll management as it is a way of life for the player. If you lose your bankroll as a professional player, it can have major consequences as it affects your livelihood. Therefore, bankroll management is an extremely important part of a poker strategy for a professional player.
Every poker player should have a plan to manage what they can play for. If you play professionally and poker is your primary income, then your top priority should be to avoid losing it all. When it’s your livelihood, it’s also the money that pays the rent and the food.
If, on the other hand, you play for fun, then it might not matter so much if you lose all the money in your gambling account. Of course, you want the money to last as long as it can, so you don’t have to deposit too often.
Bankroll management tips
At times, it’s a good idea to take chances on games that are above what your bankroll management actually dictates. When you do take a chance, however, it’s important that you’re comfortable with it and don’t play scared.
At the same time, you should have a loss limit that is set in advance. If you have a loss limit of five buy-ins, then you should move back down when they are lost. If your attempt to play higher went well, then you can start taking more chances at that level.
Of course, there are always risks in taking chances. When you do that, then you are betting higher than what you really should be doing in terms of your bankroll management. If it doesn’t go well, it also affects your balance more.
Even the very best players in the world are affected by variance and can have long periods of losses. However, if you have your bankroll management under control, you will survive this kind of downturn and be able to level up steadily as your game develops and variance reverses. Patience and continually working on strong bankroll management are key points of a good poker strategy.